In the spoken shorthand of the business world, the term “net net” is used to define the end result (profit or loss) of a specific business venture. This type of data is usually what a CEO demands from his CFO after having looked at a balance sheet that resembles Egyptian hieroglyphics. In the end, the CEO just wants to know whether or not the business venture in question was a good idea or one better suited for the cylindrical filing cabinet.

Today the Bureau of Labor Statistics released the latest jobs report. Its full of analysis and spin, but “net net” the numbers are just slightly south of abysmal. Bottom line numbers show 131,000 jobs were sliced off the books in July – mostly due to the winding up of the Census. The White House put enough english on the story to counter spin the globe by touting 71,000 jobs created by the economic sector they’ve done their best to destroy – namely the private sector. No word as to whether this story was filed from a Spanish beach.

Figures can lie, dear reader, and liars can figure. I’ll leave it to your wisdom to figure out who is on which side.

For all of its vaunted academic prowess and pseudo-intellectual horsepower, Team Obama seems wholly unable to understand why their groundbreaking strategies have no power to encourage job creation. One reason might be the fact that a majority of those in The One’s cabinet have spent most – if not all – of their professional lives working for the government. Almost 80% of them have no private sector experience what so ever.

Had any of them spent time trying to run a business or meet a payroll, they would understand that private sector businesses (the very entities that create jobs) abhor working in an uncertain environment. Unlike government, business needs to make a profit or it ceases to exist. Therefore businesses do everything they can to foretell the future before making investments or hiring people.

Right now, businesses understand that Congress is set to levy one of the biggest tax increases in American history on January 1, 2011. As a matter of fact, Congress need do absolutely nothing in order to implement this tax increase on every single American. The dirty little secret buried in the details of the Bush Tax Cuts was the fact they were put in place with an expiration date – one which is now less than six months away.

As long as businesses know that come January the government will take more of their money while at the same time leaving their customers with less money to buy much of anything, job creation and hiring will be stagnant at best. Add to this environment of uncertainty the monstrosity of ObamaCare and we may look back fondly at the days of a 9.5% unemployment rate.

With the specter of November fast approaching, my (sorry excuse for) congressman, the (less than) honorable Gerry Connolly would like me to believe he’s seen the light. He supports extending the Bush tax cuts. Part of me believes that Gerry, like a stopped clock, is right twice a day. That said, I’m curious as to how he squares his support for tax cuts with his votes to implement Plan Porkulus, Cap & Tax (and Tax and Tax), and Obamacare. I guess I expect too much from my congressman.

So, dear reader, take an economic look around. This is the “new” normal. In the sure to be immortal words of TurboTax Tim Geitner, “welcome to the recovery”.

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