FACTS:
1. 11,000 THE NUMBER OF JOBS THE ECONOMY SHED IN NOV.
SMALLEST DROP SINCE LATE 2007
2. 58,000 THE NUMBER OF SERVICE SECTOR JOBS CREATED IN NOV.
THE SECOND STRAIGHT MONTH OF GROWTH
3. 86,000 THE NUMBER OF BUSINESS AND PROFESSIONAL SERVICE JOBS CREATED
IN NOV.
UP 126% FROM PREVIOUS MONTH.
4. 474,000 THE NUMBER OF FIRST TIME UNEMPLOYMENT CLAIMS FOR THE
WEEK ENDING DEC.5
DOWN 28% FROM THE PEAK IN THE SPRING.
5. 57% THE AMOUNT THE DOW HAS RALLIED SINCE MARCH 8TH.
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DOWN 28% SORRY THE 1ST TIME CLAIMS FOR THE WEEK ENDING DEC 5TH. (NOT 285)
BAD TYPO? MAYBE JIM CAN FIX MY POST????
Joe LaVorgna, Deutsche Bank economist and frequent Kudlow guest, predicts 300,000+/- net job growth per month beginning in Q1/2010.
We had a Lassez-faire, anti-regulation, supply-side collapse that was rescued with classic Keynesian medicine administered by Bernanke, Obama, Geithner and the Democratic Congress. Whew. Just in time!
Once recovery is secured, we need to address the deficit and debt. We have a structural deficit, much as Clinton faced in 1993 only far worse. The tab for our unreformed entitlements is just about to come due as well. So - we need a lot more revenue in a hurry and I support a VAT to that end.
We need to reduce discretionary spending - not just it's growth. We need to gradually push back SS and Medicare ages beginning ASAP. We no longer have the luxury of putting it off. Nor can we add new entitlements such as the prescription drug plan, without adding the requisite revenues.
This is new Era of Responsibility. It has to be. The financial markets will not be patient with our bonds (and to a lesser extent, the dollar) in a robust US economy. The adults in the room have to act like it or the markets will punish them severely. We need to do as Clinton did - structurally address the budget and produce a surplus within a few years. Unfortunately, we will probably have to do it as Clinton did in the 1993 Budget Bill - without even one Republican vote.
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