Jobs report: Only 69,000 jobs added, jobless rate rises to 8.2%; Update: New Romney ad attacks on jobs, Solyndra

posted at 8:33 am on June 1, 2012 by Ed Morrissey

Jim Pethokoukis called this a “huge miss” on Twitter, and he’s right.  Analysts expected the US economy to add 150,000 jobs in May.  Instead, we saw only a net gain of 69,000 jobs, and the jobless rate went up slightly to 8.2%:

Nonfarm payroll employment changed little in May (+69,000), and the unemployment rate was essentially unchanged at 8.2 percent, the U.S. Bureau of Labor Statistics reported today. Employment increased in health care, transportation and warehousing, and wholesale trade but declined in construction. Employment was little changed in most other major industries.

The long-term unemployed jumped up by 300,000 as well, while participation ratios rose:

The number of long-term unemployed (those jobless for 27 weeks and over) rose from 5.1 to 5.4 million in May. These individuals accounted for 42.8 percent of the unemployed. (See table A-12.)

The civilian labor force participation rate increased in May by 0.2 percentage point to 63.8 percent, offsetting a decline of the same amount in April. The employment- population ratio edged up to 58.6 percent in May. (See table A-1.)

The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) edged up to 8.1 million over the month. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job. (See table A-8.)

In other words, this is an unmitigated flop.

As noted, U-3 (the topline jobless rate) went from 8.1% to 8.2%, the first increase of any kind in that measure since June 2011.  The U-6 figure, which comprises all unemployed and marginally attached workers, rose from 14.5% to 14.8%.  The only really positive news was a fairly significant drop in the number of people not in the labor force, which went from 88.419 million to 87.958 million, a difference of 461,000 workers.  However, the increase in underutilization tempers that improvement quite a bit.

CNBC reports that job creation stalled out in May, and warns of another Recovery Summer summertime swoon:

The American jobs engine hit stall speed in May, with the economy adding just 69,000 new jobs while the unemployment rate climbed to 8.2 percent.

As another summertime swoon looms, the Bureau of Labor Statistics reported that job creation missed economist estimates for 158,000 new positions, and said labor force participation remains near 30-year lows though incrementally better than last month.

The unemployment rate that counts discouraged workers rose as well, swelling to 14.8 percent.

In May, stocks suffered through their worst month in two years, and the job-creation figures only added to the gloom.

Stock market futures indicated a sharply lower open for Wall Street, while investors continued to pour into bonds, sending the 10-year Treasury note yield tumbling to near 1.47 percent.

The AP points out that this is the worst jobs report in a year, as I did above.  The report also notes that the BLS revised the previous two month’s figures sharply downward, knocking 49,000 off of those figures:

U.S. employers created 69,000 jobs in May, the fewest in a year, and theunemployment rate ticked up. The dismal jobs figures could fan fears that the economy is sputtering.

The Labor Department also says the economy created far fewer jobs in the previous two months than first thought. It revised those figures down to show 49,000 fewer jobs created. The unemployment rate rose to 8.2 percent from 8.1 percent in April, the first increase in 11 months.

Finally, no round-up would be complete without checking in with Reuters, where bad news is usually unexpectedNot today, however:

Job growth in May was the weakest in a year and employers added far fewer jobs in the prior two months than previously reported, suggesting the economic recovery was faltering.

Employers created a paltry 69,000 jobs last month, the Labor Department said on Friday, the fewest since May last year. Economists polled by Reuters had expected nonfarm payrolls to increase 150,000.

In addition, employers added 49,000 fewer jobs than previously estimated in March and April. The unemployment rate rose to 8.2 percent from 8.1 percent as people flocked into the labor market.

Barack Obama had been expected to talk about jobs and the economy in his campaign stop today at a Honeywell plant in Minnesota.  There is no positive spin that can be put on this report.  It’s an indictment of Obama’s stagnation and incompetence at economics.  That doesn’t mean Obama won’t try to spin this as a positive report, so be sure to keep an eye on his response today.

Update: Yesterday’s surprise appearance at Solyndra resulted in a new ad from Mitt Romney’s campaign attacking Barack Obama on job growth and stimulus. This is not just serendipity — the Romney campaign was ready for this report:

“The President fails to understand the basic nature of free enterprise in America.”  Today, that message may resonate even more.  The turnaround time on this spot is rather amazing — less than 24 hours.


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It doesn’t look like bayam realizes that all that stimulus money has to be repaid, with interest.

BadgerHawk on June 1, 2012 at 11:13 AM

It’s amazing that so many in the echo chamber actually believe that a few regulatory or other changes will actually fix the economy and undo the fundamental forces of globalism that have moved millions of jobs from the US to abroad.

bayam on June 1, 2012 at 10:24 AM

You are partially right, and partially wrong.

Part of the problem, and there are clearly no quantifiable factors to verify this, is that the general business community does not trust Obama. From the time he first emerged onto the scene he has talked about re-distributing the wealth (his words, not mine). To business, that means higher taxes, higher fees, higher compliance costs, etc… While one extra level of compliance does not seem like much, and for many large companies it is not very much, for a small business that hits their bottom line. Even for a public corporation, that has to meet earnings, etc.., the cost of complying with 1 new piece of regulation means spending money to either hire compliance people, training current compliance people to understand, updating protocols to ensure compliance, etc.. That is just with one thing. Now, add to that the fact that under this President, there have been hundreds, if not thousands, of new regulations that must be complied with. When you add on to that the threat of higher taxes, costs to comply with Obamacare, etc.., and the inevitable raising of new taxes and creation of new regulations in a 2nd Obama term, and the toll adds up for both companies large and small.

So, getting rid of some regulations might not seem like much, but it matters to companies in the long run. However, the real importance of getting rid of Obama is to remove teh uncertainty. With Romney, they will know that there will not be countless new regulations, there will not be increased taxes, and there will be a predicatable 4 years in which they can have their company grow.

Now, you are 100% correct about the impact of globalism. And it is a shame that neither party has the courage to do what is necessary to stop outsourcing, stop giving jobs to foreign workers at the expense of Americans via work visas, etc.. Honestly, unless either party decides to tackle this issue, the economy is never going to completely recover.

milcus on June 1, 2012 at 11:14 AM

Even the moist brainwashed lemmings with single digit IQs are starting to realize that the constant lies and deceptions from The One and his classroom sychophants cannot disguise the unprecedented incompetence and corruption that is rampant in this administration. Ariel Durant said, “A great civilization cannot be conquered from without until it destroys itself from within.” We ar watching Barry Soetero do it right before our eyes. The Choom Gang rides again.

volsense on June 1, 2012 at 11:14 AM

I haven’t seen a presidential campaign this organized and competent in a while. Romney has surrounded himself with the right people unlike some of our previous nominees.

GOPRanknFile on June 1, 2012 at 11:15 AM

Like I kept telling people during the primary, Romney may not be ideologically pure but he is brilliant, and a hell of a campaigner.

I really hope he doubles down on competence and picks Jindal.

TallDave on June 1, 2012 at 11:16 AM

Obama dumped to 54.8% on Intrade today and Romney finally went above 40%. That’s the lowest Obama has been in quite a while. Yeah I know, it’s Intrade, but it is news of a sort.

Romney’s up to 41.5% now. Since January Romney’s been between 30% and 38%.

midgeorgian on June 1, 2012 at 11:16 AM

It doesn’t look like bayam realizes that all that stimulus money has to be repaid, with interest.

BadgerHawk on June 1, 2012 at 11:13 AM

Bayam also takes the GDP numbers as gospel, when they are clearly false. Much of what the Obama regime tells us is a LIE.

dogsoldier on June 1, 2012 at 11:17 AM

Like I kept telling people during the primary, Romney may not be ideologically pure but he is brilliant, and a hell of a campaigner.

I really hope he doubles down on competence and picks Jindal.

TallDave on June 1, 2012 at 11:16 AM

Hear, hear!

GOPRanknFile on June 1, 2012 at 11:19 AM

Speaking of economics, unions, Germans, and Southern auto plants:

May 24, 2012

WOLFSBURG, Germany (Reuters) — A top German union official will explain to hourly employees at Volkswagen’s U.S. plant in early June that his group will not pressure them to join the UAW, the automaker’s top labor representative said today.

The UAW is relying heavily on the IG Metall, which has members on VW’s works council, to help it organize German-owned U.S. plants because the German union has influence with VW management.

While the VW works council supports the UAW’s efforts to organize workers at the company’s plant in Chattanooga, Tenn., it will not use its influence to help the U.S. union, works council chief Bernd Osterloh said at VW’s headquarters here. The works council is the labor counterpart to company management, consisting of representatives from all the factories and brands in the VW group.

Read more: http://www.autonews.com/article/20120524/OEM01/120529945#ixzz1wYTZHCzi

Why won’t the German auto union help the UAW organize Southern auto workers? Hmmm?

Punchenko on June 1, 2012 at 11:19 AM

LINE OF THE DAY, from Team Romney:

Told that conservatives were comparing Romney’s tactics to Breitbart’s, one aide responded: “Oh great, that’s what we were going for.”

Breitbart Is Here, and apparently is also present in Team Romney’s campaign HQ. I f**king love it.

Esoteric on June 1, 2012 at 11:20 AM

Bayam, this one’s for you, since you seem to have a crystal ball, and can accurately tell us what REALLY WOULD’VE happened if Obama hadn’t SAVED us from certain doom…

Economically, applying Obama to America was akin to only pouring alcohol on a gut-shot; Sure, you MIGHT stop an infection, but you’re still gonna die…and the alcohol will impede clotting, so you may even speed things along.

I wish Milton Friedman was still alive…and that people would listen to him.

a5minmajor on June 1, 2012 at 11:22 AM

“There is no positive spin that can be put on this report.”

Here is the spin: The economy must, just must be improving as evidenced by the 461,000 workers thronging back into the labor force.

Never mind, of course, that the administration bragged about past reductions in the unemployment rate that were actually due to workers leaving the labor force.

Ira on June 1, 2012 at 11:23 AM

I’m quite impressed by this ad. The fact that it came out less than 24 hours after the surprise visit to Solyndra continues to impress me with the competency of the Romney campaign.

