[Sttim]

LA Times: http://www.latimes.com/business/la-f...,2844276.story

The U.S. economy added no new jobs in August — the worst showing in a year — as employers cut back hiring and trimmed work hours of existing employees.

The latest snapshot of the labor market provided stark evidence that hiring has stalled and that the feeble economic recovery remains threatened by the unusually deep and prolonged challenges facing American workers.

Friday's report from the Labor Department intensifies the pressure on President Obama to propose a robust jobs plan when he addresses the nation next week, and could also push the Federal Reserve to take further action on interest-rate and other monetary policies when it meets later this month.

The nation's unemployment rate in August stayed at 9.1%, as more people reported that they found part-time work, many of them because that's all that was available.

[papadopul]

Washington Monthly: http://www.washingtonmonthly.com/pol...ativ031961.php

Republican presidential hopeful Mitt Romney said this morning’s jobs report is “proof” that President Obama has “failed.” He added, “Americans need a conservative businessman to get this economy moving again, not career politicians.”

It’s tempting to note that Romney tried to be a career politician, but voters didn’t like him enough. Instead, he was a conservative businessman who got rich laying off American workers, and a one-term governor with an atrocious jobs record. It’s also tempting to ask that if the new jobs report is evidence of Obama’s failure, following the same logic, when the economy created 261,000 private-sector jobs in February, was that “proof” that President Obama was a success?

But let’s put all of that aside and emphasize what really matters: we’re already trying things the Republicans’ way, and it’s not working.

Whether the GOP wants to admit it or not, the economy is advancing exactly as they want it to. The private sector is being left to its own devices; the public sector is shedding jobs quickly and scrapping investments; and the only permitted topic of conversation is about debt-reduction.

This is the script the GOP wrote. Romney may celebrate the country’s misfortune, but his critique is absurd.
Remember, the public-sector has lost nearly 600,000 jobs since the end of the recession. Here’s a great chart Matt Finkelstein recently put together to help drive the point home.

To put it mildly, this is a brutal drag on recovery — but it’s exactly the approach Republicans demand. As Matt Yglesias explained this morning, “The public sector has been steadily shrinking. According to the conservative theory of the economy, when the public sector shrinks that should super-charge the private sector. What’s happened in the real world has been that public sector shrinkage has simply been paired with anemic private sector growth. This is what I’ve called ‘The Conservative Recovery.’”

[AALee]

http://moonbattery.com/no-hope.jpg