“Today’s data from the Bureau of Labor Statistics show that the job market has weakened considerably as employers added only 54,000 jobs in May. Yet Congress is dithering on increasing the debt ceiling. Failing to do so will lead to a sharp and immediate drop in economic output due to reductions in government spending and investment and their effects on the private sector. Employers’ confidence in the ability of Congress to act may be already shaken. Clearly, today’s data show that the labor market would be unable to handle such a large shock. Policymakers should focus first and foremost on doing no harm and acting to sustain, not derail, the economic recovery.“ – CAP Senior Economist Heather Boushey
Osama schmama, the state of jobs means more to Americans than catching and killing the mastermind of 9/11. Voters have very short allegiances.
Felix Salmon is dreaming through the one ray of light he sees in the disastrous jobs news today and that is it might get Congress to act more seriously and quit playing chicken with the debt ceiling and get down to solving some of our economic challenges.
Republicans are likely gleeful at the jobs number, because nothing can hurt Obama’s reelection chances more than the economy, specifically the way people are feeling about their future, which right now isn’t good.
Pres. Obama has not been a jobs president. He hasn’t spoken to the issue in any way that resonates. It’s like he doesn’t understand how people are feeling. There is a complete out of touch feeling about everything Obama does on jobs and the economy, as if the issue isn’t impacting the lives of real people and families. I’m not sure there is any way to change this. Barack Obama just isn’t a feel your economic pain kind of president.