Yes, it would've been better if we posted this on Friday, but this weekend was not very conducive to blogging. Besides, Monday traffic is always better than Friday - and this is important. The monthly jobs report came out like it does on every first Friday of the month - and it was a total bomb. Even the Obama Administration couldn't find any silver lining out of this one...
OK, we got one small encouraging bit of news - more job seekers were back in the market. Possibly by the advent of Summer, and possibly by the fact that many unemployed just used up their 99 weeks of benefits. Yes, it's that bad for that long now... Aside from that, there was little to get excited over -unless you're Mitt Romney, and you nothing sucks more than good news you can't outwardly seem happy about! The total jobs created went up by a paltry 69,000 - less than hlaf of what most economists estimated. In short, the eggheads were WAAAAAYYYYY off. And 69,000 is only about half of what the US Economy needs to create just to keep up with increased population...
Add that to the new job seekers, and we had our first rise in unemployment since May of last year. For those who refuse to see the light, let us put the shades wide open for you - the US Economy is in a full-blown sputter... Again. If the unemployment rate going up a tick from 8.1 to 8.2% isn't much of a big deal, let us refer you to our groundbreaking post, where we proved that even a 1/10th of a point drop in the unemployment rate will cost people the Presidency..
This was the first month in the crucial six month period preceding the General Election - and Obama is dropping. If this continues, Obama will very well be toast. If it reverses, he wins. It's that easy. Obama might be blaming the Republicans for not passing his initiatives enough, but Obama got everything he wanted from an all Democratic House and Senate, and what we've gotten a recovery that's included two solid sputters.
It's pretty obvious that there are too many obstacles to a full,solid recovery - both in regards to taxes and regulations to business. We've gone through them probably a dozen times in the past year or so. We'll spare you from the onslaught again. The truth now is that it's apparent that we are headed for another stall - or worse. There is one thing that could reverse it all, and it's coming out this month...
Call us crazy, but the one thing that could salvage an Obama second term is the outright abolishing of Obamacare by the Supreme Court. Yes, it would be an obvious defeat, but four months later, if the sign to business has been lifted from yellow to green with Obamacare no longer on the horizon - along with some sort of long-term taxation vision - the economy could finally steer in the right direction, and that's good news for him. Will it happen? Not with his blessing. Not in this day where Presidents can't just do a good job, they need to 'leave a legacy'. Cross your fingers, because that is about all DC is doing to fix this....
.
1 comment:
Mike I agree about Obamacare BUT it has to go.
Obama has very little chance to win election.As Clinton said It's the economy stupid! Too many people that voted for him won't again. They know what he stands for now and they don't like it.
Too much money is sitting on the sidelines waiting for him to leave office. Business doesn't want another 4 years of him and his style of failed governance. 69k jobs in summer season when everyone hires to handle the rush. It's not there. He's in deep doo of his own making. Good for him. He has to own it because he's had 4 years of blaming Bush. Bush isn't running so he's going to get the blame.
Post a Comment