The news today that the unemployment rate dropped is unabashedly good. Of course, almost a quarter of a million jobs were lost last month, a piece of data that contains an enormous amount of human suffering. And, the White House says it still expects the unemployment rate to rise to 10 percent by year’s end.
It will be curious to see how the administration’s opponents will respond to the news. Just yesterday, they were arguing that the stimulus bill was not working, although it was always clear that it would take more than a few months for the effects of the stimulus to be felt; You don’t just plunk billions of dollars into the economy, you have to identify projects and get them the funding.