I don’t care how many letters they sent
Morning came and morning went.
Pick up your money, and pack up your tent
You ain’t goin’ nowhere
It was bad. It was so bad that the Obama campaign staffers over at Business Insider.com had no choice but to report it in and honest and forthright manner. The it in question involved the ADP National Employment Report, which was bad because only 119K jobs were created in April 2012.
What made it even worse, was the fact that it was, dare I even say it, unexpected.* And just to make things even suckier; what the analysts expected was 170K.**
And it should surprise absolutely nobody that manufacturing employment fell by 4,000 on this month’s print of the ADP jobs report. Factories orders fell by 1.5% in March which implied those workers were no longer a necessary component of the Glorious Obama Recovery.
Of course we could make like good Keynesians and raise taxes while we borrow more money to fuel present day consumption. But even that option has grown increasingly shopworn over the past three years. Karl Denninger describes what lies before us better than most.
The attempt to reinflate the Ponzi bubble that burst in 2008 has failed. Worse, it appears that we we may be weeks to months at most from broad financial market recognition of this failure — and if so, we’re about to have one hell of a crash and this time there are no policy actions available that will make a difference in the outcome.
But Bob Dylan wrote a song back in 1967 that describes our present economy better than any of the words of our sages. Enjoy***….
* – It would just be easier if these people admitted up front that Obamanomics was a failed paradigm and that the beatings will continue until this fool is out of office.
** – Which, in and of itself sucks!
*** – The Byrds, Joan Baez, Hootie and The Blowfish and Counting Crows have also done great renditions of this song. It’s like the Swiss Army Knife of Popular Music!