A Grim Jobs Report For America...

[paulitician]

By Larry Kudlow
Host, "The Kudlow Report"


You would think $1 trillion in stimulus spending and $2.5 trillion of Fed pump-priming would produce an economic growth rate a lot higher than 1.9 percent of GDP, which was the revised first-quarter number. And you’d think all that government spending would deliver a whole lot more jobs than 69,000 in May.

But it hasn’t happened.

The Keynesian government-spending model has proven a complete failure. It’s the Obama model. And it has produced such an anemic recovery that frankly, at 2 percent growth, we’re back on the front end of a potential recession. If anything goes wrong — like another blow-up in Europe — there’s no safety margin to stop a new recession.

And that brings us to the grim May employment report; the economy added only 69,000 nonfarm jobs last month. It’s the third consecutive subpar tally, replete with downward revisions for the two prior months. It’s a devastating number for the American economy, and a catastrophic number for Obama’s re-election hopes. All momentum on jobs and the economy has evaporated.

Inside the May report, the data is just as bad. The unemployment rate rose slightly from 8.1 to 8.2 percent. The so-called U6 unemployment rate, tracking the marginally employed or completely discouraged, increased to 14.8 percent from 14.5 percent. And labor earnings are barely rising at 1.7 percent over the past year, almost in line with the inflation rate. In fact, through April, after-tax, after-inflation income is scarcely rising at 0.6 percent for the past year.

The private workweek also fell in May. So did the manufacturing workweek and aggregate hours worked for all employees. The small-business household survey did rise, but that follows declines in the prior two months.

Barack Obama doesn’t get this, but businesses create jobs. And firms have to be profitable in order to hire. Yet the president is on the campaign trail criticizing Mitt Romney by degrading the importance of profits. Huh?

Without profits, businesses can’t expand. And if they don’t expand, they can’t hire. And if they don’t have profitable rates of return, they’re not going to attract new capital for investment.

Which brings us to a couple of important reasons for the virtual freeze in hiring...

Read more: Jobs Report | A grim jobs report for America | The Daily Caller

 

[Joe Steel]

By Larry Kudlow
Host, "The Kudlow Report"

And that brings us to the grim May employment report; the economy added only 69,000 nonfarm jobs last month. It’s the third consecutive subpar tally, replete with downward revisions for the two prior months. It’s a devastating number for the American economy, and a catastrophic number for Obama’s re-election hopes. All momentum on jobs and the economy has evaporated.

Blame it on the Republicans.

Thirty years of policy rigging to serve the rich has taken its toll. The American People have been beaten by the stooges they've sent to Washington. Reagan, Bush1 and Bush2, even Republican lite Bill Clinton. Gingrich, Boehner and a host of others. They're loyalty belongs to the rich and the American People are suffering for it.

 

[paulitician]

By Larry Kudlow
Host, "The Kudlow Report"

And that brings us to the grim May employment report; the economy added only 69,000 nonfarm jobs last month. It’s the third consecutive subpar tally, replete with downward revisions for the two prior months. It’s a devastating number for the American economy, and a catastrophic number for Obama’s re-election hopes. All momentum on jobs and the economy has evaporated.

Blame on the Republicans.

Thirty years of policy rigging to serve the rich has taken its toll. The American People have been beaten by the stooges they've sent to Washington. Reagan, Bush1 and Bush2, even Republican lite Bill Clinton. Gingrich, Boehner and a host of others. They're loyalty belongs to the rich and the American People are suffering for it.

Lots of blame to go around. And Obama deserves much of it. He has completely sunk many future generations.

 

[thereisnospoon]

By Larry Kudlow
Host, "The Kudlow Report"

And that brings us to the grim May employment report; the economy added only 69,000 nonfarm jobs last month. It’s the third consecutive subpar tally, replete with downward revisions for the two prior months. It’s a devastating number for the American economy, and a catastrophic number for Obama’s re-election hopes. All momentum on jobs and the economy has evaporated.

Blame on the Republicans.

Thirty years of policy rigging to serve the rich has taken its toll. The American People have been beaten by the stooges they've sent to Washington. Reagan, Bush1 and Bush2, even Republican lite Bill Clinton. Gingrich, Boehner and a host of others. They're loyalty belongs to the rich and the American People are suffering for it.

Nice spin....Doesn't wash, Comrade.
Your guy has been in the WH for 3.5 years. It's time for you lefties to do the unthinkable....That is to take responsibility for your actions.
This is YOUR doing. It is YOUR fault. You people put this guy in the WH. YOU people populated the US Senate with a democrat majority and the majority of BOTH Houses of Congress for 4 years...\
For once in your miserable lives, man up and own your errors.

