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Steve McIntosh Report Blog

An unimpressive employment report

Last week the Kansas Department of Labor reported the state’s unemployment rate at 6.1% in May, seasonally adjusted. That’s the same as April, and down only slightly from 6.7% a year ago. The Wichita area jobless rate rose from 6.9% in April to 7% in May.
Kansas has gained just under 11,000 jobs in the past year … about 1%.
We can blame a very sluggish recovery from a very bad recession.
The Kansas Legislature and Governor Brownback are betting that drastically cutting income and business taxes will trigger job gains much beyond one percent. But critics say cutting those taxes alone will not necessarily result in the kind of growth that will replenish the state’s bank account.
If job growth continues at 1% a year, our state is virtually guaranteed huge budget deficits and … yes … higher taxes.
I feel a bit like the politicians are taking us all for a ride to one of our casinos. Hope we don’t have to walk home … alone and broke.
Our thought for today is from Will Rogers:
“Don’t gamble; take all your savings and buy some good stock and hold it till it goes up, then sell it. If it don’t go up, don’t buy it.”

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Topics : Labor
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Locations : Kansas
People : Brownback

06/20/2012 12:58AM
An unimpressive employment report
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