The Wall Street Journal reports:
U.S. job growth slowed sharply in May, the latest indication that the economy has lost momentum.
Nonfarm payrolls grew by a lackluster 69,000 last month, the smallest gain in a year. The unemployment rate, obtained by a separate survey of U.S. households, ticked one-tenth of a percentage point higher to 8.2%, the first increase in nearly a year.
Stock futures fell sharply after the report missed expectations, compounding concerns about slowing global growth. The Dow Jones Industrial Average futures shed 192 points, or 1.6%, to 12191. Yields on the 10-year Treasury note fell to 1.47%.
In the interim, you can hear Majority Leader Eric Cantor virtually begging the president to join him in passing legislation that will help promote job growth:
“Today’s dismal jobs report echoes what three years of high unemployment have shown: threatening small businesses with tax hikes and red tape does not create jobs. Too many Americans remain out of work and because of the President’s policies, our nation’s small businesses remain hesitant to hire and reluctant to grow. That is why we remain focused on solutions to get government out of the way and give small businesses real opportunity to invest, grow and hire. The President has said he shares our commitment to boost small business growth. We have plenty of pro-growth bills we expect to pass this summer. Please Mr. President, let’s stop pushing policies that don’t work and join us on pro-growth policies to get more Americans back to work.”
But it’s not likely the president is going to listen.
His policies include $535 million giveaways to now bankrupt solar power companies:
The video shows Mitt Romney using Solyndra as a backdrop to illustrate the president’s failed economic policies and “crony capitalism.” Today, Romney responds:
“Today’s weak jobs report is devastating news for American workers and American families. This week has seen a cascade of one bad piece of economic news after another. Slowing GDP growth, plunging consumer confidence, an increase in unemployment claims, and now another dismal jobs report all stand as a harsh indictment of the President’s handling of the economy. It is now clear to everyone that President Obama’s policies have failed to achieve their goals and that the Obama economy is crushing America’s middle class. The President’s re-election slogan may be ‘forward,’ but it seems like we’ve been moving backward. We can do so much better in America. That’s why I’m running for president.”
Is it January yet? And is there any more reason you need to vote Romney in November?
