Private Sector: 4.61 million jobs lost (-4%)
State Lazers: 407,000 jobs lost (- 1.8%)
Feds: 225,000 jobs added + 11.4%
Why does Obama think the private sector is “doing fine”? “We’ve seen record profits in the corporate sector.” And high corporate profits are good for tax revenues to pay for government programs and government jobs. That’s the main reason Obama cares about the private sector.
And don’t worry about our states: they’re wallowing in the loot too.
According to the Census Bureau, state and local tax revenues climbed 4.5% in 2011 — a year when the overall economy grew just 1.7%. Tax revenues are now above their previous peak of 2008.