The U.S. lost more jobs than forecast in September as local governments fired teachers and other workers in response to declining tax revenue.
Payrolls fell by 95,000 workers after a revised 57,000 decrease in August, Labor Department figures in Washington showed today. Private employers added 64,000 jobs, less than forecast. Wages and the workweek stagnated.
Treasuries rose, the dollar weakened and the Dow Jones Industrial Average rose past 11,000 as the report bolstered speculation the Federal Reserve will embark on a renewed round of large-scale asset purchases to spur growth. New York Fed President William Dudley said last week that further action is “likely to be warranted” unless the labor market improves.
Anytime now right? Right?! Where is her fuggin wand?!! As Steve M. points out if this latest report isn't a complete smack down of right-wing rhetoric I don't know what is:
Shouldn't the heroic, innovative Randian benefactors who grace us with private-sector employment be able to take all that money that's not being used to create (ick! pthui!) public-sector jobs and create many, many more private-sector jobs with it? Shouldn't all the TARP money that's been paid back be going into private-sector job creation? Shouldn't it just be impossible for businesses to sit on huge piles of cash while refraining from creating jobs, simply because the "animal spirits" of capitalism compel our Randian heroes to make the engines of capitalism, and thus jobs, run raster and faster?
I thought capitalists just couldn't help capitalizing -- and if some hold back, others are supposed to out-capitalist them and creatively destruct them. I thought this was the fundamental law of thermodynamics in the economic universe.
I will tell you what happened. SOCIALISM! It has ruined private sector companies forcing them to sit on mounds of cash and not hire. It hasn't done enough to scold fake jobs like census workers and teachers while giving them a lesson in humility. It has made food stamps taste of wasteful spending on wars, corporate protections and campaign financing. It is it obvious once we let the Free Market Fairy loose instead of controlling her with constricting librul regulations that all of this will go away.
Everyone will then get a free ride on the "Roller Coaster of Cash Flow" and job creation boopity bobbity boop. Until then this socialist gubbament will keep bankrupting Uhmerika.
I am Frank Chow and I approved this message
P.S. Elizabeth Warren is hippie who cares about the middle class, VILLAIN!