Tech & Biz

August Jobs Report Gives Barack A New Last Name - zerObama

by Edmund Jenks | September 2, 2011 at 06:42 am

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The federal Government released its update on the number of jobs created in this 44th Presidency summer of discontent and the number of jobs created stands at Z E R O. That's right, no jobs were created (the first time this has happened since 1945) giving this historic President an excuse for changing the spelling of his last name ... zerObama!

The news does not get any better with the new jobs created revisions for July. You guessed it, the jobs numbers were revised DOWNWARD (read unexpectedly) 27% from 117,000 to 85,000 - this in an economy that, given the population, requires approximately 350,000 just to keep equilibrium.

This excerpted and edited from The Washington Post -

U.S. adds no new jobs in Aug.; unemployment remains 9.1%
By Neil Irwin, Updated: Friday, September 2, 6:15 AM

Call it the goose egg economy: The report of zero job growth matches other recent data pointing to a flatlining economy, such as a survey on manufacturing released Thursday, which placed activity right near the line that divides expansion from contraction.
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The report reflects a recovery that is rapidly losing steam. Private job growth was the worst since February 2010.

“Job growth remained weak in August, for a fourth consecutive month, and has now stalled,” said Bart van Ark, chief economist at the Conference Board, a business research group. “The economy is expanding at a very slow pace and is showing no forward momentum — in overall activity or in jobs.”
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Employers seem to have been fazed in August by a series of blows: There was a confidence-rattling debate over raising the federal debt ceiling in late July and at the start of the month. Then the stock market began a series of wild gyrations, led by uncertainty over both the U.S. outlook and a deepening crisis in Europe.

What was less clear was whether those blows to business and consumer confidence would translate into a worse outlook for jobs -- that seems to be the case.
Reference Here>>

This has not been a good summer for this nation's 44th Executive Administration. Standard & Poor's bond rating agency (one of three) downgraded the value of investing in the debt of the United States for the first time in its history of being rated from the absolute most stable and highest rating of AAA to AA+ ... a downgrade.

What this points out is that additional regulation and spending of taxpayer dollars that do not exist does nothing to create a healthy economy. What we really need is for President Barack and the Democrat Political Party to do nothing , clear out the dead wood of over-spending and over-regulation, and adopt this 44th Presidents new spelling of his last name ... Z E R O b a m a!!

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Edmund Jenks

at 09:17 on September 2nd, 2011

One in five people who wish to work, can not find a job ... not one job was created through the efforts of this Executive Administration. Be prepared to have this August 2011 number be revised downward by at least 30% in about a month or two (because this has been the reality of reporting by this Administration - just one massaged and erroneous report after another).

tehomaga

at 09:54 on September 3rd, 2011

I agree, but we shouldn't be partisans. Every executive administration since the legal-tender acts has come in, done something stupid, and then got out of the way for the next administration to do the same thing. People who understand economics - well enough to know the futility of governments' attempt to properly allocate resources outside of the price system - should not denounce with any president or any party in particular, but the system itself. When people with principles engage in partisanship, they lose their path.