Disasterous May Jobs Report

[shockerofandover0943]

http://money.cnn.com/2012/06/01/news/economy/may-jobs-report/index.htm

Businesses hired shockingly few workers in May, throwing into doubt the strength of the economic recovery.

Only 69,000 jobs were added last month, the weakest growth in a year. The unemployment rate rose to 8.2%, the first uptick since last June.

Economists surveyed by CNNMoney had expected to see employers add 150,000 jobs and the unemployment rate to remain at 8.1%.

Revisions from previous months also showed the economy gained 49,000 fewer jobs in March and April than originally thought.

http://politicalticker.blogs.cnn.com/2012/07/06/breaking-80000-jobs-added-in-june/comment-page-1/

Hiring was lukewarm last month, with employers adding jobs but not enough to bring the unemployment rate down.

The economy added 80,000 jobs in June, the Labor Department reported Friday, barely an improvement from the 77,000 jobs added in May.

[shockerofandover0943]

And the Stock Market has responded to these terrible numbers. DOW is down around 250 points at the moment.

[DUShock]

What is troubling is decline in hours worked, which are indicators of future jobs added.

[wu_shizzle]

It's too bad we can't impeach this fool today.

[Capitol Shock II]

You guys are joking right? This is the best government we have ever had!

[WstateU]

You guys are joking right? This is the best government we have ever had!

[1979Shocker]

http://money.cnn.com/2012/06/01/news...port/index.htm



What a joke. It seems that the private sector has decided that the only way that they can remove Pres. Obama from office is to sit out the economy over the next few months. This months jobs numbers, in combination with the uptick in the unemployment %, the scaled back numbers of the past few months, and the millions of people have left the work force over the past few years, shows just how awful our current economy is. How could anyone continue to support this administration?

I think Congress is more of the problem. In past years, whenever the U.S. went through a recession, both sides would work together to pass a job's bill or whatever to stimulate the economy. But for whatever reason one side of Congress goes against their past policies and decides that they're not going to do anything.

So with no help from the government and with the 'job creators' not creating enough jobs, this is what you get. And with the possibility of the middle class having even less money to spend in the next few years (assuming the Ryan bill was to actually get signed into law), then things are only going to get worse.

[SB Shock]

I think Congress is more of the problem. In past years, whenever the U.S. went through a recession, both sides would work together to pass a job's bill or whatever to stimulate the economy. But for whatever reason one side of Congress goes against their past policies and decides that they're not going to do anything.

So with no help from the government and with the 'job creators' not creating enough jobs, this is what you get. And with the possibility of the middle class having even less money to spend in the next few years (assuming the Ryan bill was to actually get signed into law), then things are only going to get worse.

You got to be kidding right? Congress needs to spend more money? You really believe CONGRESS creates JOBS.

[1979Shocker]

You got to be kidding right? Congress needs to spend more money? You really believe CONGRESS creates JOBS.

No, Congress doesn't create jobs. But tax breaks and incentives do give businesses the incentive to create jobs. The GOP has refused to allow bills that would do even that to come to a vote.

Oh, and consumers are actually the ones that give businesses the incentive to hire more people. When consumer demand goes up, businesses have to make more products to meet the demand. And to make more of those products, they have to hire more workers. But consumers aren't buying because they don't have the extra money to spend. We can either have the Ryan plan which puts more money into the hands of businesses and less in the hands of consumers in the hopes that more jobs will be created to produce more products for consumers who aren't demanding more products because they don't have the money. Or we can instead give more money to consumers who will actually spend the money.

This guy actually explains it pretty well.

Businesses Don't Create Jobs. Consumers Do.

[SB Shock]

No, Congress doesn't create jobs. But tax breaks and incentives do give businesses the incentive to create jobs. The GOP has refused to allow bills that would do even that to come to a vote.

Responding to GOP demands to immediately extend Bush-era tax cuts, Reid released a sharply worded letter Tuesday saying the right wing's refusal to entertain new taxes would prevent any deal before November.

Nancy, unless consumers have JOBS (from businesses) they are not going to have money to spend.

Lets get to your next talking point "Republicans only give tax breaks for millionaires, Big Oil, and corporations that ship jobs overseas."

but interesting CNN runs the story:
Farmers hit the jackpot in Kansas oil boom

somebody didn't get the memo that the Oil company are suppose to take their jobs overseas.

[ShockBand]

Here's a thought. Don't raise or lower taxes on anyone at this time. Work on trimming spending, including the big ones, ss, medicaire, Medicaid AND the military. In two years, analyze how far that has gotten us, and then revisit taxation. Democrats are so in love with tax raises and Republicans are so in love with tax cuts that neither side can see straight anymore.

[Capitol Shock II]

We are already past the point of no return. There is no way to pay back 15 trillion dollars. And it will be 18 trillion by this Fall. When the dollar and the economy totally collapses at the beginning of next year we won't be spending money on anything. That's the only positive I can take away from this. That and I might finally be learning the Chinese language then.

[Ixiah]

That and I might finally be learning the Chinese language then.

The amount of debt to the Chinese is a bit overplayed. For example the Social Security holdings of the debt is twice what China holds (19 percent compared to 8 percent).

http://globalpublicsquare.blogs.cnn.com/2011/07/21/who-owns-america-hint-its-not-china/

[SubGod22]

Neither is a good thing

[MoValley John]

[QUOTE=Ixiah;326190]The amount of debt to the Chinese is a bit overplayed. For example the Social Security holdings of the debt is twice what China holds (19 percent compared to 8 percent).

All of it is concerning. Every penny of the debt is concerning. None of it is overplayed. Any country holding 8% of our debt is gravely concerning.

China's portion of our debt, in round numbers, is $1.16 trillion and growing. That is $1,160,000,000,000.