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“Unexpectedly,” jobs report is better than predicted — 12 Comments

  1. There are two problems at work here.

    1. Our political/intellectual establishment, including people who are specifically supposed to know something about economic policy, is shockingly bereft of experience in any sort of actual business. It’s all theory to them and usually it’s theory that’s never been fully tested or evaluated.

    2. Our elites almost solely see and understand the economy from the perspective of multi-national corporations and the “knowledge worker” professional classes. They genuinely neither know nor care how the economy functions for the rest of the population.

    Mike

  2. The only positive things about recent events has been the destruction of the credibilities of experts and their models, journalists, and democrat politicians. Those who march in the woke parade are incapable of recognizing this. I betting there are millions whose eyes are wide open now.

  3. The “experts” are in mourning, actually. Good job numbers may mean no more insane stimulus bills, and economic recovery may mean a Trump reelection.

  4. It’s all theory to them and usually it’s theory that’s never been fully tested or evaluated.

    It academic economists, perhaps. A more salient problem would be the lawyers and the pure career pols. Run down the list of the Democratic Party’s federal leadership in recent decades: Pelosi, Hoyer, Schumer, Durbin, Biden, Obama, both Clintons, John Edwards, John Kerry, Richard Gephardt.

  5. When the COVID-19 pause began I believed that the economic damage would be minimal because the economy was merely being paused not actually shrinking. The infrastructure is there, the workers are there, the money is there. There were huge amounts spent to cushion the economic blow. If the virus became less dangerous and fewer infections are affecting things, (And that seems to be the case) it boded well for a quick recovery. I was predicting things back to normal by Christmas. But now a lot of the infrastructure has been damaged by looting and arson. The stock market seems to be ignoring that. If the demonstrations and rioting continue (and I think they will), the market may have to reconsider the present enthusiasm for a quick recovery to normal. The Democrats are determined to not let that happen because ……….Trump. I’m not nearly as sanguine as I was back in March. Be wary, but hope for the best.

  6. But according to the poll highlighted by (Ycchhhh) Drudge … President Trump is very unpopular …until you try to find out what they sampled.

    It was NOT a probability sample.

    It was a convenience sample. They just asked people it was ”convenient” to talk with.

    Which means, I bet PhyicsGuy would know for sure, that the results are whatever the pollsters wanted it to be.

    Just like the Democrat/MSM/Academia response to unexpectedly good news.

  7. Kate —

    Good job numbers may mean no more insane stimulus bills, and economic recovery may mean a Trump reelection.

    Expect in two weeks that the “experts” and Democrats and media (BIRM) will detect a “spike” in cases (from all the non-socially-distanced protests, but they’ll ignore that and blame restaurants and parks and church services), and they will turn on a dime AGAIN and insist that we all be locked down and the economy crashed. For our own good. And we will be sorrowfully told that our misbehavior in the face of the pandemic means that we have to stay locked down for months now, at least until the first week of November, dontcha know. Too bad, but better than killing grandma, if it saves one life blah blah blah.

    And then there will be mass civil disobedience, and the MSM will relentlessly attack and attack and attack, all the while blaming the fall of every sparrow on Trump.

    (And everybody I know with about four exceptions will nod along po-faced and heap obloquy on anyone who raises even the slightest question. Sigh.)

    If this doesn’t happen, I will be incredibly surprised.

    (P.S. At this point I’m hoping that people I know who have been out protesting (i.e. taunting the cops into reacting so they can feel that sweet victimhood) come down with Covid and feel sicker than they ever have before. Because “play stupid games, win stupid prizes” as they all said when the anti-lockdown protests were happening.)

  8. I don’t think they understand that everything they do just red pills more people. As someone who grew up in the Eastern Intellectual Establishment and made a similar journey from left to right like Neo, I still do a double take with each new wave of nonsense. The old liberal consciousness sees covid19 or the riots and the way they are being used as terrible news for a President bent on reform of our institutions. The new awareness sees that every time they ramp it up they inadvertently accelerate their own destruction. While they are probably not communists in the old soviet sense, they are Marxists to the core and, as many here appreciate, cannot prevail long term. My sense is that the end will be more like Ceausescu’s sudden demise. Writing in the early 20th Century Lin Yu Tang began his My Country and My people with this quotation from Confucius: “Truth does not depart from human nature. If what is regarded as truth departs from human nature, it may not be regarded as truth.”

  9. Heh. And then I click to the next post, and find that you have predicted the exact same thing. 😀

  10. They shut down the economy because their victim-classes were making too much real progress — can’t have that.
    https://theconservativetreehouse.com/2020/06/06/anger-games-economic-rebound-antithetical-to-the-class-warfare-plan/

    The media apoplexy over stunningly positive economic news is directly related to how much damage a positive economy does to the Antifa/BLM strategy to divide our nation through class warfare. A thriving Main Street economy is antithetical to the objective.

    A thriving Main Street means an expanding U.S. middle-class. As the middle-class expands it becomes more difficult to organize outrage based on division.

    Antifa is a very revealing name, when you realize that Marxists believe the entire middle class is fascist by its very nature, irrespective of the actual form of government in power.

  11. Shades of Dewey beats Truman —
    https://www.foxnews.com/media/washington-post-blasted-grim-milestone-unemployment

    The Washington Post was blasted on social media after it jumped the gun with an inaccurate tweet Friday claiming the May U.S. unemployment rate was close to 20 percent, moments after the actual report indicated the rate unexpectedly had dropped to 13.3 percent.

    “Grim milestone to be reached as May unemployment rate nears 20 percent,” the Post wrote in a now-deleted tweet to accompany a now-edited story with the same inaccurate headline.

    May’s 13.3 is significantly down from a record high in April, indicating the nation’s economy is recovering faster than expected from the coronavirus lockdown – but it appears that Jeff Bezos’ Post had assumed the worst.

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