Defenestratus on June 1, 2012 at 11:23 AM

CNBC douchebag urging Romney to call for “Keynesian infrastructure stimulus.”

steebo77 on June 1, 2012 at 10:09 AM

I can hope that at long last after the experience with little Bammie that Keynesianism would be thrown on the ash-heap of history, but it’s not likely to happen. Like Marxism itself, there’s always someone that will come along and tell us that they can implement it properly, this time.

“This time, you’ve got me”.

slickwillie2001 on June 1, 2012 at 11:26 AM

Obama today: “Yes, we suck, but Romney would suck more recycling the FAILED POLICIES OF THE PAST!!!”
/s

Marcola on June 1, 2012 at 11:28 AM

Does anyone know how the lie that the Bush tax cuts were for the rich? Anyone with a basic knowledge of math knows it’s the exact opposite. The top tax rate went from 39.6% down to 35%, the lowest tax rate went from 15% all the way down to 10%.

The poorest tax bracket got a 33% tax cut while the rich got an 11% tax cut. Or in other words the poorest tax bracket got over 200% more of a tax break than did the richest.

Are democrats really that economically challenged?

Capitalist Infidel on June 1, 2012 at 11:29 AM

Esoteric on June 1, 2012 at 11:20 AM

Heh. That’s pretty much a perfect response.

BadgerHawk on June 1, 2012 at 11:31 AM

Why won’t the German auto union help the UAW organize Southern auto workers? Hmmm?

Punchenko on June 1, 2012 at 11:19 AM

Little Bammie’s micro-union initiative will take care of that. Inevitably they will establish something like a “steering-wheel installer union” of six people, and take it from there.

NLRB Region Unleashes Micro-Unit On Retailer

slickwillie2001 on June 1, 2012 at 11:32 AM

Jobs Picture Comparison: January 2009 v. May 2012
I ran the numbers comparing January, 2009, to May, 2012:
January 2009:

Civilian non-institution population: 234.739m
Civilian labour force: 153.716m
Employed: 142.099m
Employment-population ratio: 61.3
Unemployed: 11.616m
Not in labour force: 81.023m
Not in the labour force, but who want a job now: 5.682m
Part-time, but want full-time job: 15.194m
Participation Rate: 65.5%
Average Weeks Unemployed: 19.8
Unemployment rate: 7.6%
May 2012:

Civilian non-institutional population: 242.966m
Civilian labour force: 155.007m
Employed: 142.287m
Employment-population ratio: 58.6
Unemployed: 12.720m
Not in labour force: 87.958m
Not in the labour force, but who want a job now: 6.989m
Part-time, but want full-time job: 19.393m
Participation rate: 63.86%
Average Weeks Unemployed: 44.0
Unemployment rate: 8.2%
Percentage Change:
Civilian non-institutional population: +3.505%
Civilian labour force: +.84%
Employed: +0.132 %
Employment-population ratio: -4.41%
Unemployed: +9.5%
Not in labour force: +8.559%
Not in the labour force, but who want a job now: +23.002%
Part-time, but want full-time job: +27.636%
Participation rate: -2.504%
Average Weeks Unemployed: +122.22%
Unemployment rate: +7.895%

Change in nonfarm payrolls, January 2009 –May 2012

January 2009
Total: 134.580m

Total Private: 112.041m
Goods Producing: 20.245m
Manufacturing: 12.713m
Service Providing, Private: 91.796m
Government: 22.539m
Federal Government: 2.792m

May 2012

Total: 133.009m
Total Private: 111.040m
Goods Producing: 18.307m
Manufacturing: 11.953m
Service Providing, Private: 92.733m
Government: 21.969m
Federal Government: 2.819m
0.0095778644909542
Percentage Change

Total: -1.167%
Total private: -0.893 %
Goods producing: -9.573%
Manufacturing: -5.978%
Service providing, private: +1.021%
Government: -2.529%
Federal government: +0.967%

May, 2012: Economy added a whole net 69,000 jobs added. Whoop-dee-doo! When discourage workers are added, the unemployment rate rises to 14.8%. 461,000 workers fell out of the workforce…and off of the face of the earth?

Hope. Change. Chronic unemployment.

Resist We Much on June 1, 2012 at 11:34 AM

The turnaround time on this spot is rather amazing — less than 24 hours.

Again…the Romney Team stomps the p!ss out of the flat-footed, Team Jug-Ears.

Color me impressed….oh, and gleeful.

Tim_CA on June 1, 2012 at 11:34 AM

Obama today: “Yes, we suck, but Romney would suck more recycling the FAILED POLICIES OF THE PAST!!!”
/s

Marcola on June 1, 2012 at 11:28 AM

Marxist/socialist policies have been failing pretty much since 1848.

steebo77 on June 1, 2012 at 11:36 AM

Romney seems to understand how to campaign and have reactionary skill better than any candidate we have had in quite a while. I gotta admit, im impressed so far with his organization. If this isnt an aberration, Obama is in big trouble. His only hope of reelection was to out campaign Romney.

Romney aint no McCain.

Mittens might grow on me if he keeps this up.

alecj on June 1, 2012 at 11:36 AM

Obammie says today- congress has to do more. Deflect much?

