Private Sector Job Creation Drops 80% From Prior Month. Negative Third Quarter GDP Is Right On Track.
Funny how that crystal ball works. We make a call of highly plausible negative third quarter GDP and the jobs report implodes. Just dumb luck or Ju-Ju Magic? No one, and I mean no one, was expecting this terrible jobs number.
How many net jobs has our economy created since the start of this crisis? Well, I'm glad you asked. That would be substantially less than zero. Maybe we can all work for the government with the report of nearly all jobs being temporary government jobs. Then who pays taxes? That's an easy question to answer. Ask the Soviet Union.
Remember, as we stated before, this is not the 1930s where the United States was a creditor nation and the government was a very small percentage of GDP, so it could expand to hire millions of workers into public works projects. As we highlighted long ago, total government expenditures post-crash today are nearly 50% of GDP. (Thanks to our Treasury Secretary for his brilliant insight yesterday that jobs growth is going well; he fell right into a big pile of doo today. Our Treasure Secretary was so instrumental in helping the banks do God's work in his last job that I sit on the edge of my seat waiting for his divine knowledge to come forth from his puckered lips whenever he speaks. His financial and economic knowledge are impressive. It's like gleaning nuggets of brilliance from Einstein or Lao Tzu or Socrates. And this morning the President also beamed over creating 400,000 census worker jobs while private sector job creation imploded. A small fact he failed to mention.)
By the way, the weak jobs number has NOTHING to do with Europe's problems as many will try to spin. These numbers came in well too early for Europe's mess to impact them. We get the benefit of God's work that is going on in Europe in future employment reports.
After a massive bailout of Wall Street, a massive stimulus plan, zero percent interest rates, stimulus plans for cars-homes-and appliances, the Federal Reserve backstopping tens of trillions of dollars of assets and actually buying trillions and the economy is no better well over a year beyond when we were told the economy was recovering. (The March 2009 stock market bottom.) Lies and more lies. Fraud and more fraud. Corruption and more corruption. The economy is very easy to fix. But the status quo is either too stupid or too corrupt to do anything about it.
Link here.
How many net jobs has our economy created since the start of this crisis? Well, I'm glad you asked. That would be substantially less than zero. Maybe we can all work for the government with the report of nearly all jobs being temporary government jobs. Then who pays taxes? That's an easy question to answer. Ask the Soviet Union.
Remember, as we stated before, this is not the 1930s where the United States was a creditor nation and the government was a very small percentage of GDP, so it could expand to hire millions of workers into public works projects. As we highlighted long ago, total government expenditures post-crash today are nearly 50% of GDP. (Thanks to our Treasury Secretary for his brilliant insight yesterday that jobs growth is going well; he fell right into a big pile of doo today. Our Treasure Secretary was so instrumental in helping the banks do God's work in his last job that I sit on the edge of my seat waiting for his divine knowledge to come forth from his puckered lips whenever he speaks. His financial and economic knowledge are impressive. It's like gleaning nuggets of brilliance from Einstein or Lao Tzu or Socrates. And this morning the President also beamed over creating 400,000 census worker jobs while private sector job creation imploded. A small fact he failed to mention.)
By the way, the weak jobs number has NOTHING to do with Europe's problems as many will try to spin. These numbers came in well too early for Europe's mess to impact them. We get the benefit of God's work that is going on in Europe in future employment reports.
After a massive bailout of Wall Street, a massive stimulus plan, zero percent interest rates, stimulus plans for cars-homes-and appliances, the Federal Reserve backstopping tens of trillions of dollars of assets and actually buying trillions and the economy is no better well over a year beyond when we were told the economy was recovering. (The March 2009 stock market bottom.) Lies and more lies. Fraud and more fraud. Corruption and more corruption. The economy is very easy to fix. But the status quo is either too stupid or too corrupt to do anything about it.
Link here.
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