Payrolls Plunge To 88K, Biggest Miss Since Dec 2009, Part Rate At New 30 yr low

[Tsing Tao]

Quote from Ricter:

"At one of our dinners, Milton [Friedman] recalled traveling to an Asian country in the 1960s and visiting a worksite where a new canal was being built. He was shocked to see that, instead of modern tractors and earth movers, the workers had shovels. He asked why there were so few machines. The government bureaucrat explained: “You don’t understand. This is a jobs program.” To which Milton replied: “Oh, I thought you were trying to build a canal. If it’s jobs you want, then you should give these workers spoons, not shovels.”

You can continue to use the productivity argument all you want, but it's horseshit and everyone knows it. Productivity and technological advancements did not cause unemployment to blossom since 2008.

 

[Tsing Tao]

Quote from Ricter:

No one said that.

Not directly. But every time someone brings up unemployment, or rising food and gas prices, etc., you wave your virtual hand with the casual Parisian shrug and say "ah, well. This is life."

 

[PiggyBank]

Quote from Max E. Pad:

This jobs report just cost me my biggest oneday loss in history...... ugly, ugly day.

that sucks bro.. get caught trying to fade the open?

 

[PiggyBank]

Quote from Tsing Tao:

Not directly. But every time someone brings up unemployment, or rising food and gas prices, etc., you wave your virtual hand with the casual Parisian shrug and say "ah, well. This is life."

true, which is the reason I don't understand why ricter doesn't just support letting 'nature take its course'. The employment situation could probably be just as bad if the govt did nothing, and it would have cost us less. lol

 

[Tsing Tao]

Quote from PiggyBank:

true, which is the reason I don't understand why ricter doesn't just support letting 'nature take its course'. The employment situation could probably be just as bad if the govt did nothing, and it would have cost us less. lol

It's simple. If Conservatives advocate anything or do anything, even for the right reasons, they're at fault. If Liberals do anything or advocate anything, even for the wrong reason, they are right.

 

[Ricter]

Quote from Tsing Tao:

You can continue to use the productivity argument all you want, but it's horseshit and everyone knows it. Productivity and technological advancements did not cause unemployment to blossom since 2008.

I'm responding to your charts that go back decades, so if your fear is only about the economy since 2008, why post them?

 

[Spike Trader]

Quote from Ricter:

I'm responding to your charts that go back decades, so if your fear is only about the economy since 2008, why post them?

I was wondering the same thing , the chart topped out in 2000..

 

[pspr]

Quote from Spike Trader:

I was wondering the same thing , the chart topped out in 2000..

It's the acceleration under Obama that is troubling. Over half a million dropped out of the workforce last month alone. Over 13,000 new workers were placed on government disability payments last month bringing that number to over 8.5 million.

Even as Bernanke pumps $85 billion a month into the system, things are going in the wrong direction at breakneck speed.

 

[Mercor]

This report, over the course of time, will help support Obama's job creation myth and legacy.

All you see in historical statistics is the unemployment rate.
Obama knows that if he shifts 500k people off the gross number and dumps another 100k into disability he get a lower unemployment rate. today's number at 7.6% just makes his legacy graph looks better.

 

[Tsing Tao]

Quote from Ricter:

I'm responding to your charts that go back decades, so if your fear is only about the economy since 2008, why post them?

What are you talking about? The LFPR goes back to the last time the data was where it is today. That's the whole purpose of the chart. To show that the data goes back that far before it got worse.