The Homa Files

First unforced error: Obama touts study by his econ gurus Romer & Bernstein that – if a trillion dollars of faux-stimulus is thrown at the economy – unemployment will stay under 8%.  Oops.

Second unforced error, declaring the next couple of months “Recovery Summer” … kicked off by the President’s visit to a new hospital wing in swing-state Ohio that added 36 temporary construction jobs.

Since then:

• CEO’s in the Business Roundtable sent a letter outlining how the administration’s policies are crippling job growth
  https://kenhoma.wordpress.com/2010/06/24/business-roundtable-ceos-come-out-of-the-closet/
• The G-8 has jumped out of the stimulus canoe, opting for austerity – lower spending, lower deficits
• The Conference Board’s Consumer Confidence Index fell to 52.9 from 62.7
• The stock market has plunged
• ADP reported that private-sector jobs in the U.S. increased by 13,000 in June …  Economists had expected ADP to report a jobs gain of 60,000 for June.
• Weekly new jobless claims claims increased by almost 3%

And, oh yeah – there’s an unemployment report coming tomorrow.

Stay tuned …

This entry was posted on July 1, 2010 at 6:48 am and is filed under Employment - Jobs, Obama Administration. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.