Still can’t understand how he’s favored in November.

Bensonofben on June 1, 2012 at 11:37 AM

And NOT in Michigan, for some reason.
In the evil south.
Why is that?

NoDonkey on June 1, 2012 at 10:57 AM

Exactly – I didn’t have time to make that point – but you hit it.
What do all of the foreign companies that move operations to the US have in common? Bayam isn’t smart enough to know, so I’ll answer – they’re all in right to work (ie non-union) states with lower tax rates.

dentarthurdent on June 1, 2012 at 11:37 AM

As the Administration stresses every month, the monthly employment and unemployment figures can be volatile, and employment estimates can be subject to substantial revision. Therefore, it is important not to read too much into any one monthly report and it is helpful to consider each report in the context of other data that are becoming available.

Liberal-speak decoder machine says:

If the monthly reports are positive, praise Obama. If negative, its Bush’s fault. And ATMs.

BobMbx on June 1, 2012 at 11:38 AM

This left-wing War On Women and the “middle class” must stop.

visions on June 1, 2012 at 11:40 AM

Romney aint no McCain.

Mittens might grow on me if he keeps this up.

alecj on June 1, 2012 at 11:36 AM

Romney wants it real bad and so does his team. I was wrong about Romney and am happy he has some fire in his belly. :-)

Punchenko on June 1, 2012 at 11:41 AM

The RNC came out with a darn good ad of its own today.

Four Years Later, Not Better Off: May Jobs Numbers “A Tragedy”

Something tells me whole bunch of people at MSNBC are not going to be happy they are starring in it.

Flora Duh on June 1, 2012 at 11:41 AM

Final image of Romney gesturing with his thumb back toward the Solyndra sign with the line: “And crony capitalism like this… did not help.”

“Did not help.” A bit soft. Anticlimax to a very effective ad. Wish he’d said: “And crony capitalism like this… made it worse.” More of a punch line.

Romney can throw harder punches. Not wild swings, not flail. Just quicker, harder, sharper jabs. But Romney’s Romney and this was a very good ad, both for the content and it’s exquisitely-timed release.

de rigueur on June 1, 2012 at 11:42 AM

Flora Duh on June 1, 2012 at 11:41 AM

+ 100..Thumbs up!!..:)

PS..Happy Birthday!!..:)

Dire Straits on June 1, 2012 at 11:45 AM

According to the White House…. it’s STILL Bush’s fault. Of course they referred to the recession as the “Great Recession” which began at the end of 2007 to put the blame on Bush.

White House blog

Ronaldusmax on June 1, 2012 at 11:46 AM

Dire Straits on June 1, 2012 at 11:45 AM

Thanks Dire. :-)

Flora Duh on June 1, 2012 at 11:46 AM

Romney wants it real bad and so does his team. I was wrong about Romney and am happy he has some fire in his belly. :-)

Punchenko on June 1, 2012 at 11:41 AM

I have not been a Romney fan up to this point, but a thought just hit me – what has Romney’s career really been about? – Bain, Olympics, even Massachusetts. His specialty has been taking over failing companies/organizations and turning them around to make them successful. So I’m not surprised he sees a big opportunity to turn around the US – which is currently failing miserably under our current “management”.

dentarthurdent on June 1, 2012 at 11:48 AM

Damn, these Romney guys are working overtime.

God Bless them.

so-notbuyingit on June 1, 2012 at 11:49 AM

According to the White House…. it’s STILL Bush’s fault. Of course they referred to the recession as the “Great Recession” which began at the end of 2007 to put the blame on Bush.

White House blog

Ronaldusmax on June 1, 2012 at 11:46 AM

Too bad. Little Debbie, representing the DNC, took possession of this economy one year ago this month.

Flora Duh on June 1, 2012 at 11:50 AM

Not many Obama supporters in the San Francisco Chronicle story comments. http://www.sfgate.com

crosspatch on June 1, 2012 at 11:53 AM

OBAMA: Hey, can we line up another spot on Jimmy Fallon to “Slow Jam” this Gawd awful jobs report??

kpguru on June 1, 2012 at 11:53 AM

Might be easier to understand in colour and with space:

http://predicthistunpredictpast.blogspot.com/2012/06/jobs-picture-comparison-january-2009-v.html

Resist We Much on June 1, 2012 at 11:53 AM

Too bad. Little Debbie, representing the DNC, took possession of this economy one year ago this month.

Flora Duh on June 1, 2012 at 11:50 AM

The Obama Recession, you bone it, you own it.

Chip on June 1, 2012 at 11:55 AM

It doesn’t look like bayam realizes that all that stimulus money has to be repaid, with interest.

BadgerHawk on June 1, 2012 at 11:13 AM

Says who? He can just print more…easy peasy lemon squeazy.

\\\

Laura in Maryland on June 1, 2012 at 11:55 AM

http://predicthistunpredictpast.blogspot.com/2012/06/jobs-picture-comparison-january-2009-v.html

Resist We Much on June 1, 2012 at 11:53 AM

Nicely done!

topdog on June 1, 2012 at 11:59 AM

Obama today:“Yes, we suck, but Romney would suck more recycling the FAILED POLICIES OF THE PAST!!!”
/s

Marcola on June 1, 2012 at 11:28 AM

The failed policies that averaged 5% unemployment Mr Prezzy.

