printThe economic experts who’ve got a lot riding on the recovery ass, now measure recovery by the slowing rate of job losses. Employers laid off fewer workers in July—247,000 as opposed to 443,000 in June. “The jobless rate dipped for the first time in 15 months to 9.4 percent in July, from 9.5 percent the previous month, and workers’ hours and pay edged upward,” reports the AP.
But, “the main reason the unemployment rate declined last month was not an inspiring one.” What that ass with ears Obama doesn’t divulge is this:
Hundreds of thousands of people, some discouraged by their failed job searches, left the labor force. The labor force includes only those who are either employed or are looking for work.
If laid-off workers who have given up looking for new jobs or have settled for part-time work are included the unemployment rate would have been 16.3 percent in July. All told, 14.5 million were out of work in July.
Job-seekers are finding it harder to get work because there are so few openings. A record 4.97 million people had been unemployed six months or longer in July. And the average length of unemployment grew to 25.1 weeks, also a record.
Recovery cannot commence until the government stops cold turkey the reckless, unconstitutional, immoral measures that are worsening the economy.
What are those? No great mystery there; they are the exact actions that would worsen your personal finances were you to indulge as the government does: Digging yourself deeper into to debt by spending yourself into oblivion. Bailing out debtors, restructuring their mortgages, reducing their payments, forestalling foreclosures, making borrowing artificially even cheaper when it should be expensive, penalizing banks for trying to lend conservatively, creating more and more government-sector jobs, which are supported by taxpayers, are a drain on the economy and create no economic value whatsoever—all the stuff the Obama Administration is championing as a matter of policy, all the while printing money non-stop.
There’s one good sign that Americans have parted company from the government in cultivating more frugal habits: “consumers paid down credit cards and reduced other debt in June for the fifth straight month.”
Speaking of credit cards, it seems the US government is like a guy who’s using his last credit card, the one that’s not already loaded, to pay his other bills. We know how hard he’s going to hit the wall. No slow, gradual descent there, but ugly, embarrassing stuff, as in US Navy ships stranded in foreign ports before payment for their refueling can be arranged. Is it me, but lately there are lots of people on TV that are just dying to buy your gold ? I’d advise everybody to rather hold on to it.
Let’s see – if one guy holds the light bulb while 5 others turn the ladder, then we have CREATED 5 new jobs. Great stimulus!
A healthy economy DESTROYS JOBS – the 10 cavemen who used to haul the crud up and down the hill were replaced by 2 guys with pulleys and wheels – and so it has been since man evolved out of the ooze. But our Messiah, assisted by Congress, the media, duped voters, and an army of bureaucrats will take us backwards into the slime pits of “green jobs”. We will “save” pseudo-jobs just like East Germany kept the Trabant factories going pushing out their junky cars.
Ironically, the “cash for clunkers” program is enabling Americans to trash their working American cars for new foreign automobiles at taxpayer expense:
http://www.dickmorris.com/…/cash-for-clunkers-trade-in-american-buy-foreign/ –
We are now “recovering” by maxing out the credit card at 2 trillion/year debt!
Correct me if I’m wrong: There has never been a nation or empire that has provided for its citizens, that is not currently bankrupt or has dissolved into history.
Myron writes: “Let’s see – if one guy holds the light bulb while 5 others turn the ladder, then we have CREATED 5 new jobs. Great stimulus!”
You sometimes make me laugh so hard my sides hurt. The wit in some of your phrases I haven’t read since Evelyn Waugh. You and Ms. Mercer make one hell of a team compared to the twits at NRO, The Sweetly Standard (republican fare) and other such american “conservative” publications. If there was ever a need for some stimulus, it is with the current crop of conservative writers. Lead on!!!
[I sometimes think Myron should take over my job, but he already has a REAL job.]
Dear Robert II:
The credit for the humor has to go to our wonderful political class which never stops coming up with stupidity to keep us all amused. It is just too bad that we could not just “observe” the stupidity through some telescope looking at some comical Planet Mishuggah on the other side of the sun. Unfortunately, we have to live on this one with Pelosi, Bush, Obama, and Specter.
Back on April 1, 1982, I came up with an “April Fools Day” JOKE suggesting that the Government put MX missiles on blimps – only to be told that the Government had already spent $25 million on the project! I can’t “out-stupid” Uncle Sam – I’m off to visit the old Goodyear Aerospace in Akron Friday!
I’m sure that the imminent recovery will be welcome news in the tent cities springing up around the country, except in NYC, of course. The Big Apple not only tears down its hobo jungles, but exports its homeless to a campground near you.
Still more wonderful recovery news:
Hunger hits Detroit’s middle class
One advantage of living in a city that’s been trashed out is that there are plenty of vacant lots available for urban gardening.