As we all know from Aesop’s fables, when everything is an emergency, people stop paying attention.
And between the emergency need to renew the Bush tax cuts before the end of last year to bringing the government to the brink of a shutdown, the argument about what should be traded off to raise the debt ceiling is burning hot in Washington, but giving much of the rest of the country a sense that politicians are just doing it for the publicity.
Around 80% of Americans are angry or dissatisfied at the work of the federal government – and it’s not just at Obama.
Economists told Dow Jones Newswires that they expected between 90,000 and 100,000 new jobs to be added to America’s payrolls in June.
The Washington Post outlines how hard the last three summers have been on the economy – and, by extension, President Barack Obama’s political fortunes.
In the Summer of 2009, the economy continued to shed jobs only to rebound in the early months of 2010 – but by that summer, the economy had stalled out again. The economy added just 92,000 jobs in June and the same number in July of 2010. In June 2011, 102,000 jobs were added. That shot up dramatically in July when 175,000 new jobs were added to the economy, but those gains stalled in August when just 52,000 new jobs were created.
CNBC’s John Harwood called this quarter “the weakest jobs-adding quarter in two years.” He also said the report is bad news for the Obama administration which had been arguing that public sector payrolls shrinking created a drag on the economy, but only 4,000 jobs were down in the public sector.
“A very disappointing report for the Obama administration and, of course, for the country,” said Harwood. “Not good news for the American economy.”