The Democratic National Convention started as our national debt crossed the $16 trillion threshold, and the morning after it ended, we have yet another depressing jobs report.
Unemployment fell to 8.1% from 8.3%, but that number is not actually a measure of new jobs created (or "saved or created," as the Obama administration likes to say), but rather how many Americans have given up looking for work.
In fact, as Reuters reported, "the labor force participation rate, or the percentage of Americans who either have a job or are looking for one, fell to 63.5 percent -- the lowest since September 1981."
Mitt Romney released a statement in response to the latest jobs report, calling it the "hangover" after the "party" of the Democratic National Convention:
If last night was the party, this morning is the hangover. For every net new job created, nearly four Americans gave up looking for work entirely. This is more of the same for middle class families who are suffering through the worst economic recovery since the Great Depression. After 43 straight months of unemployment above 8%, it is clear that President Obama just hasn't lived up to his promises and his policies haven't worked. We aren’t better off than we were four years ago. My plan for a stronger middle class will create 12 million new jobs by the end of my first term. America deserves new leadership that will get our economy moving again.
See also: ObamaIsntWorking.com