BY RICH GALEN
Reprinted from Mullings.com
Two weeks ago the Department of Labor’s Bureau of Labor Statistics dropped a bomb on the Presidential campaign of Barack Obama when it released data showing only 66,000 jobs had been created in May – far below estimates – and that the top-line unemployment rate rose from 8.1 to 8.2 percent.
This past Friday at a press conference, in response to a question about the GOP’s contention that it is his Administration’s policies that are strangling job growth, President Obama said, “the private sector is doing fine.”
He went on to explain that the rise in unemployment is largely due to budget difficulties at the state and local government level because mayors and governors are not getting the “kind of support they need from the federal government.” The federal government needs to send money to states and cities so those governments can hire more people. People who may do important work, but create nothing.
A few short hours after Obama had essentially proclaimed the return of prosperity for private industry, Bloomberg.com was running a piece by Chris Burritt headlined, “CEOs Losing Optimism as Job Slowdown Imperils U.S. Growth.” Continue reading →