More Jobs Shed in August Than Expected

By Caomhin

The economy may be stabilizing slowly but surely in some sectors due to free market forces in operation despite Obama’s best attempts to unleash Keynesian hell upon the nation.  The main effects of the government’s massive interference in the marketplace will be nothing more than larger than expected and prolonged unemployment even as Obama foolishly states that he saved the economy from “catastrophe.”  This of course is a complete and utter fallacy, as we will learn what a “jobless recovery” really is with the added pain of rapidly rising inflation rates coming from the Administration’s brutal “stimulus” plan.  We are again seeing troubling news for the American people, who seek nothing more than to make an honest living and provide for their families:

Companies in the U.S. private sector shed 298,000 jobs in August, according to the ADP employment report released Wednesday. The report comes two days before the Labor Department reports on nonfarm payroll growth for August. The decline in employment was more than the consensus forecast of Wall Street economists of a decline of 250,000 in nonfarm payroll in August, which also includes the government sector.

250,000 jobs lost is a horrendous number, but 298,000 is a full 19.2% worse than they expected.  We would have been much better off with a much more limited policy of targeted tax cuts for both individual wage earners and corporations which would have a a much more rapid and direct positive effect on the economy while saving us nearly $1 trillion dollars in debt when interest payments are factored into the equation.  The Stimulus Bill is exactly what we had billed it as, nothing more than a political kickback and Pork Barrel Sending which would help interest groups ahead of the American people.  Add to this the fact that our taxes will most assuredly be raised for a number of factors, including the passing of this legislation, and the net effect of the Stimulus Bill was and is by far, an immense net loss for the American people.

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