Rush Limbaugh made me aware of the math: what’s 13,000 jobs divided by 50 states? An infinitesimal 260 jobs per state.
So much for Obama’s “recovery.”
And, of course, it gets even worse when you divide that 13,000 jobs by the 57 states that Obama claimed he had visited [I’d forgive him for that if he were born in Kenya; but given that he claims to be a natural-born American, the ’57 states’ thing will always remain an example of the quintessential ignorance about America and everything American of our current president to me].
260 jobs per state. That’s a record to boast about. Want to wait in a line to get one of those jobs?
The private sector of the U.S. economy added only 13,000 jobs in June, according to ADP employment services, a disappointing number that came in below estimates and portends bad things from the government’s June jobs report due out Friday.
In May, according to ADP, the private sector added 57,000 jobs. But in June? Statistically, across a workforce as big as the United States’? Zero job growth; 13,000 new jobs is a statistically meaningless number.
This is bad news for the economy. If the ADP report is seconded by the Labor Department’s June jobs report, it means that the private sector — which is the engine of growth in this economy, lest we’ve forgotten that, amid all of our various government stimulus programs and subsides — is refusing to add jobs. That means employers are not comfortable enough with their prospects to hire.
In May, according to the government, the economy added more than 440,000 jobs. But almost every one of those was a census worker, jobs that will go away when the count ends in the fall.
Today’s report adds to concerns that the economic recovery is stalling and gives ammunition to the more bearish among us who worry that we’re headed into a double-dip recession.
That “Welcome back, Carter” “malaise” is just an accepted fact from the Obama administration. They may say something different when they know their statements are going to be publicized, but here’s what they say in private when they think only their worshipers are around:
Vice President Joe Biden gave a stark assessment of the economy today, telling an audience of supporters, “there’s no possibility to restore 8 million jobs lost in the Great Recession.”
Now, let’s go back to September of last year, when Joe Biden said of the stimulus:
Now we find that same guy saying all the jobs that were lost are gone forever. How’s that for the stimulus working beyond your wildest dreams?
Gateway Pundit includes a graph summarizing the results of Obama’s wreckovery:
Let’s see. Thanks to Obama, taxes on businesses are going to skyrocket – especially the small businesses, who file primarily as individuals and therefore fall prey to Obama’s shocking increases on those earning more than $250,000 a year. Businesses are being forced to take into account that they won’t have nearly as much money under Obama, and must therefore plan accordingly.
… Obama’s stated plan to raise taxes on households making $250,000 or more in income is a tax increase on small business. The simple answer to this dilemma can be found in the IRS Statistics of Income Bulletin (Table 1.4, for those who are interested).So what do the data say?
In 2006 (the latest year available), $706 billion of such income was reported to the Internal Revenue Service. Of this, about half was reported by households in the top marginal income tax rate. Interestingly, two-thirds of this income was reported by households making $250,000 per year or more — the very same households that Obama wants to increase taxes on.
Intellectually bankrupt liberals are hyping the Marxist class warfare strategy of demonizing businesses. But when the government taxes businesses and business owners, businesses and those who own them merely a) raise their prices and pass those taxes on to you the customer, and b) invest less and hire less. And who ends up getting hurt the most?
Thanks to Obama, taxes on those who create wealth and build the economy by investment are going to shelter their money. Stephen Moore put it this way:
[I]f you think it’s bad this year, you’re right. It’s going to get a whole lot worse next year because the Bush tax cuts expire. That means that we’re going to see an increase in the capital gains tax. We’re going to see an increase in the tax on dividends, perhaps a doubling or tripling of that tax. And then we’re also talking about higher income tax rates next year. So this is going to be a tough year this year, but I think things get a whole lot worse next year as we see rates across the board increase. And let’s not forget, there’s also a lot of talk about a value-added tax on top of all of that. […]
[T]here’s something called the Laffer curve, and that’s especially true with these investment taxes. I think it’s a big mistake to be raising taxes on stocks and investment at the very time we need businesses to be doing more investment. So a lot of economists think we’re going to have a pretty good year this year, in 2010, but once those new taxes kick in, in 2011, might cause a double-dip recession.
Intellectually bankrupt liberals are hyping the Marxist class warfare strategy of demonizing private investors. But they are trying to kill the geese that lay the golden eggs. Rich private investors create opportunities for businesses to grow by their investments. And private investors – who are investing their own money rather than someone else’s as government bureaucrats always do – are rewarding well-run businesses that will make the most of their capital to most effectively expand and create jobs.
If you tax the investments and seize the profits that investors took risks to obtain, then they will risk less and invest less. It is as simple as that. You are killing businesses by taking away the investments that sustain their growth.
Thanks to Obama, the cost of providing health care to employees will go up shockingly. And employers will HAVE to provide health care insurance, or pay fines.
It’s been a banner week for Democrats: ObamaCare passed Congress in its final form on Thursday night, and the returns are already rolling in. Yesterday AT&T announced that it will be forced to make a $1 billion writedown due solely to the health bill, in what has become a wave of such corporate losses.
This wholesale destruction of wealth and capital came with more than ample warning. Turning over every couch cushion to make their new entitlement look affordable under Beltway accounting rules, Democrats decided to raise taxes on companies that do the public service of offering prescription drug benefits to their retirees instead of dumping them into Medicare. We and others warned this would lead to AT&T-like results, but like so many other ObamaCare objections Democrats waved them off as self-serving or “political.”
Dumbass quiz: do you think that makes a business more or less likely to hire a new employee?
Meanwhile, Obama will massively tax every American by forcing them to buy health insurance, leaving us all with less money to spend purchasing goods and services from businesses.
While certain ramifications of the legislation will only emerge over the coming years, our initial reaction is that this bill will further hinder the U.S. economy’s already fragile recovery. Tough new restrictions on traditional credit products and more onerous capital requirements will further curtail credit availability and product innovation, including affordable credit options designed for higher-risk customer segments. As a result, both industry and economic growth will likely be suppressed for an extended period as banks continue to de-leverage and develop a more thorough understanding of the broad-based structural changes likely to affect the industry in the coming years.
Thanks to Obama, energy will ultimately become far more expensive to already-squeezed businesses. As Obama taxes productivity, there will be less and less incentive to be productive.
And the added cost to the average household will be some $1,761 a year, leaving us all with less money to spend. And thus hurting businesses even more.
You add all of these disastrous Obama policies up and you get… absolutely nothing. At least nothing in terms of jobs.
One day Barack Obama will surely end up in hell, and Karl Marx will say to him, “Well done, my good and faithful servant.”