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BusiesT casino gambling day -- in Las Vegas Status: Not Logged In; Sign In United States News See other United States News Articles Title: Horrible Economic Data Continues: ADP Plunges To 38K On Expectations OF 175K; Downward NFP Revisions Next (How's that stimulus working for you?) Source: [None] URL Source: http://www.zerohedge.com/ Published: Jun 1, 2011 Author: zerohedge Post Date: 2011-06-01 08:29:09 by no gnu taxes Keywords: None Views: 27449 Comments: 49 The latest economic data is out and it is horrendous: with expectations for the ADP employment number to come at 175K, following a downward revised 177K print previously, it tumbled to a puny 38K in May. While this number is extremely irrelevant in terms of correlating to the actual NFP number due out this Friday, expect to see a spate of downward NFP revisions on this latest confirmation that the US economy has stalled even with QE2 still in effect for another 29 days (and soon to be extended). From the report: "Today’s ADP National Employment Report suggests that employment growth slowed sharply in May. Employment in the nonfarm private-business sector rose 38,000 from April to May on a seasonally adjusted basis. A deceleration in employment, while disappointing, is not entirely surprising. In the first quarter, GDP grew at only a 1.8% rate and only about 2¼% over the last four quarters. This is below most economists’ estimate of the economy’s potential growth rate and normally would be associated with very weak growth of employment." Precisely as expected by Zero Hedge. Post Comment   Private Reply   Ignore Thread   Top • Page Up • Full Thread • Page Down • Bottom/Latest Begin Trace Mode for Comment # 30. #1. To: no gnu taxes (#0) How's that stimulus working for you? The stimulus ended over a year ago, Paddy. Further eroding the economy is the general cut in government activity/spending which, after consumer spending, is a substantial element of GDP. You folks don't get it. A $1bln rail project in an area generates related private sector service industry jobs. war  posted on  2011-06-01   8:40:00 ET  Reply   Untrace   Trace   Private Reply   #2. To: war (#1) The stimulus ended over a year ago You mean when unemployment was still over 9.5%? Wow. How impressive that was. no gnu taxes  posted on  2011-06-01   8:58:19 ET  Reply   Untrace   Trace   Private Reply   #4. To: no gnu taxes (#2) You mean when unemployment was still over 9.5%? And the Bush tax cuts were still in place. What a GREAT job extending them has done. war  posted on  2011-06-01   9:09:46 ET  Reply   Untrace   Trace   Private Reply   #6. To: war (#4) You would have a hard time making a case that tax cuts damage the economy. no gnu taxes  posted on  2011-06-01   9:12:24 ET  Reply   Untrace   Trace   Private Reply   #17. To: no gnu taxes (#6) You would have a hard time making a case that tax cuts damage the economy. Really? Obama extended the Bush tax cuts and the economy is in the tank and apparently getting worse. If tax cuts are so beneficial, why don't the Republicans just propose eliminating taxes all together? That should really get things moving, don't you think? Skip Intro  posted on  2011-06-01   12:58:44 ET  Reply   Untrace   Trace   Private Reply   #19. To: Skip Intro (#17) Obama extended the Bush tax cuts and the economy is in the tank and apparently getting worse. Explain how you think that eliminating the tax cuts will make the economy really take off. no gnu taxes  posted on  2011-06-01   13:01:07 ET  Reply   Untrace   Trace   Private Reply   #20. To: no gnu taxes (#19) Explain how you think that eliminating the tax cuts will make the economy really take off. Explain how we can pay to fight three wars while cutting taxes. Show me when that was last done successfully. Skip Intro  posted on  2011-06-01   13:05:19 ET  Reply   Untrace   Trace   Private Reply   #21. To: Skip Intro (#20) Tax rates are still plenty high enough to adequately raise revenue. The main reason for the deficit is entitlement spending and a shitty Obama economy. no gnu taxes  posted on  2011-06-01   13:08:33 ET  Reply   Untrace   Trace   Private Reply   #27. To: no gnu taxes (#21) Tax rates are still plenty high enough to adequately raise revenue. The main reason for the deficit is entitlement spending and a shitty Obama economy. Not true. Net Present Value of all government promises, is >$200 Trillion (includes both on and off-book debt obligations). These debts have been accumulating for decades, regardless of whether the POTUS has an "R" or "D" after their name. Current tax revenues =~$2T, meaning it would take us 100 years to pay off the debt, IF the govt.stopped spending, and interest rates were 0%. When you factor in real interest rates AND the fact the bastards in D.C. refuse to quit spending beyond our means, the financial collapse is inevitable. Even if you taxed every person 100% of what they earned (the socialism that ob@m@ really wants), it wouldn't be enough to matter... Is ob@m@ responsible? Sure. But don't lay it all on him- much as I detest him... Also blame Bushes-I&II, clinton, reagan, Nixon, Ford and Johnson... There's LOTS of blame to go around. Capitalist Eric  posted on  2011-06-01   18:44:55 ET  Reply   Untrace   Trace   Private Reply   #28. To: Capitalist Eric (#27) Net Present Value of all government promises, is >$200 trillion Yep. Most people just really don't understand this. I heard someone the other day say: "just eliminate foreign aid so we won't have to cut entitlements". Well, foreign aid is less than 1% of the budget (and it should be eliminated). But it's nothing in comparison to the 60% of federal spending that goes to entitlement programs. One thing we need to do quickly is eliminate the "entitlement" status of all government programs. Pay them out of the general fund (which eliminates some book keeping debt) and remove their "entitlement" status, which eliminates future bookkeeping "obligations". Means test the programs -- take people off of them who who have money to pay themselves. Then they become nothing more than low income support programs. This would go a long way to fixing the issues. jwpegler  posted on  2011-06-01   18:59:28 ET  Reply   Untrace   Trace   Private Reply   #30. To: jwpegler (#28) Assuming a ladder in which a % of the budget adds up to that 60%, since SS and Medicare are paid for with dedicated taxes, it's really only 25% that is paid out of general revenues. war  posted on  2011-06-01   20:08:33 ET  Reply   Untrace   Trace   Private Reply   Replies to Comment # 30. #31. To: war (#30) since SS and Medicare are paid for with dedicated taxes Why are you spouting this nonsense that NOBODY believes anymore? All this money goes into the general fund with a promise to return it. But when I think about it, maybe you're right. I have dedicated funds for my mortgage, but when I tell my bank that I have other purposes for this money, they gladly accept the IOU I give them with promises to pay them back in full at some point in the future. no gnu taxes  posted on  2011-06-01 20:27:03 ET  Reply   Untrace   Trace   Private Reply   End Trace Mode for Comment # 30. Top • Page Up • Full Thread • Page Down • Bottom/Latest

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