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Per Friday's unemployment report, via Richmonder Kent Engelke, chief economic strategist and managing director of Capitol Securities Management, and one of the country's leading stock market commentators:
Regarding the establishment or nonfarm payroll survey, I believe a major reason why jobs declined by 20,000 instead of rising by the expected 15,000 were that state and local governments eliminated 41,000 workers. The federal government added 33,000 for a net loss of 8,000 jobs.
So, President Obama is serious about reducing federal spending? Can he pronounce "corpsman"?
What a 24 hours for Republican gubernatorial candidate Bob McDonnell: First, as reported in the Norfolk Virginian-Pilot's Pilot on Politics Blog yesterday, a poll by the whack job leftist blog Daily Kos, conducted by Research 2000, has McDonnell up over Democrat Creigh Deeds by a 51-43 margin (see poll internals, here). This is on the heels of polls this week by WDBJ-TV/SurveyUSA that showed him up by 15 percentage points and Public Policy Polling (another liberal pollster) that showed him up by 14 percentage points. (These two polls also show Republicans Lt. Governor Bill Bolling and attorney general candidate Ken Cuccinelli leading their Democrat opponents by double figures.)
Then, McDonnell was selected by House Minority Leader John Boehner (R-Ohio) to give the Republican response to President Barack Obama's weekly radio/Internet address. In it, McDonnell puts some realism into the hype of yesterday's unemployment report (the rate went down, but 240,000 more jobs were lost) and spoke plainly and practically about the dangers of government takeovers of the energy (so-called "cap-and-trade") and health care industries, as well as enabling union dominance at the expense of employee freedom ("card check"); and a how dynamic society free of unnecessary government regulation and litigation can create a prosperous economy.
Bob McDonnell points to positive policies that unleash freedom and creativity; "cap-and-trade" would put 1,500 Virginians out of work at the MeadWestvaco Plant in Covington.
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