President Obama in Arlington, Virginia. |
A surge in hiring in the world's largest economy last month drove the Nasdaq to an 11-year high on Friday as optimism grew that the labor market is on a steady path to recovery.
The broad-based gains on solid trading volume also sent the Dow Jones industrial average near a four-year high. The S&P 500 extended its 2012 advance to about 7 percent and was at its highest level in more than six months.
The U.S. economy created jobs at the fastest pace in nine months in January and the unemployment rate dropped to nearly a three-year low of 8.3 percent, the government said.
"It is really hard to find something not to like in the jobs report," said Andrew Goldberg, market strategist at JP Morgan Funds in New York. "There is genuine strength in this report with broad-based jobs creation."
This growth in the job market is really going to undermine the Republicans planned strategy for attacking the President this election cycle. They really hoped that by picking Romney, who they keep mislabeling as a "job creator," it would help them to demonstrate a stark difference between the President's poor performance in job creation, as compared to the completely false narrative that Romney would do a far better job.
But that only works if the President's performance really has been poor. And the facts do not support that contention as you can see below.
They had also hoped that the President's approval rating would stay in a slump, but that is also not working out to their advantage. And guess who the President can credit with the upswing?
The Republicans themselves, that's who!
This from Talking Points Memo:
The short-lived bump from the killing of Osama bin Laden was countered by a strong trend downward toward the politically poisonous summertime fight with Congressional Republicans over raising the debt ceiling. No one got out of that one unscathed — but, there was ample evidence that the GOP hobbled itself even more going into an election cycle when they were supposed to have the upper hand, with more voters blaming them for the sorry affair than Democrats.
After a debt agreement was done, Obama immediately made a successful pivot to jobs, and the public responded. Nothing in the jobs package Obama proposed came to fruition, but that was likely part of the political calculus — Republicans again said no, reinforcing the “do-nothing Congress” narrative after having just hurt themselves on the debt ceiling issue. They followed that up with a fairly clear legislative loss on the payroll tax extension, which similarly pitted Obama pushing a message to middle class voters concerned about the economy while House Speaker John Boehner squabbled with his own caucus.
Those factors led to an uptick over the last three months, just as the Republican presidential primary process began in earnest.
So in other words the timing could not be more perfect for the President's numbers to start climbing.
Unless you are a Republican of course.
It is really hard to find something not to like in the jobs report Well, Boehner had no problem.
ReplyDeleteI recall President Clinton saying, "Are you better off now than you were 4 years ago?" I was then and I am now.
In '09, I was very fortunate that everyone in my company took a 5% paycut. We got some stocks and an extra week of vacation to ease the pain. Those stocks have more than made up for the paycut. In total, my stocks have gone up over 250% since '09.
I'm no 1%, but if I get taxed a little extra, it's a small price to pay to have a President who wants to keep this country safe, healthy, fed and educated.
Boner in 4-3-2-
ReplyDelete"See - we told you our tax cuts for the wealthy job creators would create jobs. These latest numbers prove they're working in spite of Obama's Socialist policies."
What's good for the country is good for Obama. The republicans know this, that is why they continue to try not to let the economy recover. I just hope enough people are smart enough to not only re-elect President Obama, but give him a majority Dem congress, so that he can get things done.
ReplyDeleteImagine that 'job creator' Romney attempting to pivot away from the economy and take up the issue of Foreign Affairs!!
ReplyDeleteHow many days -- No. How many hours would it be before he stepped in it, sticking both feet in his mouth outraging Iran, China, North Korea.
'But, but, my comments were taken out of context'.
'But, but, I misspoke'.
That 3:00 a.m. call:
'Hello, Romney residence. Sorry, he's sleeping and I'm instructed not to disturb him for any reason.'
KABOOM.
****ALASKA AMBER ALERT*****
ReplyDeleteSamantha Koenig. 18 years old, 5 feet, 5 inches tall, 140 pounds, with brown hair and eyes.
Abducted on Wednesday from Common Grounds, near the Alaska Club on Tudor.
http://tiny.cc/0e0op
Surveillance video shows an armed man in a dark, hooded sweatshirt walk up to the coffee shack and force Samantha to leave with him on foot, heading east.
