Horrible and Horribler!
The Associated Press issues a Jobs Report every month about this time, and as usual, those who prepare the story are careful to parrot the fudged numbers put out by the Bureau of Labor Statistics.
Things are getting so bad, however, that the AP felt it advisable to sound a little less optimistic about last month’s job numbers.
“Another bad month for the U.S. job market is lengthening the list of perils facing the global economy,” the AP story began. Well, so far so good. The AP writers correctly acknowledged what has so often been said in the past – when the U.S. sneezes, the rest of the world catches a cold.
“American employers added only 69,000 jobs in May, the fewest in a year and not even close to what economists expected …”, the AP noted. But “economists” hardly ever know what they’re talking about anyway. For example, the chief economist at Mesirow Financial actually gets it all backwards by stating that, “The weakness in Europe, in particular, has a global reach and is affecting us.”
Yeah, right. Our job market is entirely dependent upon what happens in Europe, and when the collapsing Euro zone countries snap out of it, the U.S. economy will suddenly rise from the ashes.
That chief economist pretends to be unaware that more than 120,000 new job seekers are hitting the streets every month because that’s how many reach working age. Regardless of the conditions in Europe, there are no jobs for those youngsters and unless we make changes, there will never be.
Ben Bernanke, who can’t seem to remember what he told us in the past, stated in the spring of 2006 that we were already in a recession. That was more than 6 years ago. During the intervening 72 months, you’ll recall, hundreds of thousands were being laid off every month – about 4 million each year. And if you add in the approximately 9 million youngsters that automatically became jobless in that period, the actual unemployment rate figures out to be, not the 8-9% that the government likes to quote, but a figure closer to 28 – 29%. And it’s quite possibly even higher. The AP report, in fact, states that a household survey found that between April and May 642,000 Americans who hadn’t been looking for work, started to look. That’s why the unemployment percentage “inched up”.
“This is horrible”, the AP writer stated.
During his campaign, President Obama promised to create “3 million jobs”. That’s what he said. But we need ten times that many and no one in Washington knows how to do anything except create jobs in the weapons manufacturing industry. The military-industrial complex, as Ike called it.
With all the time on their hands, and with all the clerical help available to them, wouldn’t you think that our elected elite would consult the history books – or the Congressional Record – and read about the Great Depression of the 1930s. And how FDR got us out of the mess?
He had 40 million U.S. workers build 10 times as many ships as “Helen of Troy” did. That’s how.