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Monday, June 12, 2017

The Daily Combover - June 12, 2017

Dear Majestic Glorious Fontange Fuhrer,

This is an open letter to you, Dear Leader. I wanted to make sure you understand the stakes involved with the weakening economic health of our country and try to dissuade you from your ever-present infatuation with the coal industry above all else. Today you announced:

There are currently 600 coal mines in the United States. But the top 5 productive mines account for half of all coal production and the top 10 account for 2/3rds of it. The top 52 account for more than 99% of US coal production and employ the bulk of the 51,000 coal employees. As the remainder of the mines lost productivity in the 1970s and 1980s, Republicans pushed forth legislation that weakened the United Mine Workers (UMW) union to give employers more power to automate more of their production and gut total mining employment.

That more than any kind of environmental regulation is what cut down mining employment:

So, yes, another mine was opened recently. And, yes, that mine has potential to be fairly productive. But we're looking at an average of 971 miners per productive mine.  Focusing on mining has been fruitful for you. Total coal mining employment is up by 1,000 workers and with this new mine we could be closing in on a 2,000 total increase. Congratulations.

Unfortunately for the rest of the nation, you've neglected the remainder of the economy. When you Tweeted this on a Sunday, everyone knew it was a lie because economic data doesn't come out on Sundays.
 Almost every major release is on a Friday:
1. Employment on the first Friday of the month.
2. Inflation on the second Friday of the month.
3. GDP growth (from the BEA) on the first Friday of the month following the end of a quarter.
4. Employment Cost Index on the last Friday of the month following the end of a quarter.

The one exception is the Productivity and Costs report which comes out on the second Monday of the month.

And so, despite all your claims of millions of jobs that will be created, and one million that was already created, the fact is that job growth under your leadership is at the lowest level since the Great Recession ended in 2010:
Bear in mind that President Obama was attacked in 2016 for low job growth numbers -- which averaged 180,000 per month.  But under your presidency we're down to 148,500 per month. You're running out of time to right the ship. And tax cuts aren't the solution.

Good luck to you. The fate of hundreds of millions lie in your hands.

Catch you on the flip side.

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