Wagthatdog on June 1, 2012 at 12:19 PM

So… how long can this administration keep blaming GWB??? Honestly, at what point does the fingerpointing stop?
I saw someone post so aptly in a different thread how Scott Walker didn’t blame his predecessor… he just fixed the problem. What is it about D’s that they can NEVER accept blame when they create a problem (like Obamacare for example); and never just fix a problem they inherited, but just let the situation get much much worse than it ever was before while pointing fingers instead of fixing it?
Apparently the best comparison for D’s today is that of a baby. Cries when it wants something; can’t even wipe their own bottoms, but depend on everyone else to do it for them, and then cry when it isn’t right. So at what point do the D’s “grow up” and become adults like Scott Walker? I’m proud to be a Cheesehead. We have Scott Walker, Paul Ryan, Ron Johnson… and Donald Driver!

PackerFan4Life on June 1, 2012 at 12:19 PM

Those of us for Romney all along understood that he was not McCain.

McCain was content to be NOMINATED for president. Romney is determined to be ELECTED president.

With all his material advantages, Romney is not spending 6 years of his life in crappy motels to roll over for Obama or anyone else.

matthew8787 on June 1, 2012 at 12:21 PM

The RNC came out with a darn good ad of its own today.

Four Years Later, Not Better Off: May Jobs Numbers “A Tragedy”

Something tells me whole bunch of people at MSNBC are not going to be happy they are starring in it.

Flora Duh on June 1, 2012 at 11:41 AM

WHOA !! The RNC’S is on the ball !
That ad is “killer’”

Happy bday, FD !! :-)

pambi on June 1, 2012 at 12:22 PM

The Obama Recession, you bone it, you own it.

Chip on June 1, 2012 at 11:55 AM

Based on the real data, our current economic situation more closely tracks the model of the Depression.

dogsoldier on June 1, 2012 at 12:24 PM

I guess bayam got scared.

steebo77 on June 1, 2012 at 12:26 PM

Romney is so much more presidential than the Prezzy.

Wagthatdog on June 1, 2012 at 12:33 PM

And the middle class hating right wing rejoices….

Uppereastside on June 1, 2012 at 8:54 AM

I am middle class. The only thing I’m rejoicing about is that, for yet another month, Obamanomics is failing miserably. Every month that it fails, the American people wake up to the fact that your socialist endeavors drive them further into the gutter. We rejoice because we know the end of your leftist bulls**t is near.

MadisonConservative on June 1, 2012 at 12:37 PM

I guess bayam got scared.

steebo77 on June 1, 2012 at 12:26 PM

First of the month and his 0bama money didn’t come in the mail. He’s in a panic.

cozmo on June 1, 2012 at 12:38 PM

Ok, I admit it….Romney looks awesome at this point. His team is kicking the cr#p out of the communists and they are not even breaking a sweat.

Landslide 2012

magic kingdom on June 1, 2012 at 12:38 PM

I just FB’d the new RNC ad with:
“Courtesy of MSNBC, via the RNC”.

SNORT !!
Don’t expect any blowback, for a change.
GENIUS to use MSNBC … lefty friends have NO fallback.
MUUWAHAHAHAHA !!

pambi on June 1, 2012 at 12:39 PM

Too bad. Little Debbie, representing the DNC, took possession of this economy one year ago this month.
 
Flora Duh on June 1, 2012 at 11:50 AM

 
And don’t forget:
 

“My administration has a job to do as well and that job is to get this economy back on its feet, that’s my job and it’s a job I gladly accept. I love these folks who helped get us into this mess and suddenly say ‘this is Obama’s economy,’ that’s fine, give it to me, my job is to solve problems, not to stand on the sidelines and carp and gripe. So, I welcome the job. I want the responsibility.”
 
- President Barack H. Obama, July 2009

 
(Content warning- Obama is both visible and audible at the link.)

rogerb on June 1, 2012 at 12:39 PM

First of the month and his 0bama money didn’t come in the mail. He’s in a panic.

cozmo on June 1, 2012 at 12:38 PM

You’re not telling me the stash has been depleted, are you?

steebo77 on June 1, 2012 at 12:43 PM

It’s amazing that so many in the echo chamber actually believe that a few regulatory or other changes will actually fix the economy and undo the fundamental forces of globalism that have moved millions of jobs from the US to abroad.

bayam on June 1, 2012 at 10:24 AM

Over 2000 new regulations from this administration, including ones that vastly increase the cost of energy, now and even more so down the road. As a business, you have to factor in future costs when deciding what to do with your profit. You can’t count on sales, but if you hold onto more of that profit for future costs, you don’t hire, give out the same size raises, or invest in business growth.

The Obamacare mandates that have already taken effect increased insurance costs substantially. If the Bush tax cuts expire, even for only 250,000+ people (that’s a teacher and firefighter in NY, or a small businessperson in most of America), that’s an additional expense to budget for.

