Saturday, August 8, 2009

Jobs: Predictions v. Reality

The Department of Labor today released its monthly jobs report. Does it validate the Vice President’s remarks? No. The jobs report provides no evidence that the stimulus is working. If anything, it suggests the economy’s natural recuperative powers are just beginning to work, no thanks to fiscal policy. Of course, as argued elsewhere, the stimulus was fatally flawed from the outset with no chance of helping the recovery, so continued job losses through the fall should not be surprising.

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