• Don't Worry About That August Jobs Report

    Yeah, yeah. Zero net non-farm jobs created last month. For those keeping score at home or in the unemployment lines, that was 17,000 new private sector jobs offset by the loss of 17,000 public sector jobs–which, if this is what they mean by 'cutting government creates private employment,' I feel the ratio could be improved–plus shorter work weeks and lower hourly wages for those who are employed, more involuntary part-time employment and a steady 9.1 percent unemployment rate.

    The response has been about what you'd expect. World stock markets tanked. Republican candidates issued peevish press releases and snitty tweets. The word 'dismal' spread like internet kudzu. All of this overlooks the good news from Washington today

    President Barack Obama said he's directed the Environmental Protection Agency to withdraw proposed rules to limit ozone emissions that lead to smog, the costliest new regulation being considered by the administration. [...]

    House Speaker John Boehner, an Ohio Republican, asked Obama last week to detail the estimated cost of regulations proposed by the administration. A spokesman today said the president’s action was a "good first step."

    "We're glad that the White House responded to the speaker's letter and recognized the job-killing impact of this particular regulation," said Michael Steel, the spokesman for Boehner.

    Phew! That should make you feel better about America's long-term economic prospects. And if it doesn't, well, just take a deep breath (while you still can) and think of all the exciting new jobs that will be created in the respiratory emergency management field.

    Photo by Rolls Press/Popperfoto/Getty Images


    Tags: Barack Obama, Economy, Environment, EPA, John Boehner, Republicans, Unemployment

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