Another commenter mentioned uncertainty, and with this administration it abounds. What he can’t get from Congress he puts in place with executive orders and regulation.

Finally, deficity spending scares business into hoarding as well. Eventually borrowing rates will HAVE TO go up, and the more we borrow the sooner and steeper those increases will be. The alternative is massive inflation. In either case, businesses need to keep as much cash as possible. Against borrowing worries, so they don’t have to borrow as much at the higher rates. Against inflation because the cash becomes worth less and less.

Want to stop jobs heading overseas? Make it easier and more profitable to do business here. Reform the education system so we have more people with the math skills of Indian students. Break the teachers unions and create school competition and choice.

I would eliminate corporate taxes altogether and collect that tax money from the salaries of the people they hire with that extra money and the people hired at other places because those hired people are spending salaries, not deficit increasing unemployment supplements . . .

PastorJon on June 1, 2012 at 12:43 PM

Hey! Where’s the redhead on the job line?

I miss her.

NoFanofLibs on June 1, 2012 at 12:43 PM

bayam on June 1, 2012 at 10:11 AM

If Carthage had won instead of Rome we would have world peace now and all the economies of the world would be humming along. See how easy vain and idle speculation is. Your claim that we would have gone into a economic death spiral without all the spending is vain and idle speculation. Makes you sound smart but it means absolutely nothing. Just like Rome won and the world is what it is. The spending over the past 3+ years is what it is and the economy is still sputtering along. The promises made for that spending have not materialized. You guys own it.

chemman on June 1, 2012 at 12:51 PM

Forward?

faraway on June 1, 2012 at 1:01 PM

In light of the revised downward job numbers for March and April, will those extended benefits that were discontinued in May for the unemployed be reinstated? Kinda funny how jobs numbers end up so far below expectations yet the rate still remains low enough to disenfranchise all those people. If the jobs don’t exist or aren’t being created, what are people supposed to do?

stukinIL4now on June 1, 2012 at 1:01 PM

Obama: “If I had an economy, it would look like Greece”

faraway on June 1, 2012 at 1:03 PM

bayam on June 1, 2012 at 10:39 AM

Except that we have continued spending the equivalent of that stimulus yearly since and the GDP is still moribund. Why do you think the senate is not passing a budget if not to hide the fact that they have continued to spend that extra 800 billion a year.

chemman on June 1, 2012 at 1:07 PM

I’m expecting an “unexpected” 7.9% unemployment to be reported in October and the lemming MSM to tout the wonderful turnaround that Obama has perfected. They can lie all they want. People are living this!

Decoski on June 1, 2012 at 1:07 PM

And today Ogreedy, the one who hates the rich, is off to Minneapolis and Chicago for six–count ‘em SIX fundraisers.

stukinIL4now on June 1, 2012 at 1:15 PM

It’s amazing that so many in the echo chamber actually believe that a few regulatory or other changes will actually fix the economy and undo the fundamental forces of globalism that have moved millions of jobs from the US to abroad.

bayam on June 1, 2012 at 10:24 AM

Bravo to all of your great analysis this morning. I’m less versed in economic nuts and bolts, but its good to see that the progressive posters around here have all the bases covered between us.

libfreeordie on June 1, 2012 at 1:31 PM

This Romney fellow is beginning to show some promise…perhaps he learned something from 2008.

Ugh. Do you actually think Romney became a billionaire by accident? He didn’t win that money by playing the lottery. He didn’t inherit it, either. He earned it by being shrewd and brilliant. Evidently, he was also endowed by his creator with a pair of brass ones.

Kim Priestap on June 1, 2012 at 1:34 PM

…have all the bases covered between us.

libfreeordie on June 1, 2012 at 1:31 PM

Y’all don’t even know the game, let alone have the ability to play it.

One ignorant nutball congratulating another.

Y’all are an “echo chamber” of two.

But thanks for the comic relief during such bad news.

cozmo on June 1, 2012 at 1:35 PM

Germany is a “right to work” country. Closed union shops are illegal, unlike the US. Would you advocate for all US states becoming “right to work?”

visions on June 1, 2012 at 11:08 AM

There’s no need for unions in Germany because they offer citizens a welfare safety net including universal healthcare and subsidized higher education. You offer that to every American and unions disappear over night.

libfreeordie on June 1, 2012 at 1:37 PM

You offer that to every American and unions disappear over night.

libfreeordie on June 1, 2012 at 1:37 PM

And another howler.

cozmo on June 1, 2012 at 1:38 PM

There’s no need for unions in Germany because they offer citizens a welfare safety net including universal healthcare and subsidized higher education. You offer that to every American and unions disappear over night.

libfreeordie on June 1, 2012 at 1:37 PM

Clearly the answer to all of our economic woes is to have the government (i.e., productive taxpayers) blow tens of trillions of dollars paying for pretty much every facet of the unproductive citizens’ lives.

It’s like the Greek collapse never happened in liberal lalaland.

steebo77 on June 1, 2012 at 1:45 PM

bayam is also less versed in economic matters. He just pretends.

Bensonofben on June 1, 2012 at 1:48 PM

PastorJon on June 1, 2012 at 12:43 PM

Great post. It always amazes me how liberals will know how every last penny effects welfare, but have no clue how a tax increase or a new regulation effects business or an individual.

