Joe, Allison, Kathryn, and Nick gather once again to discuss the June jobs report where an 80K job increase is really a decrease and the gang looks at Obama’s proposal to extend the Bush tax cuts for 98% of Americans today while the GOP calls this tax cut…a tax increase? Plus, an evaluation of the outsourcing attacks against Mitt Romney. And the phrase “racist claptrap” gets used.
Here’s a collection of links to items we discussed:
Betsey Stevenson explained over “the Twitters”: Over last three months, private sector has added 274K jobs while public sector has lost 47K jobs. “One is a sign of how the economy is doing & the other is a policy choice.”
Here is the interesting graph comparing job growth in W Bush first term vs. Obama first term. Shows what we know, private growth fell further during 2008 recession but has rebounded at a faster rate.
Here’s that backup for how, without government cuts since December 2008, unemployment would be 7.3%.
Floyd Norris of NYT suggests that seasonal adjustments BLS uses aren’t calibrated to this business cycle, where businesses layoff few people in the winter and, thus, hire less in the summer. Seasonal adjustments assume larger than normal hiring in the summer (kids out of school). +800k each of the last three months in unadjusted numbers, but once adjusted, down to below 100k. And here’s another Business Insider chart showing that the rate of employment growth under Obama is actually booming when seasonal adjustments are removed.