The Spectacle Blog

Lies and Damned Economic Lies in the State of the Union

The economy isn't recovering.

By on 1.28.14 | 9:59PM

UPI

Turns out the economy isn’t really that bad after all! President Obama fired off his State of the Union address with a mendacious litany of bright spots for America:

The lowest unemployment rate in over five years. A rebounding housing market. A manufacturing sector that’s adding jobs for the first time since the 1990s. More oil produced at home than we buy from the rest of the world – the first time that’s happened in nearly twenty years. Our deficits – cut by more than half. And for the first time in over a decade, business leaders around the world have declared that China is no longer the world’s number one place to invest; America is.

Let’s see. The supposedly low unemployment rate is only that way because so many people keep dropping out of the workforce—the labor participation rate is at a 36-year low and the U-6 unemployment metric is 13.1 percent. The subprime mortgages and pernicious regulations that caused the housing market to bust are nowhere near remedied, and many economists are worried about another housing bubble. The alleged manufacturing boom was attacked as a heavily subsidized "myth" by the president's former auto czar four days ago. The deficit was cut primarily because of the sequester, which Obama later praised Congress for canceling, and the debt is still projected to explode because of entitlement spending. And if the president is sanguine on investment in America, he might want to do something about the Chinese, who just invested in a record amount of our debt.

The president wants us to trust his stewardship of the economy. A good start would be if he stopped relentlessly lying about it.

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