CNN Poll: Thumbs down to the Ryan Plan...

[scooterbug44]

I thought last month was a sad 75K jobs?

 

[30ashopper]

You mind providing the source for this statement? Because this story says different:

http://news.yahoo.com/s/nm/20110601/bs_nm/us_usa_economy

U.S. companies hired far fewer workers than expected in May and output in the manufacturing sector slowed to its lowest level since 2009, adding to concerns that the U.S. recovery is running out of steam.

The "recovery" Obama purchased with trillions in borrowed Chinese yuan, spent on everything from cash-for-clunkers to homeowner bailouts to bank bailouts to stimulus.

The democrats argued that all this spending would bring about a rebound but now that the floating rug of borrowed money is being pulled, down down we go again.

Great job guys! In a few months we'll be right back where we started, with only four or five trillion in additional federal debt to show for it.

 

[poppy]

You mind providing the source for this statement? Because this story says different:

http://news.yahoo.com/s/nm/20110601/bs_nm/us_usa_economy

http://www.bls.gov/schedule/archives/empsit_nr.htm#current

Establishment Survey Data

Total nonfarm payroll employment increased by 244,000 in April, and the
private sector added 268,000 jobs. Employment rose in a number of service-
providing industries, manufacturing, and mining. Since a recent low in
February 2010, total payroll employment has grown by 1.8 million. Private
sector employment has increased by 2.1 million over the same period.
(See table B-1.)

 

[idlewind]

http://www.bls.gov/schedule/archives/empsit_nr.htm#current

Apparently things tanked in May according to Rueters. And Unemployment is rising again, up to 9% in April from 8.8% in March. And the stock market has taken a hit this week due to all the bad economic news.

 

[poppy]

It was +192,000 in Feb., +216,000 in March, and +244,000 in April. The new report comes out tomorrow at 8:30am eastern time so we'll see what it says.

 

[poppy]

Not good news for the unemployed but still on the plus side. Both parties need to stop squabbling and get to work.

Establishment Survey Data

Total nonfarm payroll employment was little changed in May (+54,000), following gains
that averaged 220,000 in the prior 3 months. Private-sector employment continued to
trend up (+83,000), although by a much smaller amount than the average for the prior
3 months (+244,000). In May, job gains occurred in professional and business services,
health care, and mining. Local government employment continued to trend down. Employment
in other major industries changed little over the month. (See table B-1.)

 

[BeachSiO2]

I agree with getting to work. The majority of stimulus monies have made their way through the system. Retail sales are down as people aren't shopping, many companies including local governments are cutting jobs. Plus, the Labor Department adjusted their March and April numbers DOWN 35,000 jobs.

Quote from Politico

The Labor Department also adjusted its April statistics down. A month ago, the department reported that nonfarm payrolls had grown by 244,000, but that number was corrected to 232,000. The March statistic was also shifted downward, from 221,000 to 191,000.

Looks like there has only been one month out of the last four where more than 200,000 jobs were created. This isn't looking good but we sure do have some great soundbites coming out....

 

[idlewind]

Looks like all we have to show for the trillions wasted in the last 3 years is another economic downturn.

 

[30ashopper]

Looks like all we have to show for the trillions wasted in the last 3 years is another economic downturn.

http://reason.com/archives/2011/05/10/ugly-modeling

Reason had a great write up recently on how economists love to over-emphasize the impact government spending has.

 

[30A Skunkape]

I tend to agree with Idlewind's sentiments that at least Ryan has floated a plan. My guess is that any plan will have warts. Most people don't know enough about ANY plan to make an informed decision as to whether they 'approve' of it or not, and as a result damning polls come out that discourage potential alternatives from being considered. I'm also concerned that powerful groups that have substantial voting influence intentionally spook seniors and others on medicare that they will face certain health calamity if some changes are made that most likely will have no such effect. For example, the AARP is very outspoken against the 'Ryan plan' and enthusiastically lobbied for PPACA (aka 'Obamacare') but now has managed to (quietly) get a waiver from participating in PPACA. This kind of stuff makes me very nervous that will will reach a healthcare tipping point with few satisfied participants.