So the May jobs report is out. It's very bad. The consensus on Wall Street, as of yesterday, was to expect a report of 150,000 new jobs and 8.1% unemployment.
The report, instead, was of 69,000 new jobs and 8.2% unemployment. April jobs were also revised down to just 77,000 new jobs. U-6 (the broader unemployment rate) surged to 14.8% from 14.5%. The number of long-term unemployed (jobless for 27 weeks and over) rose from 5.1 to 5.4 million in May. And as James Pethokoukis points out, the unemployment rate would be 10.9% if labor force participation was the same as when Obama took office
A really bad report.
I'll share three tweets. This one from John Podhoretz refers to Mark Zandi, the Obama administration's favorite "independent" economist who always spins economic news so it's funny:
Yeah, it must be bad if Zandi is unable to find any positive spin.
Jonah Goldberg reminds us how the Obama administration has attempted to handle the economic news thus far:
Obama responds to jobs numbers: This just shows the GOP war on women and birth control has taken a terrible toll. Oh, and Bain!!1!
Podhoretz also notes how the news is being spun:
And this is why CNN has 3 viewers now. "CNN Political Ticker @PoliticalTicker Republicans blame Obama for job numbers"
This led to a discussion at the Hemingway house about what happens now. I figured that the mainstream media would prefer to talk about the "War on Women" and any other distraction they can find rather than ask Obama about his policies that harm or inhibit the economy.
My wiser half said that even if it's true, there is nowhere for him to hide. Even if the incompetent media will play their games, the American people will want answers about how things have gone so wrong.
So, what do you think happens now? What will Team Obama do? More attacks on religious liberty? Or what?