Sunday, July 8, 2012

Jobs reports

The latest government jobs report is not great and there are four more reports of this kind left before the Nov. 5 election.

Due to the financial crisis in Europe, there is more than a small possibility that some or all of these reports could be discouraging no matter what the Obama administration does.

European and US banks have become increasingly intertwined.  The financial crisis that occurred in 2007 hurt both the US and Europe.  The banks in the United States and Europe lend to each other and they fund big projects across the "pond." 

Because the crisis is so severe, it is bound to have an impact here in the United States.  Money for new investments in business or to keep already existing companies afloat is drying up on both sides of the Atlantic.

Potentially, this could hurt the Obama campaign, but there are ways to handle these jobs reports.  First of all, they could discuss as much as possible other important issues.  As Fareed Zakaria noted, despite the harsh economy, most people are employed.

However, there is not getting around the importance of maintaining a good jobs market.  Therefore, the Obama administration will simply have lay things as they are in a manner which everyone can understand.

While the US economy may still be rough, it is nothing compared to what is going on in much of Europe.   This is because Europe chose a path of austerity -- cutting spending -- similar to what Mitt Romney and the Republicans want to do here.

Europe took the wrong path, but there problems are starting to spill over into our borders.  What we do not want to do is follow this same plan of making deep spending cuts and, in the process, destroying the jobs and consumer market!

The Obama campaign has to make it clear that the Romney/GOP plan will spell doom to an economy that was just beginning to recover.  Another thing that the administration may need to address is how to help stabilize things in Europe.

The president has started talking about this and they really need a plan because the situation there is very serious.  If a nation like Italy, or even France, has problems similar to those plaguing Greece, then the repercussions can be extremely harmful.


stankamerican said...

Keep pointing out that the Republican controlled Congress refuses to pass the Presidents job bill due to their selfish desire to keep the economy as weak as possible in order to further their hopes of assuming the Presidency.
Are the Republicans Patriots or Punks?

stankamerican said...

Open letter to Pres. Obama,
Mr. President allow me to introduce you to who I am.
I am an 80 year old who was born into an America whose Pres. was F.D.Roosevelt.
I became aware as my mind matured that my family was poor, living on home relief.You see my father was out of work for years there was a Depression. Only through Pres, Roosevelts concern for humanity was it that this country created a job for my dad under his WPA program.
This great President became a beloved figure of the masses he cared for and I would like to believe he loved them back.
As you might imagine I support you because I believe you do care for the 98% and because you understand what Roosevelt represented.
I hereby offer to you and your party whatever I can do to help you to be reelected.
I have made a small financial donation to your campaign even though I am almost bankrupt.
If I may make a request it is that you stand behind Pres. Roosevelts vision of a comfortable old age for his people. He envisioned a society covered by a program called Social Security. I am sure he and his advisors forsaw an America whose Senior population after making contributions to their pensions from their lifetime of working year salaries, would be dwarfed by the continued growth of a younger population and the resultant growth in employment and revenue.
Never in his most troubled nightmares would he imagine a Congress and a Senate that would vote to send our jobs offshore without so much as a consideration of some tax to support his concept of supporting seniors in their old age. No less a President that would not Veto such a damaging bill.
I therefore request that our politicians, who have been granted the privilege of representing their constituency, be covered by the selfsame Social security and Medicare they are so freely willing to cut. They should Immediately rescind their privileged and free retirement program and superior health care programs that they voted for themselves paid out of the mandated taxes of the average american workers hard earned salaries before tampering with Pres. Roosevelts dream.

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