That was the response by former Obama Chairman of the Council of Economic Development Austin Goolsbee when the announcement came that only 88,000 jobs were added in March.
Of course, he immediately followed his quip by blaming the poor number on the sequester. It popped out so fast that you know all the Democrats were primed with that response. If you were able to monitor Democrat responses throughout the media at that very time, they would probably all be that same one word: sequester. It’s a way of pushing Obama’s tremendous failure off on Republicans. Even Obama must see it’s a stretch to blame it on Bush.
The 88K was below the forecast of 100,000 and the worst print since June 2012. The unemployment number dropped to 7.6% from last month’s 7.7%. Uh huh. If you believe that, you’re still looking for tooth money under your pillow. The labor force participation rate declined to 63.3%, a 30 year low.
Retail suffered a lot, shedding 24,000 jobs. Not surprising. Are you buying much? Most people aren’t.
Things just keep getting worse for the American worker, and by implication US economy, where as we have shown many times before, it pays just as well to sit back and collect disability and various welfare and entitlement checks, than to work. The best manifestation of this: the number of people not in the labor force which in March soared by a massive 663,000 to a record 90 million Americans who are no longer even looking for work. This was the biggest monthly increase in people dropping out of the labor force since January 2012, when the BLS(Bureau of Labor Statistics) did its census recast of the labor numbers. And even worse, the labor force participation rate plunged from an already abysmal 63.5% to 63.3% – the lowest since 1979! But at least it helped with the now painfully grotesque propaganda that the US unemployment rate is “improving.”
Rick Santelli and Steve Liesman on CNBC had an epic battle over this when Liesman, an Obama toady, brought up “contributions to the future” regarding what to do next. That would mean “doing everything we can right now to lower unemployment,” Liesman said. To which Santelli replied, sarcastically, “those programs are doing sizzling hot right now.”
Liesman then told him he’d send him $10 if he could find a “report that says cutting government spending increases jobs at this point right now.” An incensed Santelli answered, “you don’t understand that the private sector creates jobs, I’ll go to Russia where you spent six years… must be some notes on that topic over there.”
Liesman lit into him saying “that’s a really intelligent response, Rick. Way to go. Showing your smarts right there.” Santelli said “let’s put the sickle on it,” referring to the communist logo of the hammer and sickle. After that insults started flying and the other hosts spoke over them to break it up.