First the good news:
We have been spared the usual 3 or 4 a day television appearances on every left-leaning news channel by President Obama reminding us of his narcissistic stardom.
This behavior is typical for Obama when the news does not provide an opportunity for him to be the star of the show. When the news is bad, he is scarce.
He was able to find a safe audience in a visit to a Chrysler Plant. Its easy to find a friendly audience in a business that you bailed out with taxpayer funds, isn’t it?
Now the bad:
The economy continues to tank according to the May jobs report.
Nonfarm payroll employment gained only 54,000 jobs in May. This gain was offset by the continual loss of local government jobs as many states have had to slash payrolls to stay afloat. Leaving the unemployment rate at 9.1%.
Interesting, the media has been busy prepping this weeks report by painting a less -than-accurate picture. At the same time, far from media attention, President Obama was quick to reauthorize the federal unemployment extension features for an additional 13 months.
The May report goes on to state, the number of long-term unemployed (those jobless for 27 weeks and over) increased by 361,000 to 6.2 million.
There was little or no change in the number of part time jobs at 8.5 million. Also not talked about was the many of the jobs counted only provide an average workweek of 34.4 hours. Which is still below the full employment average of 40 hours, and slightly above the 32 hour level required to qualify for company sponsored healthcare benefits.
Perhaps the worst part of this is the fact; “Over the past 12 months, average hourly earnings increased by 1.8 percent.”
The CPI (Cost of Living Index) increased by 2.7%, resulting in a reduction in net wages for most (since the cost of living was higher than the increase in wages).
Couple this with the news of the continual erosion in property values, and its clear to see we are going the wrong way.
Spin this all you like, the fact is the economy is weak, and getting weaker. This administration is rapidly running out of ways to explain away this economic mess. They continue propping up the numbers to make the news more palatable, revealed by the revised numbers in this report.
The change in total Nonfarm payroll employment for March was revised from +221,000 DOWN to +194,000, and the change for April was revised from +244,000 DOWN to +232,000.
I expect this Administration to recommend another Stimulus Package at the behest of Timothy Giethner. They haven’t done it to this point because without an increase in the debt ceiling there are no funds to hand out without a fight.
So until the debt ceiling issue is resolved, this administration is stuck with the bad news, unless they are able to come up with a new plan of attack to talk their way out of it.
I know, blame Bush! Oh wait.