Labor force participation is lower today than when President Obama took office and the recovery began, and factoring in discouraged adults and others working part-time that would prefer full time work, the unemployment rate is 14.4%.
Though Congress has postponed sequestration, the posture taken by the president in negotiations with House Speaker John Boehner (R-Ohio) and by Vice President Joseph Biden in negotiations with discussions with Senate Minority Leader Mitch McConnell (R-Ken.) indicates the administration and Democratic lawmakers have little interest in substantially curbing health care spending and retirement benefits.
The likelihood of a downgrade in the U.S. credit rating by Moody's is increasing, and this will weigh on the investment plans of many U.S. multinational corporations -- they invest and create jobs in Asia, where national policies better favor growth, instead of the U.S. where higher taxes, spending and deficits are out of control. Follow @PMorici1
This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.