New figures on job losses point to continued pain for American workers, as the economy shed 598,000 jobs last month, driving the unemployment figure to 7.6%. If the current trend continues we will be at double digit unemployment in a few months. And no matter how we look at these numbers they tell a bad story. From the Washington Post:
Since the recession began in December 2007, the nation has lost more jobs as a percentage of the labor force than it had at a comparable point in the early 1980s downturn, the worst recession of the post-World War II era. The number of unemployed Americans over the past year has risen by about 4.1 million, equivalent to the entire labor force of Virginia.
“It is almost set in stone now that this will be the worst job market we’ve seen in the postwar period,” said Scott Anderson, a senior economist at Wells Fargo.
All sectors are facing massive job losses, including construction.
The construction industry, which has been losing jobs since the housing slump began in late 2005 and shed 111,000 jobs in January, would also probably benefit from the stimulus package. Based on the earlier House version of the bill, Moody’s estimated that 803,000 construction jobs could be created by the end of 2012.
That would be welcome relief for an industry that has suffered with the slowdown in the building of schools, office towers, apartment buildings and shopping malls.
“Construction was slammed especially hard by the freezing of credit markets in mid-September,” said Ken Simonson, chief economist for the Associated General Contractors of America in Arlington. “Developers weren’t able to get funding. School districts that had planned to issue tax-exempt bonds [to finance building] discovered there was no market.”
Maybe someone should point out to Senator Collins of Maine that part of the downturn and job losses in construction come from an inability of local school districts to fund school construction projects because of the credit crunch. They mess it up in Washington and local school districts pay the price. Shameless. And with these jobless numbers come the stunning figures related to those who have simply dropped out of the labor force.
Last month alone, a stunning 731,000 Americans stopped looking for work, dropping out of the labor force out of apparent frustration with their employment prospects.
“In the 30-page employment report,” said Michael Feroli, a U.S. economist at J.P. Morgan Chase, “there is hardly a number that doesn’t convey the brutal conditions in the current job market.”
This stimulus is about putting real people back to work. Let the Republican Party stand tall against job creation for American workers. I wonder if those folks that have lost their jobs are looking for a tax break, or if they would prefer a job. The Party of Herbert Hoover is back.
Bill Manzi.com 
Wow, your Honor, still railing.
I hope there is enough juice to revive the economy.
But, even if there is, we will be left with the debris from the Democrat runaway poicy pile-on that will be with us for years. Whether or not if you get your school cash (your basic concern), your grandchildren will be left with the bill and a substantial loss of freedom. That will be the heritage you and your party leaves behind.
I am proud the Republicans stood firm for once.
How long do you figure it willl be before the economy makes a turn?
Jules
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Jules,
In standard times I might agree with some of the concerns raised. In answer to your question about the economy I believe we are in a bad spiral, with unemployment preventing people from paying credit card debt and mortgages, further pushing our already creaky financial system to the edge. As people have lost their jobs and confidence becomes smashed they have stopped buying at retail, leading to closures and further job losses. As businesses begin tanking because of sales losses prices will need to be cut, and wages must also be cut. This cycle, once begun in earnest, is difficult to stop. We are either fully in that cycle or about to enter it fully. That is why stimulus is so important. Tax cuts in a deflationary spiral are absolutely ridiculous as a proposed solution. People need to work and earn money before tax cuts would have any stimulative impact. This death spiral needs to be stopped now, or we may not come out of it.
Bill
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Your Honor,
You are right, a tax cut can help only those actually working. If you are not working, you can’t have the advantage of a tax cut.
However, there are still 90% still working, which should be enough to get things going if the incentive is enough.
In the case of the unemployed, unemployment should be continued past the time limits. I’m for upping it to help out. How about an overlap for a little while if the unemployed find a job.
That is why the Pork items which are political in nature must be substituted with actual in pocket incentives.
The Republicans and like minded Democrats must continue to fight for actual incentives to return the folks to consuming, the business to re-hire and invest while making the credit markets stable.
I hope the Republicans keep up the fight.
Jules
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Jules,
As far as the Republicans standing firm, other than the fact that all their hyperbole is nothing but bullshit, no further comment is needed.
And as far as our grandchildren carrying the bill (and I agree with you on that), it appears you’ve had a ghostbuster’s ‘memory dump’ about which moron brought on the debt incurred over the past 8 years….on the plus side, rumor has it he’s been offered a job as a greeter at Elliot’s Hardware in Dallas. Befitting, wouldn’t you say? 😉
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Elliot’s Hardware will be bankrupt in eight months!
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Joke on Leno the other night …
Jay asks the Bush impersonator what he thinks of life after the Presidency …
“Like the rest of the American People, I sleep better at night now that I’m not President”.
Yessir.
-FM
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I know that I am sleeping like a baby now that Bush is in retirement!
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Jules;
We haven’t forgotten how the debt got to 10T under Republican rule, and we’re doing this spending to get us out of a Republican dug hole.
Right?
-FM
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Mr. Mayor:
Do you mean up every two hours screaming?
😉
-FM
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Being in the minority I would like to say, “oh yuh?”
First the debt is an invention by Barney Frank, Acorn and other Democrats as well as Fannie and Freddie.
The debt was initiated by reducing credit standards and selling Mortgages to dead beats.
Now your President and his tax challenged minions (Check out Al Franken) are belly aching “we won”. So my comment is, “If you won pass it”.
Or maybe the “we won party” are to inept to do so now that the public has noticed how larded up this pig is. Democrats run amok.
Now you guys can do to the country what you have done to Massachusetts and California.
We will see how the “Community Organizer” does in a few months. You might want to temper your childish rhetoric for a while.
I hope the GOP kills this dog. I think a few intelligent Dems are feeling the same.
Enjoy.
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Wow Jules. Now, that’s revisionist history. You should be running for GOP chair! Even after I show you how debt was piled on since Reagan (and reduced under Clinton), you persist. It’s good to be resistant to inconvenient truths if you’re a Republican, I guess.
We do agree on selling mortgages to deadbeats, but I just can’t quite understand all those bankers quivering “my god, unless we do this, Barney Frank is gonna show up and kick our a**”. you know, given how profitable it was to do it and all.
I almost hope the GOP kills this bill too: that way, even more people will be unemployed and looking for a scapegoat. If I were looking to score political points and didn’t really care about actual Americans, that is.
The “we won” party needs one more seat to out filibuster the Republican boat anchors, after Al Franken gets seated. Here’s looking forward to 2010.
-FM
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Jules:
Not being familiar with the story, I looked up alleged “tax cheat” Al Franken.
What seems to be at issue is that he did not realize that he owed taxes in some 17 states where he gave speeches or put on events, but instead, paid those taxes to his home states of New York and Minnesota, which he claims to be on advice of his accountant. He is refiling returns in the 17 states, as well as requests for refunds from Minnesota and NY.
Given that New York and Minnesota are two high tax states, he may actually may have paid more in tax than he owes.
Is that how you read it?
-FM
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