President Obama rejected tax cuts to businesses as major parts of the 2009 stimulus, but as the election draws near, he see the need for private sector stimulus. Voters have figured out that government spending will not lead us out of recession, so the political class will finally give the private sector a chance! R&D [...]
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Private Sector Incomes Fell
Consumer spending is a key component to our economy. It grew 0.1% in May and was unchanged in June. Why? Private wages and salaries fell. This recovery is not going to firm up until the private sector starts growing. Businesses face increasing regulation and taxes. Instead of spending time and money on growing their business, [...]
It worked for JFK & Reagan…
Tax cuts to stimulate the economy worked in the 60′s and 80′s. The last thing we need in a weak recovery is a tax increase. Today’s Wall Street Journal has a report from the President’s 1963 report on the economy. Tax reduction thus sets off a process that can bring gains for everyone, gains won [...]
Roller Coaster Jobs Report
Payrolls increase by 431,000 in May, but that was below expectations. The private sector added 218,000 jobs in April, but only 41,000 in May. Total government employment is up 390,000 jobs thanks to temporary census jobs, but construction lost 35,000 jobs in May. The private sector needs confidence that the recession is over before they [...]
Not Out of the Woods Yet!
The Wall Street Journal published the disappointing news that the private sector cut jobs this month. When you hear the Bureau of Labor statistics talk about job increases, remember that the increases were NOT in the private sector. Until private sector jobs come back, we will not have a strong recovery. Read the story here. [...]
Minnesota Needs High Tech Jobs
There is a lot of interesting information about the direction of Minnesota job creation in a new report from DEEDs.
