JONATHAN CHAIT OCTOBER 8, 2010
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In light of this morning's terrible jobs report, it's worth reiterating that the U.S. is not undergoing some giant Keynesian fiscal experiment. Rather, the federal government is employing Keynesian policies, which are being offset by Hooverian policies at the state and local level, which are slashing government payrolls:
While total government jobs fell by 159,000, private sector companies added 64,000 jobs last month. The unemployment rate, which measures the percentage of workers who are actively looking for but unable to find jobs, stayed flat at 9.6 percent.
Now, private hiring is anemic as well. But the Republican policy of opposing fiscal aide to state and local government is directly helping produce the kind of terrible job results that a propelling them to victory in November. Quite a racket.
6 comments
So very true. And what will Repulicans expect when they continue the same opposition to anything smelling of fiscal stimulus or unemployment relief when they are effectively in control of Congress after next January? If they had any brains whatsoever, it would be more of the same.
- wildboy
October 8, 2010 at 12:23pm
You say this as if the Democrats don't currently own massive majorities in both Houses. The voters are right to punish gross stupidity.
- vips73
October 8, 2010 at 1:08pm
Massive majorities? Is that a technical term? hahahaha
- GSpinks
October 8, 2010 at 1:48pm
:) It gets the point across.
- vips73
October 8, 2010 at 4:16pm
What point, may I ask, vips? This is a racket - the Republicans prattle on about ineffective stimuli and then oppose aid to governments below the federal level. Andrew Sullivan is sure right on one matter; he says that the Republican Party is cynical and power-hungry and unprincipled. That sums it up perfectly.
- liberal reformer
October 8, 2010 at 5:02pm
Actually, the only thing coming across is petulant bitterness. In the face of lockstep opposition from the GOP, 59 votes is the same as 0 votes, and there are only 57 Ds in the Senate, not all of whom vote the party-line, especially in an election year. So "Massive Majority" means nothing and that's why I laughed.
- GSpinks
October 8, 2010 at 5:50pm