Only a short blog post today as it is Wednesday and I reserve most of the day for other writing (book manuscripts etc). What follows is some analysis I provide to several Australian journalists to help them get the arguments right when it comes to the political spin that the politicians try to pump out. Australia’s Prime Minister has been making a big deal that “Over the last five years we’ve delivered more than a million jobs” and yesterday, as we lead into the election cycle (due in May) he said that the Federal government aimed “to see 1.25 million jobs created over the next five years”. Should we cheer or cry? Many economists who have offered commentary over the last 24 hours seem to think we should be happy with that goal. Me, I think it is about half as many new (net) jobs that are required given the state of the labour market and signals a failed policy strategy. Here is why I think that.