by Frank James
Heather Boushey, an economist at the Center for American Progress, a liberal think tank, has dug through today's employment report for January, with its 598,000 lost jobs and 7.6 percent unemployment rate. She sees no light at the end of the tunnel.
Her analysis contains a really dispiriting chart that's enough to chill your blood:
Some excerpts from her analysis:
... There are no indications that employers are going to hire workers anytime soon. The temporary help industry, which provides a leading indication of demand for workers, lost 76,400 jobs in January and is down by 695,000 since its peak in December 2006. Professional and business services overall lost 121,000 jobs over the past month...
...The unemployed are finding it increasingly difficult to get back to work. The typical unemployed worker has been out of work and searching for a job for 10.3 weeks, and nearly one in four (22.4 percent) unemployed workers have been out of a job for at least six months. The problem is that there are many more job seekers than jobs to be had. There were 2.8 million job openings on the last business day of November (the latest data on job openings), but there were 10.5 million unemployed workers. In January, 6.0 million workers entered or re-entered the labor market, but less than two out of three (60.7 percent) actually found a job that month...
... The share of adult men in the United States with a job is at its lowest point ever: 69.2 percent. Women's jobs have been sustained over the past year by hiring in the government and health care sectors. Adult women's unemployment has risen by 1.9 percentage points since the recession officially began, to 6.2 percent in January from 4.3 percent in December 2007. Adult men's unemployment has risen by 3.2 percentage points during that same period, to 7.6 percent from 4.4 percent.
The data provide no clear indication of when job losses will begin to abate. A long list of companies announced lay-offs in January, and on January 30 alone, firms announced more than 75,000 planned lay-offs. The most recent data on the Gross Domestic Product provides only further discouraging news on future job creation. Seasonally adjusted personal consumption spending fell by 3.5 percent in the fourth quarter of 2008, while business investments dropped by 19.1 percent--the largest such decrease since the first quarter of 1975. Exports are also no longer contributing to economic growth, having dropped by 19.7 percent in the fourth quarter. The only growth the economy had came from government spending, which grew by just 1.9 percent, and a piling up of inventories, which indicates that firms will not need new hires anytime soon.
Comments
Dick Cheney comes out from under his rock to try to scare us, and set up Obama for the blame if we are attacked again. Lindsay Graham sputters in dramatic fashion about how the Republican Crime Family is being neglected by the administration. Glen Beck froths at the mouth about how we are headed for communism or fascism (he doesn't know which). Druggy Rush Limbaugh hopes Obama fails in his attempt to save the country from the mess the right wing put us in--talk he himself would have denounced as treason had it come from someone else a year ago.
Each day seems to bring new outrages from the Right Wing Lunatic Fringe. Each day it gets nuttier, more venal, more out of hand.
Ladies and gentlemen, we ARE seeing the Right Wing in its death throes and we can't let them take us down with them. The only chance these crooks and liars have is if Obama fails and the country collapses. THAT IS THEIR ONLY HOPE. THEY COULD CARE LESS WHAT HAPPENS TO OUR COUNTRY!
Posted by: dano | February 6, 2009 2:38 PM
Yes...it is amazing how for years under Bush the "conservatives" allowed the deficit to rise by trillions. Now when America is hurting most.......they "find" themselves. One might think it not so much that they have recently "found" themselves as much as they found a weary bailout America to use as a political football.
Posted by: bill r. | February 6, 2009 4:37 PM
Yes...it is amazing how for years under Bush the "conservatives" allowed the deficit to rise by trillions. Now when America is hurting most.......they "find" themselves. One might think it not so much that they have recently "found" themselves as much as they found a weary bailout America to use as a political football.
Posted by: bill r. | February 6, 2009 4:37 PM
bill r. - for the sake of argument - (imagine that)- assume your correct in your partisan characterization...
Does that make the irresponsible spending and social engineering in this bill any better? Or are you rationalizing throwing another couple of trillion more on the debt we already have because thats the way it has been for the last eight years?
Its either right or wrong- this bill is clearly wrong.
Posted by: heartburn | February 6, 2009 5:09 PM
This is all wrong. When we gave trillions of tax dollars to the richest 1%, they were supposed to create jobs. Right, Republicans? What happened??
Posted by: Paul | February 6, 2009 5:23 PM
Does that make the irresponsible spending and social engineering in this bill any better? Or are you rationalizing throwing another couple of trillion more on the debt we already have because thats the way it has been for the last eight years? Its either right or wrong- this bill is clearly wrong.
Posted by: heartburn | February 6, 2009 5:09 PM
Again PrePuke, your Repug team lost! And NO you are not going to get more useless tax cuts for the rich put in the bill.
Your team had your chance and you wet the bed for eight straight years so put a sock in it.
Posted by: antacid | February 6, 2009 5:24 PM
Every business person I know is worried about the Obama/Pelosi/Reid troika. We are ditching everything, sometimes even the kitchen sink, as they lead America to the nanny state and taxes. We will just wait out the recession. Those left behind can have your fantasy stimulus. As the money is spent and wasted there will still be less jobs. Obama is right there is going to be a catastrophe; theirs. No hope, just fear of these socialist who are now in charge and the ignorance of the blind herd that follows with their never ending quest for more entitlements. No whinnying here, I'm locked up tight, saw it coming, as have most smart conservatives.
Posted by: Bubba Porter | February 6, 2009 10:41 PM
Every business person I know is worried about the Obama/Pelosi/Reid troika. We are ditching everything, sometimes even the kitchen sink, as they lead America to the nanny state and taxes. We will just wait out the recession. Those left behind can have your fantasy stimulus. As the money is spent and wasted there will still be less jobs. Obama is right there is going to be a catastrophe; theirs. No hope, just fear of these socialist who are now in charge and the ignorance of the blind herd that follows with their never ending quest for more entitlements. No whinnying here, I'm locked up tight, saw it coming, as have most smart conservatives.
