Yesterday's news that the economy added 248,000 payroll jobs, while the official unemployment rate dropped to 5.9 percent, generated the expected hosannahs from much of the establishment press.
One utterly predictable such writeup came from the Associated Press. The headline at Christopher Rugaber's report, "SURGE OF HIRING CUTS US JOBLESS RATE TO 5.9 PCT," utterly ignored the fact that much of the 0.2-point drop was attributable to 97,000 Americans leaving the workforce (the official rate would not have changed at all from August if a still-unacceptable 100,000 people had instead entered the workforce). The most troubling aspect of Rugaber's dispatch was how he shielded the Federal Reserve and left-dominated economics community from its relatively recent irresponsible decision to accept an unacceptable benchmark as the best the economy can do.









