What went wrong? Why did the U.S. economy generate only 69,000 jobs in May, worse than the lowest estimate among 87 economists surveyed by Bloomberg?
Here are five theories, in descending order of plausibility.
- Foreign weakness
- Seasonal factors
- This is normal
- Fiscal cliff fears
But how can this be? Obama’s alleged anti-business American-hating policies are not even mentioned! Tax rates too high? Exploding debt? Regulations too onerous? Environmental laws too stiff? They’ve completely overlooked the GOP talking points!
There’s the concept of “blowback“, aka unintended consequences. The kids don’t want to pay Social Security for old people. OK, so the old people work longer, and then there’s less jobs for the kids. Oh wait! They don’t want that either. And around and around.