Not that this is the first time, but today President Barack Obama once again cast aside reality to proclaim nonsense and the stock market was not amused. The May jobs report indicated an increase of 431,000 jobs. Good news right? Not so much. Of the jobs created, only 41,000 were created in the private sector and of that, 31,000 were temporary positions. Who hired the rest of the people? The United States Census. As I wrote earlier, even the 390,000 temporary census positions aren't really 390,000 positions. The census is laying off and rehiring people in order to count them as multiple jobs created. President Obama still used the report to claim the economy is getting stronger by the day (this link goes to the interview I mentioned last night). Meanwhile, on the very same bright and cheery news that taxpayers are financing hundreds of thousands of people to perform a headcount (the only legitimate constitutional function of the census), the Dow amazing tanked, dropping over 300 points on the day. So who do you believe, the man who takes millions out of your pocket, or the people who want to preserve their wealth? It's always easier to push someone else of the bridge than it is to take a leap yourself. I'll go with logic, reality and the stock market.
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