BLS: 155,000 new jobs in December
From the U.S. Bureau of Labor Statistics:
“Nonfarm payroll employment rose by 155,000 in December, and the unemployment rate was unchanged at 7.8 percent, the U.S. Bureau of Labor Statistics reported today. Employment increased in health care, food services and drinking places, construction, and manufacturing….
The change in total nonfarm payroll employment for October was revised from +138,000 to +137,000, and the change for November was revised from +146,000 to +161,000.”
——————–
Just to be clear, these are seasonally adjusted numbers, which means these 155,000 new jobs come on top of hiring that would normally be expected in the Christmas season.
While we’re on the subject, I’d also like to address this claim by John Boehner yesterday as he accepted the speaker’s gavel for another two-year term:
——————–
“Our government has built up too much debt. Our economy is not producing enough jobs. These are not separate problems.
At $16 trillion and rising, our national debt is draining free enterprise and weakening the ship of state.
The American Dream is in peril so long as its namesake is weighed down by this anchor of debt. Break its hold, and we begin to set our economy free. Jobs will come home. Confidence will come back.”
——————–
As economic analysis, that’s just total baloney. While our national debt constitutes a long-term challenge, it is not causing or exacerbating our current economic situation. If “our national debt is draining free enterprise,” if “this anchor of debt” is dragging us down, as Boehner alleges, then federal borrowing to finance the deficit would be driving interest rates sky high, making it difficult for private companies to borrow money.
That simply is not happening. The prime interest rate is 3.25 percent, exactly what it was a year ago. In fact, you’d have to go back to 1955 or earlier to find a lower prime rate. We have a lot of problems with the economy, but government borrowing driving out private borrowers is not one of them.
I don’t know whether Boehner actually believes that nonsense, or whether he’s just drawing what he hopes to be a politically useful connection. Either way, he is pushing a grossly misleading diagnosis.
– Jay Bookman
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443 comments Add your comment
George P. Burdell
January 4th, 2013
12:24 pm
Lost in all of the debate over deficits and spending is the unprecedented actions taken by the Fed. They have been buying Treasuries in huge amounts, keeping the prices higher than market and inversely keeping yields lower than they would be. Whether that is a smart move or not can be debated and no clear answer would be determined ( much like every other topic on this blog). What cannot be debated is the fact that this action has kept interest rates lower than they otherwise would be, which in turn has decreased the interest expense to the government. As the yields rise, as they will have to if the economy does get turned around, the value of the bonds held by the Fed will decrease. That money has to come from somewhere. In other words, the Feds actions have not shown up on the overall deficit yet, but it will. It is simply being masked right now but it will eventually show up as more debt, higher inflation, or both.
JamVet
January 4th, 2013
12:25 pm
Benji is a work of art. And a typical con.
He and his claptrap gets publicly humiliated by Jay and then Bent declares himself the winner.
Hey cons, how did winning last November feel?
Keep on winning, OK?
Stephenson Billings
January 4th, 2013
12:25 pm
Drudge linked to it too? cool….
DannyX
January 4th, 2013
12:26 pm
It really is no surprise that dogs are now joining a political party.
My dog drives a car. He has his own driver’s license. He was able to get a driver’s license after the government started issuing them to teh gays.
That’s why we must keep teh gays from getting a marriage license. Dogs will surely be given the same rights. Gay marriage will one day lead to animal + human marriage.
Kamchak ~ Thug from the Steppes
January 4th, 2013
12:28 pm
drudgey = cool.
There’s your sign.
Joe Hussein Mama
January 4th, 2013
12:29 pm
DannyX — “That’s why we must keep teh gays from getting a marriage license. Dogs will surely be given the same rights. Gay marriage will one day lead to animal + human marriage.”
Ricky?
Senator Santorum?
Is that you?
Escaped from Email Purgatory
January 4th, 2013
12:29 pm
Jay Bookman – a master of the understatement – borrowed heavily from @NA
1. “Our national debt constitutes a long-term challenge” – as we currently spend 6B more a day than we collect in revenue
2. “Gee, that was unfortunate.” – as he realized he just passed more than gas
3. “I’ve seen worse movies than Ishtar.”
4. “Then I guess a b— job is out of the question?” – after his prom date refused to shake his hand “goodnight”.
5. “Kim Kardashian’s a bit “hippy”, isn’t she?
USinUK - not very ladylike (and former Girl Scout)
January 4th, 2013
12:29 pm
Kam – yep – it is seriously good! I made it for Christmas
GT
January 4th, 2013
12:31 pm
josef that is the excuse they give you, but the truth with most of these right wingers the message has to be dumbed down to win the election. You have to find dumb voters; Newt came down here from Penn. to locate the footstock for his machine. He went looking for the flattest line he could find so he could look smart and brother he got his mother lode in Georgia.
Kamchak ~ Thug from the Steppes
January 4th, 2013
12:31 pm
USinUK
Thanx
Mr_B
January 4th, 2013
12:31 pm
“do you ever wonder why an UNHEALTHY HAPPY MEAL cost less to eat than BROCOLLI which is healthy?”
The poster has obviously not purchased a Happy Meal or a serving of broccoli lately.
josef
January 4th, 2013
12:33 pm
GT
You really DON’T know what the objection to that comment was, do you?
Granny Godzilla
January 4th, 2013
12:34 pm
Erwin’s cat
January 4th, 2013
12:07 pm
Of course. Dogs are sensible creatures, with many good qualities.
except when they are licking their ass
.
.
.
.
.
as the punchline to the old joke goes, you would too if you could.
guy
January 4th, 2013
12:36 pm
Reading these posts is great entertainment. Thanks to all! (still,nothing changes but at least we can vent our frustations while those in Washington put the screws to all)
Nunna Yobinnes
January 4th, 2013
12:37 pm
“Erwin’s cat
January 4th, 2013
12:07 pm
“Of course. Dogs are sensible creatures, with many good qualities.
except when they are licking their ass
..
as the punchline to the old joke goes, you would too if you could.”
Hmmm. Perhaps there should be a survey among Cirque du Soleil performers to see if they do.
Keep Up the Good Fight!
January 4th, 2013
12:37 pm
DannyX, well my dogs work for a living. They tell humans when they may have seizures before any human can, they open doors, they turn off lights, they pick up remote controls. They are there to provide stability to humans as they walk. They are there to provide love when humans emotionally need it. When veterans return from war, they are there to support them whether they have lost a limb or suffer from any number of mental trama.
Now mine don’t do this but there are others who guide those who cannot see. There are others that can sniff bombs, bedbugs, mosquitos, and all sorts of other things. There are others perform more medical services that doctors can’t such as smelling cancer and other diseases.
And then it hit me. Them dang Republicans won’t even pay them minimum wage even though they work hard all day and EARN a living. When these dogs are intentionally hurt by humans, they are treated as property.
My dogs are JOB CREATERS! and heroes….
Kamchak ~ Thug from the Steppes
January 4th, 2013
12:38 pm
The poster has obviously not purchased a Happy Meal or a serving of broccoli lately.
If you compare by calorie count (Happy meal 530 vs. broccoli 31 per cup of chopped) it would take a little over 17 cups of chopped broccoli to equal the same amount of calories of one Happy Meal.
weetamoe
January 4th, 2013
12:38 pm
An OMB chart showing that the gap between federal outlay and income was narrowing at the beginning of 2007 (despite the devastating 9/11 attack effect on the economy and 2 wars) suggests that the US was on the way to a break-even or surplus until the democrat congress arrived to begin the slow slide into end days that have accelerated under His Redundancy who today is pictured scarinfg a shave ice, playing the jolly duffer and taking a dip in the Pacific. Take that, you Sandy refugee whiners! Oh and I am sure Jay can find the chart. The only blogger who uses more charts is NYT’s Blow.
getalife
January 4th, 2013
12:41 pm
Not a good time to cut with slow job growth but that fact does not compute in the con’s brains.
Nunna Yobinnes
January 4th, 2013
12:43 pm
“The poster has obviously not purchased a Happy Meal or a serving of broccoli lately.