It’s like they think that all small businesses, and even public corporations, have bank accounts set aside with the label “extra money for fairness that we don’t need” that they can just dip into when a liberal comes up with a new and ever more obnoxious way to steal from the “rich” because it’s the “fair” thing to do.

milcus on June 1, 2012 at 2:00 PM

I’ve never seen the logo of this company before. It would be interesting to talk to the graphic artist who designed the logo, and ask her, “What went into the decision to emphasize the “O” like that? What kind of direction did you get with respect to this logo? What was that supposed to communicate?” As we know, it’s all about the “O”. Obama, Obama, Obama . . . Crony capitalism at work; one hand washing the other. Good on Romney for foregrounding not just the failure of shoving money at something that can’t compete in the marketplace, but also the crony capitalism aspect of it. That part is not just bad economics, it’s criminal.

smellthecoffee on June 1, 2012 at 2:07 PM

One of the best political ads I’ve ever seen, absolutely devastating and I hope they put a shorter version on TV. Great music, and totally hip and modern with the burned out camera filter. IDk who’s doing these ads for Romney, but keep it up!

1984 in real life on June 1, 2012 at 2:18 PM

Via Rushbo ….
CNBC broke away from Zero’s speech today, to report that the Dow has dropped 30 points since he’d started speaking !!! ROFLMAO !!!!
(from the -220s to the -250s)

ONLY giggling at the timing, NOT the situation, of course.

pambi on June 1, 2012 at 2:27 PM

There’s no need for unions in Germany because they offer citizens a welfare safety net including universal healthcare and subsidized higher education. You offer that to every American and unions disappear over night.

libfreeordie on June 1, 2012 at 1:37 PM

You are clueless.

Schadenfreude on June 1, 2012 at 2:51 PM

Updated:

Jobs Picture Comparison: January 2009 v. May 2012

http://predicthistunpredictpast.blogspot.com/2012/06/jobs-picture-comparison-january-2009-v.html

M2RB: The Verve at Glastonbury

Resist We Much on June 1, 2012 at 2:52 PM

saw this coming months ago. Once Gasoline topped $3.50/gal the writing was on the wall for anyone that wanted to listen. Now that gasoline is dropping below 3.50 there will be some stabolization but until gasoline goes far below $3.00/gal we w ill NEVER have economic boom times. This isn’t rocket science. Cheap gas/energy boom times expensive gas/energy depression.

unseen on June 1, 2012 at 3:17 PM

Obama’s answer to the jobs report: Congress must pass a bailout for the states! Stat!

steebo77 on June 1, 2012 at 3:18 PM

There’s no need for unions in Germany because they offer citizens a welfare safety net including universal healthcare and subsidized higher education. You offer that to every American and unions disappear over night.

libfreeordie on June 1, 2012 at 1:37 PM

1. Universal healthcare

Well, it isn’t exactly universal. There’s Gesetzliche Krankenversicherung (Medicaid), Private Krankenversicherung (Private health insurance, hospitals, doctors, etc.), SGB V, Arbeitsunfallversicherung (accident), Pflegeversicherung (long-term care), etc.

2. Unemployment benefits

Arbeitslosengeld I (full unemployment benefits)lasts for 1 year or 18 months if you are over 55.

To qualify for Arbeitslosengeld II after you deplete Arbeitslosengeld I, the state looks at your savings, life insurance and the income of spouse or partner. ONLY if these assets are below a threshold level can a claimant get money from the state.

The current threshold level is €3,100 for free assets and €250 for fixed retirement assets, both calculated per capita and lifetime year. Additionally, every employable individual in a communal household (persons living in and depending on the resources of the claimant), can have one car worth about €7,500 and a self-used house of 130 square meters living space.

If you have more than that, then you do not qualify for Arbeitslosengeld II and are SOOL.

3. Subsidised higher education

In 2010, five of the 16 states of Germany charged tuition fees at state-funded colleges. There are no university-sponsored scholarships in Germany to cover cost of living and books.

More importantly, not everyone gets to go to college. You have to pass several exams. You must hold either an Abitur or Fachabitur certification. They must take the Begabtenprüfung (“Aptitude Test”, consisting of a written and oral exam). At one time (and it may still be the case), you had to have a minimum of an IQ of 125 to attend a German university.

Now, what else? Oh…

“There’s no need for unions in Germany”

25% of all employees in Germans belong to at least one of several single trade unions for special economic sectors. The largest single trade union is the IG Metall with about 2,300,000 members by 2010, organising employees in metal (including automobile and machine building), electronics, steel, textile, wood and synthetics industries.

In contrast, only about 7% of the US population belongs to a union….and appear to be quite happy about it.

Resist We Much on June 1, 2012 at 3:32 PM

Hey! Did someone say “War on Women”??? I’ve got ya a “War on Women.” Check it out:

In January 2009, the number of women employed was: 67.007m

In May 2012, the number of women employed was: 61.894m

In January 2009, the number of unemployed women was: 4.286m

In May 2012, the number of unemployed women was: 5.028m

The percentage change in the number of women employed between January 2009 and May 2012 has been a DECREASE of 7.621%.