 

[The Rabbi]

By Larry Kudlow
Host, "The Kudlow Report"

And that brings us to the grim May employment report; the economy added only 69,000 nonfarm jobs last month. It’s the third consecutive subpar tally, replete with downward revisions for the two prior months. It’s a devastating number for the American economy, and a catastrophic number for Obama’s re-election hopes. All momentum on jobs and the economy has evaporated.

Blame on the Republicans.

Thirty years of policy rigging to serve the rich has taken its toll. The American People have been beaten by the stooges they've sent to Washington. Reagan, Bush1 and Bush2, even Republican lite Bill Clinton. Gingrich, Boehner and a host of others. They're loyalty belongs to the rich and the American People are suffering for it.

I dont recall anyone saying this in 2006 when the UE rate was under 5% and inflation was about 2%. This kind of rhetorical crap only comes up now that the Democrat Obama has had 3 years with control of Congress and managed to produce this shitty result. So now it's "30 years of these policies." The truth is that for the vast majority of the last 30 years we've done well. This past 3 years is the exception. Call it America's Black Mark.

 

[LordBrownTrout]

"Republican lite" Clinton. He did a decent job dude.

 

[ladyliberal]

The Keynesian government-spending model has proven a complete failure. It’s the Obama model.

I take exception to four things Kudlow says here:

1) Kudlow calls current policy a failure without defining what a success would be. He focuses on GDP. Would Kudlow call it a success if GDP rose but median income fell sharply? Would that really be better for society?

2) Keynesian economics isn't just about spending. Tax cuts are part of Keynesian fiscal policy, so the corporate tax cuts he advocates would be Keynesian stimulus.

3) Our current economic policy simply is not the "Obama model". To suggest that Obama has had free rein to direct economic policy is contrary to reality. Congressional opposition has sharply limited his ability to secure even routine matters such as a debt ceiling increase.

4) Most importantly, Kudlow takes the disappointing jobs numbers as "proof" (a very high standard) that stimulus failed. But of course this month's job numbers are a single data point years after the stimulus increased government spending. Spending as a function of GDP has fallen sharply in the intervening time (US Government Spending As Percent Of GDP United States 2000-2012 - Federal State Local Data) so far from contradicting basic Keynesian predictions, anemic job numbers are expected.

 

[The Rabbi]

The Keynesian government-spending model has proven a complete failure. It’s the Obama model.

I take exception to four things Kudlow says here:

1) Kudlow calls current policy a failure without defining what a success would be. He focuses on GDP. Would Kudlow call it a success if GDP rose but median income fell sharply? Would that really be better for society?

2) Keynesian economics isn't just about spending. Tax cuts are part of Keynesian fiscal policy, so the corporate tax cuts he advocates would be Keynesian stimulus.

3) Our current economic policy simply is not the "Obama model". To suggest that Obama has had free rein to direct economic policy is contrary to reality. Congressional opposition has sharply limited his ability to secure even routine matters such as a debt ceiling increase.

4) Most importantly, Kudlow takes the disappointing jobs numbers as "proof" (a very high standard) that stimulus failed. But of course this month's job numbers are a single data point years after the stimulus increased government spending. Spending as a function of GDP has fallen sharply in the intervening time (US Government Spending As Percent Of GDP United States 2000-2012 - Federal State Local Data) so far from contradicting basic Keynesian predictions, anemic job numbers are expected.

If 2% GDP growth, 8.2% unemployment, record low labor force participation, 0% interest rates, and record deficits are success I'd hate to see your definition of failure.

 

[ladyliberal]

The Keynesian government-spending model has proven a complete failure. It’s the Obama model.

I take exception to four things Kudlow says here:

1) Kudlow calls current policy a failure without defining what a success would be. He focuses on GDP. Would Kudlow call it a success if GDP rose but median income fell sharply? Would that really be better for society?

2) Keynesian economics isn't just about spending. Tax cuts are part of Keynesian fiscal policy, so the corporate tax cuts he advocates would be Keynesian stimulus.

3) Our current economic policy simply is not the "Obama model". To suggest that Obama has had free rein to direct economic policy is contrary to reality. Congressional opposition has sharply limited his ability to secure even routine matters such as a debt ceiling increase.

4) Most importantly, Kudlow takes the disappointing jobs numbers as "proof" (a very high standard) that stimulus failed. But of course this month's job numbers are a single data point years after the stimulus increased government spending. Spending as a function of GDP has fallen sharply in the intervening time (US Government Spending As Percent Of GDP United States 2000-2012 - Federal State Local Data) so far from contradicting basic Keynesian predictions, anemic job numbers are expected.

If 2% GDP growth, 8.2% unemployment, record low labor force participation, 0% interest rates, and record deficits are success I'd hate to see your definition of failure.

