Now I see why Rick Santelli is ranting and raving!
First of all, here is the lovely report via the NYT:
For the second month in a row, employers added a dismally small number of jobs, showing that the United States economy is barely creaking along despite being two years into the official recovery.
With all levels of government laying off workers, the Labor Department reported that employers eked out just 18,000 new nonfarm payroll jobs in June. The already low number of jobs created in May was also revised downward to just 25,000, less than half what was originally reported last month.
Even as the government’s survey of employers showed that they were adding an anemic number of jobs, a survey of households showed that more people were out of work, causing the unemployment rate to rise to 9.2 percent.
Economists were stunned since they had been expecting June to show stronger job creation as oil prices eased and supply disruptions receded in the aftermath of the Japanese tsunami and earthquake. Instead, the government’s monthly snapshot of the labor market showed that several sectors, including construction, finance and temporary services, actually shed workers. At the same time, leading indicators like wages and the length of the average workweek, which tend to grow before employers begin adding more jobs, actually contracted.
“Even the wild-eyed optimists out there have nothing to grasp onto in this report except to say, ‘Ah, this too shall pass,’ ” said Joshua Shapiro, chief United States economist at MFR Inc.
Meanwhile the stupidity continues on the left. A perfect example is found over at The Hill:
President Obama’s senior political adviser David Plouffe said Wednesday that people won’t vote in 2012 based on the unemployment rate.
Plouffe should probably hope that’s the case, since dismal job figures aren’t expected to get any better for Obama and the economy on Friday.
Most economists expect a report from the Bureau of Labor Statistics to show that the nation added about 100,000 jobs in June. That’s not enough to keep up with population growth, let alone lower the unemployment rate or make a dent in the 9 million jobs lost during the so called Great Recession.
[UPDATED: The jobs report released on Friday showed the economy added only 18,000 jobs, much less than anticipated. The unemployment rate creeped up to 9.2 percent.]
It’s looking more and more like Obama will have to do something no president has done since Franklin Roosevelt: Win reelection with unemployment around 8 percent.
I have a sinking feeling that Plouffe is making a seriously stupid miscalculation ; and one that the Republican Party is going to take full advantage of, come November 2012.
The stupidity continues over at the NYT, again with the stupidest Economist ever to be allowed to write for a paper:
Ugh. That was a seriously ugly jobs report. Almost no job creation, with slow private-sector growth offset by falling public-sector employment; a falling employment-population ratio; and (I don’t know how many people have picked this up), an actual decline in wages, albeit a small one.
Let me emphasize that last point. My bottom line on the inflation-deflation issue has always been to look at wages; you can’t have a wage-price spiral if wages ain’t spiraling. And they aren’t, to say the least.
It’s important to realize, by the way, that stagnant wages are NOT good for recovery; all they do is ensure that the burden of debt relative to income remains high, keeping demand and employment down.
The situation cries out for aggressively expansionary monetary and fiscal policy. Instead, however, all the political push is in the opposite direction.
The underlined part and the part above it; is where the stupidity really kicks in here. That stupidity above, is why this damned Nation is in the place that it is now. Because of stupid people like Krugman. These idiots, in a sane World, would be tossed out of this Country for causing one of the most horrible economic collapses in this Nation, since the great depression, which caused many Americans; Conservative and Liberal, to lose money that they rightly earned or invested in and profited from.
This is not to say that the Republican was not to blame; they too stood by and did nothing and for that they paid a price during the 2006 and 2008 election cycles. However, America was not fooled the Democrats proceeded to make some of, if not more, of the same mistakes that the Republican Party made, while in power. For this, they paid in 2010 and will pay again in 2012.
Further more, it was the DEMOCRATS, not the Republicans, who sought to game the housing market, with the Community Reinvestment act of 1973. Of which the Democrats added the sub-prime cause, which caused the Housing Market to become unstable; which essentially caused the markets to collapse. Yes, regulation was ripped out; but it was the adding of the sub-prime clause that caused the major problems that set the housing market up for a horrible downfall. I know, I watched it all happen here, in real-time, while blogging it all.
In fairness, I will say this; because I am not an overly partisan blogger. It also was the Neo-Conservatives, with their one war, that was totally unjustified in their idiotic visions of a Democratic middle east and the quagmire that it created, not to mention the millions spent and the lives lost; that also created this mess as well. If we would have fought the Afghanistan properly and not like we did Iraq; the war would have been much shorter and would have cost us much less money.
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