Dismal Jobs Report Fuels GOP Criticism of Administration on Economy

BentWingedAngel said:

LOL Really the only reson why the pubs did so well in midterm was that they were the job creaters... Maybe we need more time for trickle down to work? I guess pubs enjoy a good golden shower...(am I bad?)

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Yes you are :lol:

Deuce said:

Wait, aren't you guys the ones who keep saying uncertainty causes a lot of this lack of hiring?

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I say it all the time because it's a fact, most of the growth of our economy is based on how people see the immediate future. It's what fuel the stock market, the housing market, sales of all commodities,except the most basic required to live, and so manufacturing, and finally hiring.


FDR was a Socialist but he for one thing right, and the was when he said: "The only thing we have to fear is fear itself."


Republicans blocking any of the Trifecta of Doom. Obama, Pelosi, and Reid's plans is what has kept us from going completely broke over a year ago. These fools believed they could borough, tax and spend our way to prosperity, when history says it's never worked and today's numbers show we are still in the Obama slide into oblivion.


We have to cut taxes on everyone and everything, reduce regulations on business, open up every place for oil drilling and shut Obama the hell up because he's a damn fool.

tessaesque said:

I'm not going to address the GOP argument. We have different perspectives and it's a non-issue now.

The Ryan plan was voted down. Now there are no plans...including anything coming from the left. So what now? Where do we go?

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I agree with you here. There is equal blame to go around. Neither sides are focus on jobs.

Councilman said:

We have to cut taxes on everyone and everything, reduce regulations on business, open up every place for oil drilling and shut Obama the hell up because he's a damn fool.

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Or, we can have a smart tax code, reduce useless regulations (not all regulations are useless), and invest in alternative energies. This would create jobs as well and is far more pragmatic than cut cut cut drill

MrVicchio said:

Rewording IMF .pdf documents, not citing them trying to look smart...

http://www.imf.org/external/pubs/ft/weo/2010/02/pdf/c3.pdf

For shame don, for shame sir.

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FYI, I am well aware of the IMF's work, recent AEI paper, among many other papers on fiscal consolidation. However, the general principle that fiscal consolidation has a contractionary effect is well-established in macroeconomic literature. It is also inherent in the GDP equation (consumption + investment + net exports (- figure for net imports) + government spending.

Were I to cite specifics unique to a given paper e.g., to note that spending-driven consolidation is less contractionary then tax-driven consolidation, I most certainly would cite the relevant documents. As I was just discussing the general widely-established principle, I felt that there was no need to cite specific literature.

P.S. The GDP data is from the Bureau of Economic Analysis GDP reports and the Weekly Unemployment Claims/Employment Data is from the Bureau of Labor Statistics.

Councilman said:

I say it all the time because it's a fact, most of the growth of our economy is based on how people see the immediate future. It's what fuel the stock market, the housing market, sales of all commodities,except the most basic required to live, and so manufacturing, and finally hiring.


FDR was a Socialist but he for one thing right, and the was when he said: "The only thing we have to fear is fear itself."


Republicans blocking any of the Trifecta of Doom. Obama, Pelosi, and Reid's plans is what has kept us from going completely broke over a year ago. These fools believed they could borough, tax and spend our way to prosperity, when history says it's never worked and today's numbers show we are still in the Obama slide into oblivion.


We have to cut taxes on everyone and everything, reduce regulations on business, open up every place for oil drilling and shut Obama the hell up because he's a damn fool.

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Taxes are lower than ever but they "have" to go down further? So Bush Jr. overtaxed us?

Like watching a horrific crash in slow motion from a distance. Going to be interesting to see how far the USA falls.

opcorn2:

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Aside from the economic implications of fiscal consolidation, there is a political dynamic at play. That political dynamic is almost certainly manifesting itself in the ongoing but occasional debt ceiling negotiations. As the actual experience is bearing out what would likely be expected from fiscal tightening (drag on macroeconomic growth and reduction in net job creation), one can reasonably expect that the Administration would have an incentive to try to backload fiscal consolidation, until at least after the 2012 election. A sticky elevated unemployment rate or worse, would pose a possible threat to its re-election prospects. Republicans, on the other hand, seeking to gain control of the White House would have an incentive to frontload the fiscal consolidation to a larger extent. To blunt this threat, Democrats might well seek to link Defense spending reductions (Republicans vigorously oppose appreciable cuts in Pentagon spending) to agreement on other spending reductions. The likely result would be somewhat greater near-term discretionary spending reductions than what the Democrats might desire, but smaller reductions than what the Republicans desire.

Also, the appetite for actually concluding a deal that would reform the entitlement programs is lacking. Therefore, it is unlikely that any deal associated with raising the debt ceiling would actually enact policy changes in the entitlements area. Setting forth targets/goals/a study of the major entitlement programs is far more likely when it comes to entitlement spending. That outcome would also be consistent with Moody's estimate that major reforms will likely be postponed until at least after the 2012 election.

donsutherland1 said:

FYI, I am well aware of the IMF's work, recent AEI paper, among many other papers on fiscal consolidation. However, the general principle that fiscal consolidation has a contractionary effect is well-established in macroeconomic literature. It is also inherent in the GDP equation (consumption + investment + net exports (- figure for net imports) + government spending.

Were I to cite specifics unique to a given paper e.g., to note that spending-driven consolidation is less contractionary then tax-driven consolidation, I most certainly would cite the relevant documents. As I was just discussing the general widely-established principle, I felt that there was no need to cite specific literature.

P.S. The GDP data is from the Bureau of Economic Analysis GDP reports and the Weekly Unemployment Claims/Employment Data is from the Bureau of Labor Statistics.

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Could resist it don, sorry.

Deuce said:

Taxes are lower than ever but they "have" to go down further? So Bush Jr. overtaxed us?

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Taxes are lower, spending is higher. Your answer is to cut a few percent from "defense" and raise taxes.

With a Democrat in the White House, who needs a job?