A Ro-busted Economy
Dr. Paul Craig Roberts has stated that this country is headed for third world status, and the latest jobs report from the Bureau of Labor Statistics gives credence to his prediction.
Economist David Rosenberg called the March data “one soft US jobs report.” It “quashed the consensus view of economic re-acceleration,” he said. The inflationary consequences will show up later, he added. Here are some specifics provided by Stephen Lendman:
– Aggregate demand remains fundamentally weak. Nonfarm payrolls added 88,000 jobs – less than half the consensus estimates. The broader household survey shed 206,000 jobs, the worst since July 2011.
– Part-time employment rose. It did so at the expense of high pay/good benefit full-time jobs, which continue to be offshored to low wage countries.
– March unemployment fell because the civilian labor force lost 496,000 jobs. Household survey data shed 663,000 jobs. Thousands of unemployed unable to find jobs dropped out. Doing so reflects economic weakness.
– In the past three months alone, more than one million workers dropped out. Current figures stand at an unprecedented 90 million. Economies in Depression reflect these figures.
– Force-fed austerity worsens things. Real unemployment is at least 23%. Poverty affects half of US households. Record numbers are on food stamps.
– Critically-sensitive sectors showed great weakness. Manufacturing lost 3,000 jobs. Retailing shed 24,000 jobs. Heavy construction shed 8,800. Financials lost 2,000.
The Economic Policy Institute called March data “a big negative surprise.” It underscored no “robust jobs recovery.” According to the Institute’s report, in order to return to a pre-recession unemployment rate over the next three years, 320,000 jobs needed to be added every single month.
A Wall Street Journal editorial revealed that five workers quit looking for every one finding jobs, then added – with tongue-in-cheek – if Obama “can convince another three million or so Americans to leave the job market, he’ll be able to hail ‘full employment.'”
Hard times are getting harder. Dr. Roberts is right. America is indeed on a fast track toward third world status.
What has to be done to gain the attention of those who hold our destiny in the palms of their hands? Building our patented container ships is the only way to avoid the terrible catastrophe that awaits us, because it’s the only way to create those needed jobs. Are our leaders insane, or just plain stupid?