Cohn Dispatched To Explain Away Bad Jobs Number, Promises Imminent Tax Reform

Now it’s time for Gary Cohn to explain how the jobs number wasn’t actually bad…

• WHITE HOUSE’S COHN SAYS JOBS REPORT NOT DISAPPOINTING
• WHITE HOUSE’S COHN SAYS WE’RE VERY PLEASED WITH ECONOMY

…and how they’re working really – really – hard on a “phenomenal” tax plan that, way back in February, Trump said was just weeks away from being put into motion only to see it stall indefinitely.

• U.S. economy needs to be more competitive globally and the system needs to be simpler for Americans.
• The Trump administration is working with House and Senate committee to discuss the details of a tax plan and there’s “buy- in” from congressional leaders
• Trump administration is concerned about lackluster U.S. wage growth, and it bolsters case for lower taxes.
• Wages have been flat for a long time, and will rise with stronger demand for workers
• Administration is working with lawmakers on blueprint for tax reform, which will be released in coming weeks
• I’m confident that we’re working well with Congress on the tax overhaul
• Says he likes his current job and indicated he would be in the same position come February, when Fed Chair Janet Yellen’s term expires
• Cohn says he and the president are working well together
• We have great momentum on taxes right now

And as if that wasn’t enough, Rep. Kevin Brady – Republican chairman of House tax-writing panel – is on the tape too, saying in written statement that he’s “encouraged” by the President’s “call to action” on tax reform and that House Ways and Means Committee he leads is “ready and eager to answer the call.”

See how this works? When the jobs number is a beat, Trump tweets about it and takes credit for Obama’s economy, and when it’s a miss he trots out Gary to explain that it wasn’t really a miss.

Then, in case you were worried about tax reform and/or the extent to which Cohn is still mad about the whole Nazi thing, they’re going to assure you that everything is fine and there’s no tension between the commander-in-orange-bigot and his economic advisors.

Needless to say, this is a bunch of patently absurd bullshit spin, that’s so egregiously transparent that it’s difficult to find the right words to describe it.

Of course it’s having an impact, helping (along with ISM) to supercharge the sharp reversal in the dollar and yields that followed the initial knee-jerk lower on the NFP miss:

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