Posted by: Bubba Porter | February 6, 2009 10:42 PM
CALIFORNIA QUESTIONS
Following is the only angle that I have on the California budget issue.
Can anybody reading this **PLEASE** explain to me why I'm wrong here...?
TODAY IN WASHINGTON
While Obama and the rest of the U.S. watch and work on the stimulus package in Washington, I'm wondering what's going on in California.
A (very) BRIEF HISTORY and Facts
1. Most U.S. States require a 50% majority to pass their State budget
2. California law requires a 2/3 majority to pass our State budget
3. California far and away has the largest and strongest economy of any of the 50 States
4. If California were a country, it would have the 7th largest economy among all countries in the world
5. California is the economic powerhouse that drives the economy of the United States
6. California is the largest employer in the State of California
7. California pours resources into the State that keep the State solvent and healthy:
7-A. Public Safety (prisons and jails)
7-B. Education (teachers, administrators, buildings, higher education)
7-C. Public Transportation (roads, bridges, airports, oversight)
7-D. Medical (doctors, nurses, hospitals and research)
7-E. Environmental Quality and Resources
7-F. Some Police and Fire Departments
7-G. The State National Guard
7-H. Section 8 Housing for elderly, infirm and single parents
7-I. Medical benefits for elderly, infirm, unemployed and children
8. California is only 20 days away from defaulting on all of its financial obligations
9. California will begin to pay all debts with "IOU's" as of February 28th, 2009
IF CALIFORNIA DEFAULTS ON ITS OBLIGATIONS WHAT WILL THAT MEAN TO THE U.S. AND WORLD ECONOMIES?
1. One definition of using IOU's to pay bills would be, a "Depression"
2. If California goes into a depression, it will also stop paying its out-of-State expenses and debts
3. Those States that are relying on California to pay them for goods and services will not receive payment from California
4. If California goes into a depression, it will pull the rest of the United States into a Depression as well
5. If the United States goes into a Depression, the World will go into a recession (or a depression)
6. The stimulus package in Washington does not include and cannot cover a solution for California
7. California must pass a budget to provide a solution
8. The 2/3 majority rule makes the task of passing a budget impossible
CALIFORNIA (AND WORLD) POLITICS
1. republican governor arnold schwarzenegger has already vetoed past budgets that the State House has hammered out
2. republican governor arnold schwarzenegger had promised to sign a budget if given to him (he lied)
3. Most U.S. States require a 50% majority to pass their State budget
4. California law requires a 2/3 majority to pass our State budget
5. The California budget would easily pass if only 50% approval were required, as in other States
6. The 2/3 majority required for passing a budget in California has given power to a few Senators and Congressmen on the fringes
7. The 2/3 law gives a **HUGE** amount of power to a small, but dedicated minority
8. A handful of extremely committed legislators currently have the ability to block the budget for all people
9. The small but dedicated individuals currently blocking the budget are "george w. bush" republicans
10. "george w. bush" republicans in the California Legislator are rabid, foaming-at-the-mouth, extreme, right-wing Nutjobs
11. "george w. bush" republicans refuse to allow **ANY** new taxes or they will not approve the budget
12. "george w. bush" republicans refuse to pay for Education and Science or they will not approve the budget
13. There are only a **FEW** "george w. bush" republicans in the California Legislator
14. So few and so insignificant that their names are not even known
15. Yet, in just 20 days, these extremist, right-wing Nutjobs are about to spin the World into a Depression
WHAT CAN BE DONE?
1. The first thing to be done is for Washington to realize that although a California Law (2/3 majority required to pass a budget) has caused this problem, this is **NOT** a California problem
This is a matter of National Importance threatening the U.S. and World Economies
2. The second thing to be done is for Washington to get involved in California politics
Can the Congress, the Senate, the White House or the Supreme Court do something to help California rescind the 2/3 majority required to pass a budget?
3. Washington needs to realize that republican governor arnold schwarzenegger has no sway over the "george w. bush" republicans who are holding up the budget
4. Washington needs to realize that republican governor arnold schwarzenegger has shown contempt (vetoes) for past budgets hammered out between California Democratic and Republican Legislators
5. Washington needs to realize that California's "george w. bush" republicans will **NOT** bend or agree to a budget that includes **ANY** new taxes
6. Washington needs to realize that every budget being considered includes at least **SOME** new taxes
5. Washington is very, very busy, but Washington needs to Focus on intervening in California
IF WASHINGTON DOES NOT INTERVEEN IN CALIFORNIA POLITICS
1. If Washington does not intervene IN California politics, in 20 days, a small handful of rabid, foaming-at-the-mouth, extreme, right-wing Nutjob California Legislators will bring California's economy to a halt
2. If California's economy seizes up, the already-crippled U.S. economy will also halt
3. If the delicate U.S. economy stops, the World economy will follow the U.S. and spin the World into a Global Depression
Posted by: Jame Thompson | February 7, 2009 7:25 AM
Real funny stuff Bill!! I wish I could see the humor in the numbers above. The numbers show what many of us on main street have known….this depression started more than a year ago. History will FIRMLY plant the beginnings of this depression in the bush era, and obviously the factors that led up to it too.
Another fact that is pointed out is that this is the highest percentage of male unemployment in the HISTORY of our country. It disgusts me to hear the pugs point back to Ronny Rayguns depression and say how he got us out of that one….but they do not get it….this is much worse. This depression has already broke MANY all-time records for this country, and it is still in the adolescent stage of growth. If the pugs in congress do not get their heads pulled out of their inkys, and it is determined by the people that they abandoned them, then that party will fold like a lawn chair.
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