The private sector added just 38,000 jobs in May — somewhat short of the 250,000-500,000 Joe Biden promised us we’d be getting any time now. I can’t begin to tell you how bad this is.
Look. Those trillion-dollar deficits Obama’s OMB predicts we’ll get ever year from now until eternity? Those trillion-dollar deficits are predicated on 4% or better annual growth and unemployment well under 7%.
The economy grew at an annual rate of 1.8% last quarter. With this jobs report, does anyone believe that we’re going to get the 4.5% we need over the next nine months? Does anyone believe this economy is going to generate anything like 8-10 million jobs over the next two years? Does anyone in the White House care?
Tax receipts will remain depressed until those jobs return. Welfare and unemployment checks will keep going out at record levels. It could be years and years before we see a deficit as small as a trillion dollars.
In the words of Melvin Udall: What if this is as good as it gets? Or as I said last night on The Rick Moran Show, Washington has its boot on our necks, smacking us around with a steel rod while demanding to know, “Why won’t you produce?”
The only correct response to that is, “Get the hell out of my way!”