Friday, July 6, 2012
And every scenario would end up being a 'lose' for everyday people because the Scum which is the banking/investing sector would twist any result into a positive and anything good for them is bad for everyone else.
We predicted ultimately a job increase of 10k to 60k.
OK, we were wrong by 20,000... A total of 80,000 jobs were created.
We were dead-on correct however as to how it would be spun and quotes from plenty of those Pollyanna optimists that one just wants to punch in the face:
From Yahoo Financial!:
"If you're looking for something positive in the June report, it could simply be said that things didn't get worse. The three-month average, after the latest round of revisions to April and May, is just 75,000 a month for the second quarter. The headline unemployment rate also stayed steady at 8.2%...
The other silver lining to this downtrend, one that investors will surely look to trade off of, is the increased probability that the Fed will be scared enough now to deliver another round of stimulus or QE3 (even though they just extended their Operation Twist bond exchange program for another six months)"
Funny.. we weren't looking for anything positive you media pricks! We weren't looking for silver linings either...
You see its really no different than listening to a football coach at a press conference after his team got his butt kicked by an opponent to extend a losing streak-- no one wants to hear 'We'll do better next time' or 'There were some good aspects...'
We want admittance of failure. And specifically to these continually dismal Jobs' reports, we want and demand Admittance of Failure from our President... from Congress... from the Fed.. we want admittance that there's No Recovery!
Of course its an election year so never expect this to occur...
The Only way you start a new policy or go in a new direction is to admit the old policies or direction were wrong and thus stop doing them. Without admittance of failure, there's no acknowledgement of change.
Last month, our site A&G was the Only site to really break down in simple, understandable numbers how truly Awful these monthly Jobs Reports are.. So we'll do so again...
80,000 new jobs created... 50 US states....
Using very simple math, it comes to 1,600 new jobs per state.
Let's break the numbers down further by state. Last month we chose Florida. This month, we'll choose a more rural state... Missouri.
There are 115 counties in Missouri including the independent city of St Louis.
So if you divide 115 counties into the 1,600 new jobs on ave. for Mizzou...
1,600 / 115 = about 14 new jobs created per county.
The "official" number of unemployed Americans according to the BLS (Bureau of Labor Statistics) is 12.7 Million people.
So if you divide 80,000 new jobs into 12.7 million unemployed...
1 new job was created for every 158 people continually looking...
And we aren't talking about the millions who've given up looking or been unemployed a long time and thus not officially counted by BLS
And here's how the President's spokesman responded: "When the president came into office we were losing 700,000 jobs per month... We are on a better path than we have been on... The problems that the economy is facing have been building up for some time, long before the president came into office.
Remember the football coach analogy... its like someone after a 28-7 loss standing at the podium stating that on the bright side, at least the team isn't losing 56-0 anymore, and failures have been due to a previous coach who was replaced about four years ago!
At what point would football fans demand the current coach accept culpability and state an admittance of failure followed by new strategy?
Why is this not done with the President, our elected officials and the Fed?
Understand readers where we are right now...
1) On average 75,000 new jobs per month are being created in an economy that demands 225k new monthly jobs simply to keep up with population
2) Wall St is Not hiring.. Govt is Not hiring.. Small/Medium businesses are not hiring... So who is? To those who expect improvement, where will the job creation come from between now and say, springtime 2013?
3) What job creation legislation was passed in the last 24 months? Oh there was talk of it.. but where is it? Is there even a bill that Congress is currently looking at?
4) Overall in spite of all this, Wall St goes up, up, up...
We sincerely do not care who you vote for in this upcoming election but we do desire you not go into the voting booth with blind loyalty either.
Obama's economic policies have failed. They've failed utterly because they are the policies of a fiscal conservative. Do 'just enough'... put in a very bare minimum of stimulus to get the economy starting to turn then step back as everything magically works itself out...
It is the small/medium sized businesses that create the most jobs in America. (Government hiring is 2nd) and it is individuals like you and we who make up the 70% consumption rate which drives this US economy.
It is the American people who deserve a bailout, not Wall St.
Until Obama gets this simple concept through his academia brain, or Romney wakes up from his fiscal-conservative leaning, 'only 1% matters' path to personal hell, this nation is going to continue to suffer in terms of job creation/growth no matter who wins.
Posted by Susquehanna at Friday, July 06, 2012