Then came the jobs report. The Bureau of Labor Statistics reported the best employment numbers in 44 months.
This had to be the worst good news anybody ever got. Unemployment back into the 7% range (albeit just barely) for the first time since Obama took office! It was positively galling. Then and there came the complaint that "The Press" was holding out this 7.8 % unemployment as positive news for Obama when the same number had served to describe what a mess Bush was leaving the economy in back at the beginning of Obama's term. How could this be?
Picture yourself in an airplane, I told him. When you are in a nose dive and your ears are popping and the ground keeps getting closer and closer and your engine is sputtering and belching smoke into your face and you're not sure the plane can handle the g-force of pulling out of the dive —it's then that "7.8" might represent a pretty scary altitude (or lack thereof). Once you have managed to break out of the dive and are maybe even on the slow —albeit too slow— ascent again —then suddenly "7.8" looks at least somewhat re-assuring.