"These numbers were bad if we look at a little bit of trend in composition, and not just one month at a time," David Stockman, former OMB director under President Reagan, told CNBC Friday.
"Where is the half-million jobs that were lost in the last thirty days that no one talked about? I'm talking about the once a year, re-benchmarking of the number of absolute jobs in the economy," Stockman said.
"Thirty days ago we were told 130.7 million jobs in the economy, in December, this morning it was 130.2," he said, adding, "that's the half million."
"Over the last 19 months, since the recession ended, we had 130.7 million jobs in the economy. This morning they said we had 130.2, we're still down a quarter of a million jobs from when the recession ended," Stockman added.
In addition, the U.S. is issuing three times more bonds a month than the GDP is growing, he said, adding, "I don't think we are headed for a cliff, I think we are heading for a wall."
One look at the Shadow Government Statistics web site, where unemployment numbers are counted the way they were before the 1990's, shows our functional unemployment has been north of 20% for two years now, and it seems neither the Democrats nor the Republicans care enough in Congress to do much, if anything, about it.
We're told the problem is deficit, austerity, and sacrifice.
The real problem is Washington doesn't give a damn about jobs. Democrats were punished in the polls for the economy, and Republicans newly in power in the House are responding by looking for as many cuts as they can find...oh yes and trying to redefine rape and fighting Obamacare.
Meanwhile the country burns. Maybe that's the point.