The suspect is significantly taller than Samantha. Police are not releasing video or photos of the man.
Samantha's dad is offering a substantial cash reward for information leading to her return - NO QUESTIONS ASKED.
Samantha flyer
ReplyDeletehttp://tiny.cc/6m2cr
Anybody know who Palin is endorsing in the Super Bowl?
ReplyDeleteI'll take the other team and am willing to give points!
President Obama is on the J. O. B. !
ReplyDeleteEven without the help of the GOP, the party of NO!
mac said...
ReplyDeleteWhat's good for the country is good for Obama. The republicans know this, that is why they continue to try not to let the economy recover. I just hope enough people are smart enough to not only re-elect President Obama, but give him a majority Dem congress, so that he can get things done.
8:12 PM
You're preaching to the choir.
Keep on preaching cuz we are with you 100%.
Why do we let those guys get away with that "I misspoke" stuff? I think we should call them out for their outright lies.
ReplyDeleteAnd then Romney gives the most hateful, lies-filled speech since Palin in 2008..they got nothin'!
ReplyDeleteI just watched a moment of Romney's speech for doing what was well predicted in Nevada.
ReplyDeleteThere were lots of people waving signs and going NUTS behind him, as he spoke.
He promised to balance the budget without raising taxes on the rich, or enacting anything in the way of tax fairness reform (YAY! goes the crowd, despite how it would take a MIRACLE for this to occur.)
He promised to slash the bejeeziz out of "spending" (YAY! goes the dimwit crowd, I guess unaware that he means doing away with their Social Security, Medicare, and all other programs that help them.)
No mention of how he's going to be of any value to the HUGE number of homeowners in that state, who have homes worth MUCH less than what they owe on them.
Yet he got over 40% of the vote, there.
And people say that Americans are not smart.
But the unemployment numbers don't include the 3 million people who have simply given up looking for work.
ReplyDeleteI'm not better off. I haven't had a cost of living raise since 2006. The last two years I gave up five furlough days that further lowered my income. I got nothing in return. In fact now I am split between two schools, teaching music at one and doing library at the other. That's essentially double the workload since it's two totally different subjects. I've been excessed from both schools as both of those jobs have been eliminated so I don't know what I'll be teaching in the fall or where. I'm a permanent employee so I will have a job. But that's it.
So no, I am not better off. And there is now talk of cutting my salary on top of everything else starting next year. At this rate, I'll never be able to retire.
Is if fair that after working hard (at a lower salary) providing an education for the workforce of the future, I am rewarded by having to work until I die?
The man is doing something right...and he has soul.
ReplyDeleteWhat's not to like?
We not only need to keep the White House, but we also need to gain the House back. A Dem presidnet cannot get much done with a Repub House, and we all know this. This Repub House is especially hostile towards President Obama.
ReplyDeleteSo all you Dem voters make sure you get every Dem you know, to the polls, let them now how imperative it is that we keep President Obama, and take back the House.
Mlaiuppa,
ReplyDeleteAt my job telling us not to come to work has been less frequent for months.
I do not know anyone not suffering consequences of the economy on the brink of a great depression.
Yes, these numbers are great news, but we have quite a long row to hoe ahead of us. Whining and stomping our feet won't help, we need to get out the vote AND work to get a dem Congress in place. This "Do nothing" congress has got to go so President Obama can get the work of the people done.
ReplyDeleteAnd, yeah, Sarah. Keep those idiots on stage to get "vetted" We dems LOVE laughing a their "I misspoke" bullshit.
It sounded like a TEACHER back a few comments ago, saying they have nothing to speak of, as to being better off than before.
ReplyDeleteNow, is ANYONE, especially a TEACHER, dimwitted enough to think its the DEMOCRATS who are making it harder and harder on teachers?
If the extreme rightwing that is now the Republican Party had their way, you would have NO job...they envision only a PRIVATE school system, where well to do families can send their children, to learn how to manipulate the uneducated masses, like their parents do.