The grim May employment report, only 69,000 nonfarm jobs, is the third consecutive subpar tally, replete with downward revisions for the two prior months. It's a devastating number for the American economy. The Obama "Keynesian" government-spending model has proved to be a complete failure.
President Barack Obama doesn't seem to understand businesses create jobs. And firms have to be profitable in order to hire. Yet the president's rhetoric is degrading the importance of profits. Without profits, businesses can't expand. And if they don't expand, they can't hire. And if they don't have profitable rates of return, they won't attract new capital for investment.