The percentage change in the number of women unemployed between January 2009 and May 2012 has been an INCREASE of 17.312%.

Jobs Picture Comparison: January 2009 v. May 2012

http://predicthistunpredictpast.blogspot.com/2012/06/jobs-picture-comparison-january-2009-v.html

Resist We Much on June 1, 2012 at 4:19 PM

Resist We Much

How incredibly cruel of you to ruin a perfectly good libtard meme using actual real world facts – how dare you!!!

Very well done.

dentarthurdent on June 1, 2012 at 5:44 PM

Obama is too busy to worry about the economy. He has six fundraisers to attend today and wants us to buy thingamajigs

jqc1970 on June 1, 2012 at 6:14 PM

Maybe it was a typo and was supposed to be 690,000 jobs added. Or maybe 6,900. Glitch for sure.

sdbatboy on June 1, 2012 at 6:33 PM

The other side of this is that the Republicans/TEA Party have been changing over a lot of Congressional seats, and there are many states that have Republican governors…but the economy still sucks.

Even with Obamao out of the White House and things still suck three years down the road later under the Republicans, then what?

Dr. ZhivBlago on June 1, 2012 at 6:48 PM

You are clueless.

Schadenfreude on June 1, 2012 at 2:51 PM

I for one am sick of her perverted rantings. May the glorious hammer fall and create that wonderful breeze.

Bmore on June 1, 2012 at 7:27 PM

“Did not help.” A bit soft. Anticlimax to a very effective ad. Wish he’d said: “And crony capitalism like this… made it worse.” More of a punch line.

Sounds like Mittens went off script right there at the end. Agree, it’s a bit off compared with the confident attack of the main part of the ad. Actually, I think he didn’t need that last line at all.

Still going in the right direction, though, not quite there yet. Mitt needs to focus on individuals as well, not just the job stats. Talk to real people with real problems. Get them on the tube. That will resonate as much as the big picture.

Ozwitch on June 1, 2012 at 8:33 PM

EXACTLY! I have friends that are business owners and they do not expand because of INCREASED regulations and Obamacare’s uncertainties.

g2825m on June 1, 2012 at 10:49 AM

This is what people like bayam fail to understand regarding the real world.
My husband & I are probably never going to be able to expand our trucking business & our cattle herd just bcs of regulations.
Do you know you are what’s called a CAFO is you have more than like 300 head (Concentrated Animal Feeding Operation) being fed in the same general area for more than a few months.
And as such, you must get a permit after you have constructed a urine feces containment system. And the base cost of one of those, no matter the size, is about $50,000.
And let’s not get started on DOT regs which often do nothing to keep anyone or the roads safe. They are there to generate REVENUE for the state & Feds.
We also have a friend who has a boiler repair biz in Bismarck.
He could expand to be someone who employs prolly 10 or more people.
But he just keeps it small & turns away buisiness & only has he & his dad working on it bcs if he expands, the regs are crushing & a headache & he would be working far harder to pay the taxes than it would be worth.

Badger40 on June 2, 2012 at 9:25 AM

Stop calling Solyndra et al. “crony capitalism.” It’s cronyism, pure and simple. Obama took money from the taxpayers and gave it to his friends. Call it cronyism, call it Royal largesse, call it theft, call it moral hazard. All of those terms fit. But capitalism, it ain’t.

Zumkopf on June 2, 2012 at 2:44 PM

Romney increasingly impresses me with his team’s ability to anticipate Obama’s attacks, to roll out effective ads, and to stay on message.

I wasn’t a Romney fan. I still have many reservations about his previous statements on policies concering nationalization of health care, global warming, and several other positions.

But now I’m left wondering if those postions were simply a conservative acquiescing to an insanely liberal state; or is he a liberal who is now acquiesing to a conservative base to get elected.

There is no doubt that Romney’s record is a mixed bag. But in this election a head of cabbage would be better than Obama.

BMF on June 2, 2012 at 4:46 PM

You people are living in a bubble- after the average middle class family lost 35% of its net worth and both households and the private sector found itself under overwhelming debt, there was no path to the good old days. It’s called a “balance sheet recession” and its not going away if Romney gets elected.

bayam on June 1, 2012 at 10:52 AM

The reason you will be proven wrong boils down to one word-

Confidence.

American business are not hiring because they lack the confidence that the future will be stable, with pro-business policies which would likely reward investment, including job creation.

The American people are not spending because they lack confidence in the future, given the policies put in place and the policies promised by this Administration.

Wait until after President-elect Romney is inaugurated and you will see American business, and the American people unleashed.

I wonder if you will have had yourself banned by then…………

El Salsero on June 2, 2012 at 6:13 PM

I guess the health care industry wants me to believe what they are preaching with the government telling us what to do in every phase of living. Cancer research teams of doctors and medical specialists spending billions upon billions searching for answers while a fifteen year old high school student from the State of Maryland wins a science fair with a non invasive test that’s ninety percent effective in testing for pancreatic cancer. I think to myself, “What the heck are these other people doing?” And why should I believe one word of the BS that comes across the air waves.

mixplix on June 3, 2012 at 7:32 AM

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