Jobs, Jobs, Jobs.... Where Are The Jobs?

Forget about Weinergate for a minute.   And forget about Osama bin Laden.   The next election (perhaps the most important election in our lifetimes) hinges on the economy and unemployment.   It's the jobs, stupid.   That's the mantra Republicans ought to be repeating.

Today the Bureau of Labor Statistics released May numbers, and they're not good.   Unemployment up to 9.1%, and the economy created only 54,000 new jobs.   To put that in perspective, you have to create 150,000-200,000 jobs a month just to keep up with the growth in the population.   So we're losing ground.   After the stimulus, QE2, Obamacare, financial reform, etc., if we have a double-dip recession it's going to be tied around Obama's neck like a millstone.

As you can see here, the S&P futures market didn't like the announcement: