There is only one solution…
According to the payroll giant’s latest survey, private employers added 119,000 jobs in April. Economists had been expecting a gain of around 150,000. ADP also cut its March employment figure to 131,000 from the 158,000 reported a month ago…
Mark Zandi, chief economist of Moody’s Analytics, which helps compile the report, said: “Job growth appears to be slowing in response to very significant fiscal headwinds. Tax increases and government spending cuts are beginning to hit the job market. Job growth has slowed across all industries and most significantly among companies that employ between 20 and 499 workers.”
The Federal Reserve has explicitly criticised budget cuts imposed by Congress, blaming fiscal policy for holding back the US’s economic recovery.
Rep. Billy Long (R-Mo.)… said Tuesday that his constituents want even more cuts to kick in.
“The people that I’ve talked to seem to be doing well,” Long told local news affiliate KOLR10 News.
Shocking, I know, that Billy Long doesn’t talk to many poor people.