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The Jobs Situation Is Not As Strong As Policymakers Believe

Over the past few months, both Washington and the Federal Reserve have been seemingly cheerleading the economic recovery and continuously stating how strong the economy is. In fact, U.S. President Barack Obama made the following statement in his recent State of the Union address,

"Tonight, we turn the page after another breakthrough year for America. At this moment, with a growing economy, shrinking deficits, bustling industry, and booming energy production, we have risen from recession freer to write our own future than any other nation on earth. But today the economy is humming along by most measures. The jobless rate is a healthy 5.6 percent. GDP grew by 5 percent in the third quarter of 2014 and 4.6 percent in the fourth. Gasoline prices have not been lower since 2009. At every step, we were told our goals were misguided or too ambitious, that we would crush jobs and explode