I didn't say current economic policy was a success. My point was that Kudlow should define success and failure before labeling something as one or the other. For my part, I don't regard GDP growth as the single relevant economic indicator.

And while I agree the economic numbers are bad, I do not regard that as prima facie evidence that economic policy has failed. One country can be much poorer than another and yet manage its economy better. It is entirely possible (to my mind, quite likely) that economic policy under a President McCain, say, would have left the US much worse off than we are today.

 

[paulitician]

I have a feeling most Americans are longing for the days of BOOOSH's 'awful' 4% Unemployment and Record High Stock Markets. I actually remember Democrat Wingnuts like John Kerry calling that a 'Depression.' Yikes!

 

[bucs90]

Ya'll are racist!

 

[The Rabbi]

I take exception to four things Kudlow says here:

1) Kudlow calls current policy a failure without defining what a success would be. He focuses on GDP. Would Kudlow call it a success if GDP rose but median income fell sharply? Would that really be better for society?

2) Keynesian economics isn't just about spending. Tax cuts are part of Keynesian fiscal policy, so the corporate tax cuts he advocates would be Keynesian stimulus.

3) Our current economic policy simply is not the "Obama model". To suggest that Obama has had free rein to direct economic policy is contrary to reality. Congressional opposition has sharply limited his ability to secure even routine matters such as a debt ceiling increase.

4) Most importantly, Kudlow takes the disappointing jobs numbers as "proof" (a very high standard) that stimulus failed. But of course this month's job numbers are a single data point years after the stimulus increased government spending. Spending as a function of GDP has fallen sharply in the intervening time (US Government Spending As Percent Of GDP United States 2000-2012 - Federal State Local Data) so far from contradicting basic Keynesian predictions, anemic job numbers are expected.

If 2% GDP growth, 8.2% unemployment, record low labor force participation, 0% interest rates, and record deficits are success I'd hate to see your definition of failure.

I didn't say current economic policy was a success. My point was that Kudlow should define success and failure before labeling something as one or the other. For my part, I don't regard GDP growth as the single relevant economic indicator.

And while I agree the economic numbers are bad, I do not regard that as prima facie evidence that economic policy has failed. One country can be much poorer than another and yet manage its economy better. It is entirely possible (to my mind, quite likely) that economic policy under a President McCain, say, would have left the US much worse off than we are today.

OK, so it's not a success. But it's not a failure either. What is it, having spent over $1T in deficit spending? A draw?
GDP growth is not the single indicator. There are multiple ones I quoted. All of them suck.
What "Pres McCain" would have done is irrelevant. For the record, his proposals weren't much different from Obama's but I suspect he would do less demonizing of business so recovery would have been better. But that is just speculation. We have no need to speculate on Obama's policies. TGhere is a record. And the record is gross failure: most money spent for worst results.

 

[BreezeWood]

By Larry Kudlow
Host, "The Kudlow Report"


You would think $1 trillion in stimulus spending and $2.5 trillion of Fed pump-priming would produce an economic growth rate a lot higher than 1.9 percent of GDP, which was the revised first-quarter number. And you’d think all that government spending would deliver a whole lot more jobs than 69,000 in May.

The Keynesian government-spending model has proven a complete failure.

The Keynesian government-spending model has proven a complete failure.


the Great Recession 07-09 deepest since the Great Depression 1930s was curtailed in June of 09 with positive GDP that has remained positive since that time to the present Quarter and was curtailed by the Obama Administration within 2 years of its election - The Keynesian government-spending model has proven a complete success.

in 2010 the Republicans gained control of the House of Representative - after a year and a half they have produced nothing in legislation that has produced equivalency to the successes already accomplished that have maintained a growing economy since June 09 that renders their policies separable for success than the Administrations.

the 2012 election may simply revolve around a simple Republican "Hoax" that the American economy is not multiply more improved today than when the Obama Administration took office after the Great Depression under the previous Republican Administration had already begun.

a Hoax is no way to try and seize the mantle of leadership and hopefully the Republicans will be forced to produce a meaningful platform of their own that will compare to the already numerous Accomplishments of the present Administration than falsehoods and unfounded innuendos.

 

[The T]

By Larry Kudlow
Host, "The Kudlow Report"

And that brings us to the grim May employment report; the economy added only 69,000 nonfarm jobs last month. It’s the third consecutive subpar tally, replete with downward revisions for the two prior months. It’s a devastating number for the American economy, and a catastrophic number for Obama’s re-election hopes. All momentum on jobs and the economy has evaporated.

Blame on the Republicans.

