Wisconsin Gov. Scott Walker (R) dismissed the U.S. Bureau of Labor Statistics’ April jobs report even before it came out, and now, it’s easy to see why. The report, released yesterday, found that the state lost 6,200 private sector jobs in April. The net loss was 5,900 jobs, adding to a total for a state that led the nation in job losses over the last year. Earlier this week, Walker released jobs numbers based on another survey that showed the state added 23,300 jobs over the last year. However, that survey uses numbers that are “estimations based on surveys and do not represent a census of jobs, per se,” according to Wisconsin’s own Department of Workforce Development. … [Read more...]

2012 presumptive Republican presidential nominee Mitt Romney this week defended JP Morgan Chase’s $3 billion trading debacle as just “the way America works.” He denied that the episode makes the case for stronger regulations to rein in banks’ risky trading. Overall, of course, Romney has shown little interest in diagnosing or addressing the causes of the 2008 financial crisis, and the role of the nation’s biggest banks in nearly sinking the global economy. And the banks surely appreciate it, considering that employees of the biggest financial firms are his top donors, as the Boston Globe noted today: When the head of JPMorgan Chase met with shareholders to answer for a trading loss of more than $2 billion Tuesday, it was against an evolving political backdrop: … [Read more...]

Welcome to ThinkProgress Economy’s morning link roundup. This is what we’re reading. Have you seen any interesting news? Let us know in the comments section. You can also follow ThinkProgress Economy on Twitter. An investigation into bribery by Walmart officials has widened beyond the company’s Mexico branch. [New York Times] JP Morgan CEO Jamie Dimon personally approved the trades that have cost the company at least $3 billion. [Wall Street Journal] Facebook priced its initial IPO at $38 per share, making it the largest internet IPO in history. [CNBC] Congressional Democrats are questioning why the Securities and Exchange Commission keeps letting corporations settle charges without admitting wrongdoing. [Washington Post] The housing bust may decrease the likelihood … [Read more...]

As ThinkProgress has reported, American income inequality has skyrocketed over the last three decades. The wealthiest Americans have captured a large share of the nation’s economic prosperity, and their incomes continue to rise even as middle class wages remain stagnant. This income inequality has serious repercussions for the middle class, jeopardizing their economic ability and their political power. But it doesn’t just affect people who are currently in the workforce. It has also contributed to a growing education gap that is affecting low- and middle-income children, according to a Center for American Progress report on income inequality and the middle class. The lowest-achieving students from high-income backgrounds are more likely to obtain a college education than the … [Read more...]

The Senate Banking Committee plans to call JP Morgan Chase CEO Jamie Dimon to testify following the bank’s $3 billion trading loss. “Over the past week, my staff and Ranking Member [Richard] Shelby’s staff have jointly held briefings with regulators regarding the JPMorgan Chase trading loss, as well a briefing with the company itself. Our due diligence has made it clear that the Banking Committee should hear directly from JPMorgan Chase’s CEO Jamie Dimon, and following our two Wall Street reform oversight hearings I plan to invite him to testify,” said Senate Banking Committee Chairman Tim Johnson (D-SD) in a statement. According to Bloomberg News, Dimon has agreed to accept the invitation. … [Read more...]