More Fallout From The ‘Private Sector’s Doing Fine’ Gaffe

When President Obama made the mistake of stating that the “private sector is doing fine” a couple of weeks ago, it was obvious that gaffe would come back to haunt him as the 2012 campaign roared into high gear.

It hasn’t gone away yet.

Today, Americans For Prosperity released a 30-second TV ad based on that mistake, with a press release declaring they’ll be supporting the ad with a $5.5 million media buy in several swing states – Colorado, Florida, Nevada, North Carolina, Ohio, and Pennsylvania. It begins running today and it will continue through June 30.

The ad…

Whether the ad resonates or not won’t be known until it’s hit the airwaves, but events seem to be conspiring to keep the “private sector’s doing fine” comment in the Famous Last Words category for some time.

After all, the word on the jobs front isn’t the greatest…

Job seekers were jolted Tuesday by new government data showing the number of available jobs dropped by 325,000 in April to 3.4 million.

That was the biggest single-month drop since September 2008’s falloff of 438,000.

The news comes as markets await Wednesday’s Federal Reserve statement on the economy at the end of a two-day meeting of its policy-setting committee. Stocks rose Tuesday in anticipation that the Fed will announce further help for an economy that has shown some signs of slowing.

When the available jobs number takes a dump at the same time unemployment doesn’t budge, that’s an indication businesses are shrinking rather than hiring.

One reason there aren’t any jobs is there aren’t any rich people anymore. Or at least there are less of them

The United States still has the most rich people, with about 3.1 million HNWIs. But declinists will find plenty to worry about in the details. The number of rich Americans fell by about 36,000 in 2011, or 1.1 percent. That might sound like comeuppance for the one percent, but it’s generally bad news for the U.S. economy. Like ’em or not, the wealthy spend money and generate economic activity, and the fewer there are, the less spending there is.

Less rich people? Less jobs available? Private sector’s doing fine, all right.



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