Today’s jobs report was so bad that it appears that even the Obama loyalists in mainstream media aren’t trying to spin it as being “unexpected.” The Washington Post did make a hapless attempt, describing the numbers as “weaker than expected.” But I didn’t see as much of the unexpected meme today. The new word: shocking.
There is just no way to spin these numbers (though the White House is trying: “Top Obama Adviser Says Unemployment Won’t Be Key in 2012“). Julie has offered her take on “recovery summer,” as have Senator Jeff Sessions and Rep. Paul Ryan on National Review. They point out that today’s “shocking jobs report” is historic: it sets a record for 29 straight months with unemployment above 8 percent. Sessions and Ryan note that this happens on the 800th day since congressional Democrats have bothered to pass a budget. Ryan and Sessions note:
Reports recently issued by the House Budget Committee and the minority staff of the Senate Budget Committee demonstrate that the federal government’s dramatic overspending and enormous debt burden are directly hurting job creation. Employers large and small know that today’s excessive borrowing will be tomorrow’s tax hikes and interest-rate increases. This lack of confidence in the future puts a chilling effect on hiring and investment right now.
A budget, Ryan and Sessions point out, represents not only a spending plan but a philosophy of governing. Apparently, the Democrats’ philosophy of government is a secret since they are reluctant to “put their big-government economic theories on paper.” Better to just ram big-spending government programs through Congress, while calling upon us to live within our means (rapidly diminishing thanks to unemployment!).
We’ve mentioned several indications that the GOP may cave in the debt ceiling negotiations. These numbers should give them a shot of steel in the spine. If the GOP holds firm, this is a time when they can really make a difference. If they don’t, God help the republic.
But the Washington establishment is in such a panic for fear the Republicans will not fold this time. Note to Republicans: Don’t listen to them.