Weak Jobs Report Pushes Stocks Lower Before Market Open

The economy received mixed news on jobs this morning as the headline unemployment rate fell to 9.7% from last month's 9.9%. Unfortunately, virtually all of the reported jobs gains came from the hiring of census workers. The total number of jobs created was about 430,000, but 411,000 of those were census workers, who will be laid off in a couple months.

I've been watching the economists and pundits on CNBC for months as they get out their pom poms, trying to cheer on job growth that just isn't there.

In my line of work I keep in touch with contractors and other folks from time to time. None of them are upbeat, none. Two contractors have mentioned at the end of April that they had no work beyond mid-Summer.

It is plainly clear to me that the government has screwed up big time in trying to create jobs. The stimulus package passed last year was a disgraceful, pork filled piece of legislation meant to appease every Democrat that had been frustrated by dealing with a Republican president. Then the administration continued to pursue the healthcare bill that provided substantial uncertainty to small business who realized their costs would go up further by hiring workers.

All we have to do is look to Europe to see what the future holds for the U.S. Government's eventually run out of money to prop up entitlements.

With the troubles in Europe and a slowing economy in China, you have added headwinds to the U.S. economy.

This administration needs to quit defending its policies and go back to square one.