Where are the Jobs?

We received the May jobs report as some sort of a shock.......where are the jobs? Only about 10% of the reported created jobs in May came from the private sector. The rest were Census taker jobs. This apparantly is the "Obama Recovery".

As reporte here in the Wall Street Journal, the underlying problems for job creation are well known and have been espoused over and over again:

Almost everything Congress has done in recent months has made private businesses less inclined to hire new workers. ObamaCare imposes new taxes and mandates on private employers. Even with record unemployment, Congress raised the minimum wage to $7.25, pricing more workers out of jobs. The teen unemployment rate rose to 26.4% in May, and for those between the ages of 25 and 34 it rose to 10.5%. These should be some of the first to be hired in an expansion because they are relatively cheap and have the potential for large productivity gains as they add skills.

The "jobs" bill that the House passed last week expands jobless insurance to 99 weeks, while raising taxes by $80 billion on small employers and U.S-based corporations. On January 1, Congress is set to let taxes rise on capital gains, dividends and small businesses. None of these are incentives to hire more Americans.

More bad news: Worst of all, nearly half of all unemployed workers in America today (a record 46%) have been out of work for six months or more.

Remember the promise of Stimulus I: "Employment will not go above 8%"

Imagine if [the Administration] had instead promised in 2009 that Congress could spend nearly $1 trillion, and 16 months later the unemployment rate would be nearly 10% and that more than 2.5 million additional Americans would be without jobs. Would Congress have still spent the cash? Well, sure, Congress will always spend what it can get away with, but the American public would have turned against the stimulus even faster than it has.

The multiplier is an illusion because that Keynesian $1 has to come from somewhere in the private economy, either in higher taxes or borrowing. Its net economic impact was probably negative because so much of the stimulus was handed out in transfer payments (jobless benefits, Medicaid expansions, welfare) that did nothing to change incentives to invest or take risks. Meanwhile, that $862 billion was taken out of the more productive private economy.

This is gross mismanagement of the Economy in the worst way possible. In the private sector such people would be fired immediately!!!! Take note America.