So let's see that May job creation report . . . er, then again . . .

Only 38,000 new jobs is rancidly awful - the worst in nearly six years.

I guess you could be a sunny-side-up kind of guy. If it's the worst in six years, then everything for the past six years was better. Hurray!

Or you could understand how it really is: Despite the very misleading U3 unemployment rate that owes its gloss to the lowest labor participation rate since 1978, the economy has not been creating new jobs to any serious degree since the 2008 mortgage market meltdown. Any month when we do under 200,000 is a net loss because that's the mere replacement rate necessary to keep up with population growth. So when Obama talks about "10 million new jobs created," it sounds like a lot. But it's not. Over the course of his administration, that represents one of the worst long-term averages in the nation's history - even before you account for the relative size of the population today.
More