Oh look, private sector job creation ground to halt right after POR-care came out. Totally unexpected, that. And clearly the fault of those business owners. We should probably just outlaw them, as the clearly don’t understand how business is supposed to work.
Outside of Washington D.C. and the blue hells, it’s not all unexpected gloom and doom — some states are actually running budget surpluses. The key ingredient?
With the exception of Arkansas, all of these states have Republican Governors.
I guess that would explain the lack of the word “unexpected,” wouldn’t it?
Yes. Even Old Media knows that. After all, our President tells us that balanced budgets and the dignity of our senior citizens are incompatible. And he has such a trail of success. And even at that, it’s worse than it looks because after the headlines the revisions to economic data are almost all bad.
From 2007 to 2010, initial reports from the Bureau of Labor Statistics (BLS) told us that the economy lost 4.201 million jobs. BLS revisions have thus far ramped up the number of jobs lost by 2.43 million. The four-year total is now 6.631 million — a stunning 58% increase. As seen above, the bureau’s revisions to the 12 months of the real recession (July 2008 through June 2009) have shot reported job losses up by almost 1.9 million, a jaw-dropping average of 158,000 per month.