Obama’s Economy: Another Month, Another Almost Half A Million Jobs Lost
And remember folks, Obama’s spokesman said that we can officially start judging the administration on the economy now.
July 1 (Bloomberg)—Companies in the U.S. cut more jobs than forecast in June, according to a private report today, showing the labor market will be slow to improve even as other parts of the economy indicate the recession is abating.
The 473,000 drop in the ADP Employer Services gauge followed a revised reduction of 485,000 workers in May that was smaller than previously estimated. ...
“This is a weak number,” Joel Prakken, chairman of Macroeconomic Advisers LLC, said on a conference call with reporters. “It’s a pretty clear indication that, while we’re not shedding jobs as rapidly as the first part of the year, the labor market is still in a state of decline.”
May’s numbers ended up being not as bad as forecasted, but now June’s numbers are worse than forecasted. At least according to preliminary numbers. We’ll get more when the Bureau of Labor Statistics releases their monthly numbers in the next week or so.
Even so, it’s clear that the “stimulus” spending spree isn’t working. Things aren’t getting better. Things are getting worse. But I’d be willing to bet that if Obama and his fellow Democrats in Congress had done nothing, or if they’d simply promise not to raise taxes on investment or businesses (or on anything, in general), we’d be on the path to economic recovery already.
Remember, the Congressional Budget Office predicted before the “stimulus” spending spree passed that if the politicians did nothing we’d see recovery by the end of the year. Further, they said that should the “stimulus” spending pass we’d probably see a second recession once the tax hikes to (attempt to) pay for it are implemented.
So if Obama stays on the path he’s on, not only is the current recession going to be worse than it had to be, but we’re probably going to get another one right after it once taxes are raised.
