The biggest news in the February unemployment report was that 800,000 joined the labor force during the month. The Wall Street Journal honored this with the (print) headline "Hiring Boom Draws Workers Back."
It was impressive that the economy created 313,000 jobs in the month -- well above forecasts -- but this reduction in "labor slack" was even better evidence of a boom mentality taking hold. It is evidence, too, of a momentum that will have political implications in November when Americans go to the polls to throw out those Republicans who are doing so much damage to our country.
Democrats and the media spent so much time telling the public how useless and harmful the tax reform was and now that fake economics is rebounding against them. No amount of liberal carpetbagging -- money and volunteers going into Republican districts to flip them blue -- will be able to overcome the reality of a booming economy.
Even the Chicken Little hysteria about inflation and an overheating economy is belied by the growth in the labor force. Unemployment remained at 4.1 percent, and wages rose only 2.6 percent year on year, a smaller increase than last month.
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