Photo credit: @julesdwit.
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Sudeep Reddy, economics reporter for the Wall Street Journal, breaks down today's jobs report -- and the political implications one month and one day before the election.
Glad to see that you are taking the portent of an Obama victory so well. Here's a new statistic for you to begin tracking - the buying power of an hour of average American labor.
You won't be happy with what you find out.
"Food stamp use in the United States has reached a record level with 46.68 million recipients in July, the Department of Agriculture announced on Friday. The news bolsters Republican claims that Barack Obama should be known as the "food-stamp president" due to the increase under his term in the White House. Monthly spending on the stamps at $6.26 billion is also a record."
....AND BARRY SAYS "I'M JUST GETTING STARTED."Stey tuned for 80 million on food stamps by 2016.
Obambi has been a disaster. ("give me four more years, I'm just getting started.")Re-election? The man should be put on trial for impeachment.
Leo from Queens: You COMPLETELY missed my point. I don't believe for a second that the 47% are "mouchers." But what I did say, was that we need to improve upon the numbers I cited (unemployment, the deficit, and the debt) in order to HELP the 47%. These numbers are all interrelated. You're right about one thing: our problem is structural--we have a structural deficit which is very different from a cyclical deficit. The effect of growth on debt is substantial. There is a phrase that some economists use titled; "A Virtuous Cycle of Growth." Essentially: higher growth reduces expected debt, lower debt reduces constraints on the economy, thus increasing growth. You're also right about outsourcing: elevated taxes on corporate income and capital has RESULTED in outsourcing. Taxing income too high discourages investment and thus growth and without investment and growth in the economy, there is less hiring and less jobs. For the record, the recession ended in June 2009 and three years after this Obama economy, median household income is down $2,544 or nearly 5%. As for African-Americans, real incomes have fallen by 11% during the Obama Presidency. And, by the way, you can thank the unions for the run away costs of pensions and for the reduction of jobs for government workers. (See the Chicago Teachers Union: They just approved their new 3-year contract which includes 3% raises in its first year and 2% for two years after that along with increases for experienced teachers. The small problem is that the Chicago Public School system is facing a $1 billion deficit in FY14. How are they going to pay for it? You bet: layoffs and school closings, all this in a state with $8 billion in current debt and $200 billion in unfunded retirement costs for government workers). The Pew Center on the States has already warned that there is a $1 trillion gap between what states have set aside for pensions and the real price of benefits. One last point: the combined costs of Medicare, Medicaid, and Social Security in 2012 is $1.6 TRILLION. The Congressional Budget Office has already estimated that by 2022, the costs will be $3 trillion if we don't address it. Of course, you NEVER hear Brian and Andrea talk about this. Continuing the out-of-control deficits and debts we have under President Obama will be a disaster for the country in the long-run. It's a bitter dose of reality that the liberal left of New York City refuses to accept!
The end of four years into a term is too late to start back patting. Barack Obama is a very bad President. It is indeed time for change you can believe in.
@Martin Jizzlewit: Funny how some people are mad about facts. Reality does have a well known liberal bias.
@Bob from Brooklyn
Reagan was dead for a month before Obama gave his 2004 DNC keynote speech. I really doubt he was following a state senator much before that. (And if he was how would he know?) Is there no end to members of the bizarroland winger-verse amusing themselves with made up stuff?
Furthermore, what the heck is LOFL? laughing out frigging loud? You made that one up too, right?
I'm Barack Hussein Obama .... and I approve this message.
(Thanks, Brian .... Axelrod said to tell you that check is in the mail.)
Brian Lehrer: Please get rid of that god-awful bass guitar bumper music. It sounds like a cheap porno movie.
I think a major point that is missing from the discussion of the US economy is the role that other economies (Asia, Europe) have. One of the reasons why economic growth in US is slow is because the economic situation in Asia and Europe is also stagnant. The US can't economically recover unless we produce products that the rest of the world will consume, and vice versa. We also have to realize that when the economies of the world were "good" before 2008, all this consuming was done on credit. Now the bill has come due and everyone is fighting to pay debts, not consume products. That is the reason why the economy hasn't returned.
To quote President Ronald Reagan:
"A recession is when your neighbor loses his job. A depression is when you lose your job. And recovery is when [Barry Hussein 0bama] loses his job!" LOFL.
David from NY: According to your logic and according to Romney's comments, an improvement in the economy will not help the 47% because we are just leeches who are unwilling to take responsibility for our own lives. That is why I had someone go to college for me and get 2 BAs in 4 year, an MA while working full time 45 miles away from school and why I have had someone go to work for me for 22 years while I've stayed home collecting welfare paid for by the job creators.