If you compare by calorie count (Happy meal 530 vs. broccoli 31 per cup of chopped) it would take a little over 17 cups of chopped broccoli to equal the same amount of calories of one Happy Meal.”
See how inefficient broccoli is.
Joe Hussein Mama
January 4th, 2013
12:43 pm
weetamoe — “An OMB chart showing that the gap between federal outlay and income was narrowing at the beginning of 2007″
Link or it didn’t happen.
Kamchak ~ Thug from the Steppes
January 4th, 2013
12:45 pm
Broccoli inefficient?
17 cups of broccoli would efficiently clean out your colon.
Nunna Yobinnes
January 4th, 2013
12:47 pm
No it would take 17 cups to provide the same amount of calories as just one happy meal. That’s inefficiency in action. In reality, I don’t think I could eat 17 cups of broccoli without barfing. Therefore, you’re right. My colon would be empty.
josef
January 4th, 2013
12:48 pm
Saxby is a SON OF CONFEDERATE VETERANS…
Sheetz
AmericaShrugged
January 4th, 2013
12:51 pm
You just need to understand demspeak to improve your reading comprehension around here. Bush sends troops into ME – bad, Obama sends troops into ME – good. Bush runs $600B deficit – bad, Obama runs $1.5T deficit – good. Bush cuts taxes – bad, Obama cuts SS tax – good. Medicare (D) – bad, Obamacare – good. Newt – bad, Pelosi – good. Georgia Republican representatives get almost 150% of the votes their Dem counterparts do – it’s the end of the Republican party. Bush prays in Oval office – bad, Clinton gets bj’s in Oval office – good.
F. Sinkwich
January 4th, 2013
12:51 pm
“House Approves $9.7B For Flood Insurance Claims for Sandy Victims”
The local pols, union thugs, and the mob all thank the tax payers of America…
DannyX
January 4th, 2013
12:51 pm
I know a parrot who is a Republican.
My brother is a Fox News loving Republican, that channel is on 24/7 at his house.
His parrot squawks all day long screaming “BENGHAZI”, and “MOOCHERS”. Ask him if he wants a cracker and he screams “ROMNEY” “ROMNEY” “ROMNEY”. Poor thing, he still doesn’t realize he ain’t getting one.
That parrot reminds me of a lot of the bloggers around here.
Kamchak ~ Thug from the Steppes
January 4th, 2013
12:52 pm
Well if efficiency is your goal, then just scarf down a cup of sucrose, 774 calories.
Thulsa Doom
January 4th, 2013
12:53 pm
Ben Shockley
January 4th, 2013
9:11 am
“Is it moral to continue handing out lucrative tax cuts even in time of war, thus creating huge deficits that our children and grandchildren will have to pay on our behalf?”
– Jay Bookman, feb 21, 2005
Ben Shockley
January 4th, 2013
9:14 am
Here’s Bookman on May 9, 2006 bleating about a Bush deficit of $290 billion…
“An economic reckoning isn’t too far off now”
– Jay Bookman, May 9, 2006
I see Doomy isn’t the only one smashing the liberal wall of lies with a conservative Thor hammer of truth. Looks like Ben Shockley has been busying himself laying down the
B
O
O
M
!
Nunna Yobinnes
January 4th, 2013
12:53 pm
Kam – gotta keep your coat shiny..
Al Galore
January 4th, 2013
12:56 pm
You middle class people just need to pay more taxes, humble yourselves under your President and be happy for what the government does with your money that you can’t handle yourselves!
Nunna Yobinnes
January 4th, 2013
12:58 pm
Shrugged – Funny.
Thulsa Doom
January 4th, 2013
12:59 pm
“As the yields rise, as they will have to if the economy does get turned around, the value of the bonds held by the Fed will decrease. That money has to come from somewhere. In other words, the Feds actions have not shown up on the overall deficit yet, but it will. It is simply being masked right now but it will eventually show up as more debt, higher inflation, or both.”
George P. Burdell,
Most cons realize that. But the livlibs(low information voter libs)??? Puh-leaze. Much easier to say “there’s your sign” than to actually have a thorough economic understanding of what’s going on. They don’t understand these things. And they never will.
