How is 7.7% unemployment considered good news? When it's a little less than 7.9%, and people with money are ready to find good news wherever they look.
The housing markets are booming, where the rich people live. The stock markets haven't gone so high since Dick Cheney was in the White House—except for the NASDAQ, which still hasn't recovered completely from the dot-com bust of 2000, even though the tech companies are doing pretty well and NASDAQ stocks are at a 12-year high. Monthly rents in San Francisco now average $2,700 for a one-bedroom apartment. New car sales are back to pre-recession numbers.
And 12 million working-age Americans [...]