By Rick Manning
As originally published at The Hill.
This Friday will mark the release of the May unemployment report. A report that will reflect the last effects of the Obama trillion-dollar stimulus and of the Federal Reserve’s quantitative easing (QE2).
The report is likely to show that job creation is mediocre at best, with unemployment insurance claims continuing well above the 400,000 weekly level, housing in a double-dip recession and the gross domestic product contracting to a paltry 1.8 percent growth rate for the second quarter of 2011.
The situation is so dire on the economic growth front that The New York Times has awoken from its slumber to opine, in a May 30 piece titled “The Numbers Are Grim,” that:
“Republican lawmakers have responded to renewed signs of weakness with a jobs plan that prescribes more of the same 'fixes' that Republicans always recommend no matter the problem: mainly high-end tax cuts, deregulation, more domestic oil drilling and federal spending cuts.
"The White House has offered sounder ideas, including job retraining, plans to boost educational achievement and tax increases to help cover needed spending.”
In just a few lines, the Times managed to encapsulate the left’s complete lack of understanding of why jobs are created.
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