An Economic Re-Examination of Current News Articles
1. Ah! looking back to the blue 2000 is a reminder that, having lived through booms and busts, booms are better.2. It looks in general like the amount of red and orange is increasing over the last 3-4 years, not decreasing.This seems inconsistent with the hypothesis that employment is improving.3. Moreover looking at the distorting effects of not counting people who have been unemployed for a year or more, not counting the absurd granting of disability claims at rates exceeding the number of net new jobs, this is not a happy picture and belies the happy talk narrative of stock brokers and the Administration.
It is a mistake to call the early 2000's a boom: we were falling below trend and doing poorly as compared to the previous 50 years. The graph's color map made it difficult to understand: this has been updated now. It is worth noting that unemployment can increase even as employment increases because they are not the same concept, as you point out in part 3. We agree the increase in disability rolls has been bad, but are glad that Obama has slowed the growth from its heyday under Bush.