Sep 03 2010
As the summer of 2010 ends, people are desperate to get back to work – but there are not enough jobs. Thanks to the Democrats lame, liberal fantasy about government-based stimulus spending, the majority of the economy that DOES NOT work for Uncle Sam is still struggling to get by. After 2 years of liberal madness in DC, we are over $2 trillion dollars deeper in debt and beginning to see the rise of unemployment rates again:
Private employers hired more workers over the past three month than first thought, lifting hopes for the weak economy. But the unemployment rate rose in August for the first time in four months as more people entered the market looking for work.
Companies added a net total of 67,000 new jobs last monthÂ …
Overall, the economy lost 54,000 jobs as 114,000 temporary census positions came to an end. For the first time this year, the manufacturing sector lost jobs – down a net total of 27,000 for the month. State and local governments shed 10,000 positions.
Temporary employment rose by nearly 17,000, after ticking down in July.
The jobless rate rose to 9.6 percent from 9.5 percent in July.
Emphasis mine. A good fraction of the new jobs were temporary (which means low paying in many cases). I believe the stay even mark is around 300,000 jobs created per month – something we have not seen in years. As I have posted before, the real unemployment rate is now around 11%- Â assuming the work force was at its normal levels. In that post I noted how the current unemployment rate is driven by the fact there are fewer people in the work force, not by any economic growth or ‘saved’ jobs claimed by liberal leaders in DC. In that post I showed how the July work force numbers over the decade turned down in 2008, and continued to nose dive through 2009 and 2010, as people gave up (click to enlarge). There should be 2.5 million more people in the current workforce right now given the last decade’s working population growth. That work force size equated to 10.9% unemployment (U3) in July, which means we hit 11% now in August.
The people who had stepped out of the economy are now coming back in at a rate that is dwarfing this pathetic growth. 67,000 jobs may have been created in August, but the work force size grew by 369,000 from July to August. That is why the overall unemployment rate went up – more people looking for basically the same number of jobs.
Here’s the graph showing the failure of the Democrat economic policies to turn the economy around since they took office in January 2009 (source data – click to enlarge).
We have experienced unemployment rates greater than 9% since May 0f 2009, meaning we have been stuck in this rut for most of the time the liberals in DC fiddled around with playing doctor and wrecking our health care system (effecting at least 3 million senior citizen plans!). The underemployment rate (U6) is even worse, edging up to 16.7%. It is too late for the distracted Democrats to fix things now, even if they did wake up and realize their Keynesian policies were no match for tried and true broad tax and spending cuts, they have stubbornly refused to admit they screwed up.
It is now the turn of the American voter, and we will fix things. I would wager the post popular headline on November 3rd, 2010 is going to be ‘Can You Hear Us Now!!’. No more excuses, no more spin, no more blaming others. DC – your fired!’
Update: Here’s some more bad jobs news. While 369,000 workers joined the job hunt from July to August, 283,000 jobs were lost during the Obama administration’s “Recovery Summer”. Â So folks – did all the liberal self aggrandizing really help? Did the Baghdad Bob approach to facing the economic problems succeed in making America better off?