Thirty years of policy rigging to serve the rich has taken its toll. The American People have been beaten by the stooges they've sent to Washington. Reagan, Bush1 and Bush2, even Republican lite Bill Clinton. Gingrich, Boehner and a host of others. They're loyalty belongs to the rich and the American People are suffering for it.

What the HELL do you think Obama is doing?

*IDIOT*

 

[Joe Steel]

Blame (it) on the Republicans.

Thirty years of policy rigging to serve the rich has taken its toll. The American People have been beaten by the stooges they've sent to Washington. Reagan, Bush1 and Bush2, even Republican lite Bill Clinton. Gingrich, Boehner and a host of others. They're loyalty belongs to the rich and the American People are suffering for it.

Lots of blame to go around. And Obama deserves much of it. He has completely sunk many future generations.

Could you give me an idea of what has you so upset with Obama?

 

[Joe Steel]

Blame on the Republicans.

Thirty years of policy rigging to serve the rich has taken its toll. The American People have been beaten by the stooges they've sent to Washington. Reagan, Bush1 and Bush2, even Republican lite Bill Clinton. Gingrich, Boehner and a host of others. They're loyalty belongs to the rich and the American People are suffering for it.

Nice spin....Doesn't wash, Comrade.

Your guy has been in the WH for 3.5 years. It's time for you lefties to do the unthinkable....That is to take responsibility for your actions.

This is YOUR doing. It is YOUR fault. You people put this guy in the WH. YOU people populated the US Senate with a democrat majority and the majority of BOTH Houses of Congress for 4 years...\

For once in your miserable lives, man up and own your errors.

Democrats never had control of government. Even during Obama's first two years, the Republicans had effective control with the ability to filibuster. They always could count on Lieberman and probably on Ben Nelson to back them.

 

[Joe Steel]

Blame (it) on the Republicans.

Thirty years of policy rigging to serve the rich has taken its toll. The American People have been beaten by the stooges they've sent to Washington. Reagan, Bush1 and Bush2, even Republican lite Bill Clinton. Gingrich, Boehner and a host of others. They're loyalty belongs to the rich and the American People are suffering for it.

I dont recall anyone saying this in 2006 when the UE rate was under 5% and inflation was about 2%. This kind of rhetorical crap only comes up now that the Democrat Obama has had 3 years with control of Congress and managed to produce this shitty result. So now it's "30 years of these policies." The truth is that for the vast majority of the last 30 years we've done well. This past 3 years is the exception. Call it America's Black Mark.

Since the beginning of the conservative ascendancy, let's say it started in Carter's term, the very rich have gotten much richer and the middle class have seen stagnation.

Here' a discussion, if you're interested.

It's the Inequality, Stupid

 

[Joe Steel]

"Republican lite" Clinton. He did a decent job dude.

NAFTA
TANF
Gramm–Leach–Bliley

He signed them all and all of them hurt us.

 

[The Rabbi]

Blame (it) on the Republicans.

Thirty years of policy rigging to serve the rich has taken its toll. The American People have been beaten by the stooges they've sent to Washington. Reagan, Bush1 and Bush2, even Republican lite Bill Clinton. Gingrich, Boehner and a host of others. They're loyalty belongs to the rich and the American People are suffering for it.

I dont recall anyone saying this in 2006 when the UE rate was under 5% and inflation was about 2%. This kind of rhetorical crap only comes up now that the Democrat Obama has had 3 years with control of Congress and managed to produce this shitty result. So now it's "30 years of these policies." The truth is that for the vast majority of the last 30 years we've done well. This past 3 years is the exception. Call it America's Black Mark.

Since the beginning of the conservative ascendancy, let's say it started in Carter's term, the very rich have gotten much richer and the middle class have seen stagnation.

Here' a discussion, if you're interested.

It's the Inequality, Stupid

Mother Jones? Really?
Both those assertions are untrue btw. You are looking at statistics, not flesh and blood people.
Of course someone bitten with class envy is looking to see what someone else has that he can cheat him out of.

 

[The T]

I dont recall anyone saying this in 2006 when the UE rate was under 5% and inflation was about 2%. This kind of rhetorical crap only comes up now that the Democrat Obama has had 3 years with control of Congress and managed to produce this shitty result. So now it's "30 years of these policies." The truth is that for the vast majority of the last 30 years we've done well. This past 3 years is the exception. Call it America's Black Mark.

Since the beginning of the conservative ascendancy, let's say it started in Carter's term, the very rich have gotten much richer and the middle class have seen stagnation.

Here' a discussion, if you're interested.

It's the Inequality, Stupid

Mother Jones? Really?
Both those assertions are untrue btw. You are looking at statistics, not flesh and blood people.
Of course someone bitten with class envy is looking to see what someone else has that he can cheat him out of.

Words worthy of Jefferson.

~Kudos!