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May 06, 2005
The Power of Negative Thinking
For some people, no amount of disconfirming data will shake a predetermined conclusion.
This morning's outstanding jobs report from the Labor Department has Wall Street upbeat. April's job growth hit 274,000, more than 100,000 above estimates. March and February's job numbers were adjusted significantly upward.
Minutes after the numbers were released, Congresswoman Carloyn Maloney (D-NY) went on Bloomberg TV to try to put the kibosh on the celebration (bold and excerpting mine).
Rep. Carolyn Maloney: The unemployment numbers seem low, but when you look at the number of people in the job market and the number of people employed, it is a fraction of our population. The one area that is disturbing is the continued loss of manufacturing jobs. Since President Bush took office this country has lost over 2.5 million manufacturing jobs.
Mike Schneider, Bloomberg TV: The skeptic would say you look for a dark cloud within a silver lining... As pointed out, we have almost a perfect storm right now of job creation, low unemployment, productivity strength up, hourly earnings up. Something must be going well.
CM: Well, I would like to say that it looks like a record going in the right direction. Many of the records from the administration are going in the wrong direction. In the last several months we have had record deficits, a record debt and a record trade deficit. These indicators are not good for the future of our economy... Today, 274,000 jobs is great news. Let's hope this continues. We hope that it will strengthen our economy and our country.
MS: What do you think is responsible for this? These things don't happen in a vacuum. If administration policies were responsible for lack of growth or higher unemployment or lack of job creation a while back, is the inverse correct this time around, are administration policies paying off?
CM: Overall you have to look at the total record and since President Bush took office there are fewer-
MS: You pointed that out... I asked a simple question. Are administration policies responsible for this surge in job creation?
CM: I would have to look at where the jobs were created. Were they created in the private sector or were they more people employed by the military? I just saw overall jobs numbers. I'm thrilled with it. We have a hearing later on today. I'll have more information then. But I only know the overall job numbers since they just came out. I'd be glad to study it and get back to you.
Posted by Suitably Flip at May 6, 2005 09:27 AM
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