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Sunday, January 10, 2010

Reality Check - White House Economic Adviser: Jobs Picture is 'Still Terrible':
"Council of Economic Advisers chief Christina Romer said it's devastating that some workers have been unemployed for two years and that job losses were continuing nearly a year after passage of the so-called stimulus bill.

The jobless rate remained at 10 percent in December as 660,000 people said they had left the workforce. But Romer couched the news by saying the siphoning of jobs from the market has slowed.

'In the first quarter of 2009, when we first came in, we were losing on average 691,000 jobs per month. With these new numbers in the fourth quarter, we were losing 69,000 jobs,' she said. 'It's still terrible. We're still losing jobs, and we absolutely have to go from losing any jobs at all to adding them at a robust rate.'"

Well let's straighten out a few things:
a) Unemployment rate for December was 10.8% (just heard it this morning on 'This Week')
b) the 'unemployment rate' only tells how many new claims there were, not the total workforce out
c) the 'unemployment rate' only tells how many FT cuts there were, not any of the PT workers sublimenting income.
d) 691,000/mo has come under question - since it does not jive with the unemployment rate of the time (which was lower than it is now)
e) one reason the new jobloss numbers maybe down is because the "fat" has been trimmed and companies can not afford to cut anymore workers without closing the businesses
f) this is a move to push for a second "stimulus package"
g) of the 4000 jobs created last month, the majority of them were government jobs

To pay for a new "stimulus bill" -- which you can bet they will call something else -- they will either raise taxes to pay for it (or raise "fees") which will have to dig into current middle income families wallets .... or .... they will have to print more money making the greenback worth even less .... possibly pushing us even closer to the edge of a new depression era.

oh what am I saying -- if things keep up as they are, we won't have a middle class left .... they will all become 'upper-lower' or 'lower-middle' class ... but they (the government) will widen the gap between the "haves" and "have-nots" and there will be less "haves" to help the "have nots"

At this point it doesn't matter if you are Republican or Democrat ... this is getting very serious .... very serious indeed.

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