What you and Mitt miss is the structural problems that Obama inherited and the fact that at the end of the real estate refinancing bubble when the banks/mafia could not get more mortgages from the middle class they went out on an all out assault on blacks and minorities who were already planted in the middle class and had been paying their mortgages for years to go and refinance and swindled them to go into these horrible mortgages that they could not pay. The purpose was to bring in more mortgages that they could mix and cut and repackage to sell to investors. Also, as a result of the drop in taxes being collected and unwillingness of Republicans to help the economy, we have lost a large number of government jobs - this has impacted blacks dis-proportionally. Plus the drop in manufacturing and the increase in outsourcing. These are structural problems that we need to address if we are going to deal with the long term unemployment issue facing millions of qualified Americans that have been categorized as part of the 47% of Americans who are moochers.
It's easy to forget recent history especially when it is so painful. The GOP members of the House and Senate stalled passage of the Stimulus Bill precisely so that the 8% number would be completely smashed. Obama's team undersized the Stimulus in order to keep away from the 'scary' $1 trillion number.
Three-fourths of the current account deficit is caused by revenue shortfall from the high unemployment. If Obama, Boehner, McConnell and Reid could agree that raising American employment was more important than getting Obama out of the White House we might see some action that helps. But the GOP would rather eat a sh*t sandwich than help Obama...Metaphorically, we are all being treated like a black man. How does it feel?
Joke of the Day. If you can bring the unemployment rate down 0.4% with only 114,000 jobs (lol), then you can bring unemployment down to zero with only 2.2 million jobs. We all know that this is NOT true. Every month 350,000 to 400,000 new people apply for unemployment. About the same number stop looking for work. Real unemployment is at record numbers under this regime and unemployment numbers among minorities and young people are much worse. This regime is a disaster and its lying and distorting media shills like Andrea Bernstein are a disgrace.
I'm actually shocked that a reporter for the WSJ is on this show. SHOCKED! Brian and Andrea are so in the can with respect to Obama's re-election. I want Andrea to ask about other percentages: 1.5 % anemic growth in the economy, 14% unemployment for African-Americans, the deficit with respect to GDP is 10% and the public debt with respect to GDP is expected to be 76% in 2013. Andrea, can you even SAY THOSE percentages? Let's review them again: 1.5%, 14%, 10%, 76%. You guys spent WEEKS howling about Romney's comment about the 47% but narry a word about the percentages I just mentioned. Don't you realize that if we improve on those numbers it would actually HELP the 47%???????????????
Some time ago, I recall that Jeffrey Immelt the CEO of General Electric was selected by the President to analyze the jobs situation in America. Did anything become of this initiative?
What amalgam above commented. These are the real issues that should be discussed in relation to unemployment. (The next three commenters should maybe think about taking Econ 101.)
But please, not by sing-songy Andrea Bernstein. She sounds like she's doing a parody of Romper Room. She's not the same person as the awful host of your new local quiz show that's a pale imitation of Wait Wait Don't Tell Me, is she?
Why are you not discussing the responsibility of the republican filibuster having anything to do with blocking helpful jobs legislation? This discussion would be over if congress acted some legislation.
did you say the Obama Admin didn't know hoe severe the recession was when he took affice?
I'm ok with going off the fiscal cliff.
I'll pull in my belt and pay more, as long as millionaires return to the Clinton era tax rates. I'm tired of them gaming the system. And the GOP won't ever be able to hold the economy hostage ever again.
Oh geez- the WSJ??.....why don't you just invite someone from fox noise to give a negative spin to this good news.
First on the jobs numbers today:
> Not nearly enough, but what people may not realize, employment stats from the past months by the Labor Dept. - as regularly happens - have been revised UP after more accurate data has arrived. In fact, 400k more jobs were added to the economy in the 12 months prior to March 2012. That is what the 7.8% unemployment rate reflects.
>Neither Obama nor Romney, neither Democratic nor Republican programs are identifying and addressing the structural problems in the U.S. economy, which are actually the structural problems of the global economy that enmesh all. Some of these structural shifts include things like technological innovation/use; global, "Race to the Bottom"-style employment and management strategy; distrust of institutions and wealthy elite; inequality; among others.
I'm amazed that with Bernanke running the printing presses to the tune of 2 Billion per day and forcing rates to close to zero and a yearly budget deficit on over a trillion dollars per year we still have such anemic employment numbers. We could just give the unemployed a few hundred grand a piece and be better off than we are now. Where does the money go?
Like the inflation rate numbers, no one can possibly believe these. It is one of the many little things that cause people to lose faith in government. What is the most sad for me is this number will be touted throughout the media without scratching under the surface for some reality.
it's amazing how 114,000 jobs (which doesn't even keep up with population growth, let alone the current unemployed) magically reduces the unemployment rate so dramatically - all this and just a month away from the election... wow. amazing...
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