GT
January 4th, 2013
1:01 pm
josef lower case j now I do sorry. Happy new year josef!
weetamoe
January 4th, 2013
1:02 pm
New York Times (not Fox) Headline in 2005: Sharp rise in tax revenue to pare US deficit
Headline in 2006: Surprising jump in tax revenue is curbing deficit
Thulsa Doom
January 4th, 2013
1:11 pm
“Part of my point is that conservative complaints about disability being easy to get are, in my personal experience, total bulldada.”- Joe Mama
I can always depend on Joe Mama to say something that is going to make me cry from laughing so hard. OMG. There’s a lot of people on disability that can and do work off the books.
And there’s a lot of them that do not work but if the govt were to disappear tomorrow and they had to work they would and they could work. My experience in this is just a wee bit more than Joe’s considering that I’ve met with literally hundreds of people on Medicare disability and I have a good number of them as clients. Thanks for the laugh though Joe. Hot dang that was fun-knee!
Madmax
January 4th, 2013
1:13 pm
Jay – have to disagree with your argument – the fed reserve is keeping rates artificially low (and has for way too long while both parties have been in power) and you are aware of that. The current policy of QE# is flooding the market with cheap money eroding the value of the dollar and keeping rates down. If we weren’t printing funny money, we would see a catatrophic rise in interest rates as there would be competition to get available funds which would drive the cost of servicing this “long term challange” to unbearable heights. Our debt service is at 40% and rising with artificially induced rates. What happens if rates are returned to market levels (or just doubled for that matter)?
Joe Hussein Mama
January 4th, 2013
1:54 pm
Doom — “I can always depend on Joe Mama to say something that is going to make me cry from laughing so hard. OMG. There’s a lot of people on disability that can and do work off the books.”
And I can always depend on Doom to dishnoestly misrepresent what I said.
What I said (and Doom quoted): “Part of my point is that conservative complaints about disability being easy to get are, in my personal experience, total bulldada.”
What Doom said: “There’s a lot of people on disability that can and do work off the books.”
Doom, since you didn’t notice, I’ll break it down for you. I didn’t *comment* on people ‘working off the books.’ Therefore, your comment is irrelevant.
Pay attention to details, son. I can’t be bothered to straighten you out 24/7.
Sugarfoot
January 4th, 2013
2:34 pm
JohnnyReb – MY DOG comment.. I am a progressive and I still laughed and thought it was a funny comparison. Wrong, but funny. Even though essentially you are calling Democrats dogs. May be a step up from asses though. Everyone on both sides paints with too broad a brush about the opposition. We have fundamental differences on what kind of America we want and what the priorities should be and what roles the government and the people should play. Why is it necessary to demonize and name call and berrate people who just think and feel differently than you do about anything?
I believe in paying our bills, paying my bills, but I still have a heart and soul about helping hands and safety nets, planning for the future as best you can, treating your neighbor as you would yourself, getting out of debt but not starving myself in the process and then avoid getting into debt again, learning from my mistakes and the mistakes of parents, look to the government to help make sure we have provided for the common welfare of clean air, water, food, and providing for the common defense, public education so everyone has the same chance starting out to be educated – providing for the elderly, disabled among us unable to help or care for themselves, teaching all generations to save, be responsible. I agree there is too much wasted money and not sure that is even the right word.. wasted.. more like once again what kind of America do we want and what will our priorities be and what are we willing to pay for and not pay for with taxpayer monies. I would love to see a complete list of government expenditures published line by line in plain English for all to review and to be able to tell our reps – okay, we agree we need to fund this and we do not wish to fund that. What a novel idea.
josef
January 4th, 2013
3:49 pm
GT
No, you still don’t…but that’s okay…I wouldn’t expect that you would…
GT
January 4th, 2013
4:00 pm
ha
john Konop
January 4th, 2013
8:42 pm
Uncle Samantha
From your post I guess you are against any real cuts that I proposed. So at the end you want to vent but not really cut anything.
john Konop
January 4th, 2013
9:11 pm
Uncle Samantha,
One more thing you can vent all day, but at least admit you are for liberal spending.