It’s not as bad as it could’ve been. That, as the Labor Day weekend began, was the cold comfort that many in the media took from the still-dismal August jobs report. Can’t we expect something a little better?
True enough, 68,000 new private-sector jobs were created last month, showing that private businesses, though gasping for breath, aren’t dead yet.
But overall, 54,000 jobs disappeared, raising the toll during the “Recovery Summer” Vice President Joe Biden ridiculously hailed two months ago to 238,000. Nor was the uptick in the unemployment rate to 9.6% from 9.5% what you expect in a “recovery.”
This is not “better than expected”; it’s worse than expected. This can be gauged not by market expectations for modest job creation, but by long-term experience watching how jobs are created in a normal recovery. By that gauge, we’re in the worst jobs slump since World War II.
If it wasn’t clear to everyone by now, it should be: All the actions this government has taken — the $700 billion TARP program, the $862 billion “stimulus,” the health care takeover, financial reform — haven’t “saved or created” 3.8 million jobs, as claimed. Instead, they’ve destroyed millions of jobs — and with them, the hopes and dreams of those who’ve lost the jobs.
But the administration remains clueless, hinting that it may seek another “stimulus” costing billions. This bunch is either willfully doing damage to the U.S. economy, or completely incompetent.
[Emphasis added. —R]posted on September 8, 2010 10:50 AM