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Catastrophic Jobs Report for Obama
CNBC.com | June 01, 2012 | 05:48 PM EDT

You would think $1 trillion in spending stimulus and $2.5 trillion of Fed pump-priming would produce an economy a whole lot stronger than 1.9 percent GDP , which was the revised first-quarter number. And you’d think all that government spending would deliver a whole lot more jobs than 69,000 in May .

But it hasn’t happened.

The Keynesian government-spending model has proven a complete failure.

It’s the Obama model.

And it has produced such an anemic recovery that frankly, at 2 percent growth, we’re back on the front end of a potential recession. If anything goes wrong -- like another blow-up in Europe -- there’s no safety margin to stop a new recession.

And that brings us to the grim May employment report , which generated only 69,000 nonfarm payrolls. It’s the third consecutive subpar tally, replete with downward revisions for the two prior months. It’s a devastating number for the American economy, and a catastrophic number for Obama’s reelection hopes. All momentum on jobs and the economy has evaporated.

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