WHAT WAS THAT HE SAID? – AT 9:11 A.M. ET:   President Obama's lavish statement, during the State of the Union speech, that "we've broken the back of this" recession, has come under critical scrutiny.  Eyebrows were raised, right up to the ceiling.  Jim Geraghty of NRO notes why:

In December 2010, nonfarm payroll employment decreased in 35 states and the District of Columbia and increased in 15 states. The largest over-the-month employment decreases were in New York (-22,800), Minnesota (-22,400), Florida (-17,900), and Georgia (-17,500). The largest over-the-month percentage decreases in employment occurred in Minnesota (-0.8 percent), Alabama and Hawaii (-0.7 percent each), and Delaware and Georgia (-0.5 percent each). The largest over-the-month increases in employment occurred in Texas (+20,000) and South Carolina (+9,000). The largest over-the-month percentage increases in employment were in Idaho (+0.6 percent), Montana and South Carolina (+0.5 percent each), and Alaska (+0.4 percent).

That actually reverses a favorable (although small) trend during most of the year.  We are far from out of the woods.

I wasn't surprised to see my state of New York lead the way in employment decreases in December.  New York is now the largest out-migration state in the country.  High taxes.  Poor job prospects.  A state government that is practically bankrupt.  Who could ask for anything more?

January 27, 2011