Thursday, September 15, 2011

US labor situation sucks bigtime

amidst all the talk of jobs from the politicos, there are no jobs and no jobs coming. obama can traipse around the country talking up his plan, but honestly, there's nothing pithy and substantial that anyone can grab on to, and say, this is what we'll do. the situation as it's been bequeathed to the citizenry by the rogues who pose as our political leaders contains but one grim certainty: things will continue to get worse before they get any better. read this excerpt to get a sense:
US jobless claims rise to 428,000 - "The labour market is in dire straits, with unemployment stuck above 9 per cent and no net jobs added in August. Barack Obama, US president, has proposed a $447bn package to stimulate the economy that includes a $49bn extension of jobless benefits and tax breaks for companies that hire new workers.
But businesses have remained wary of hiring and expanding investments in a climate of global market turmoil fuelled by a stagnating economy at home and the sovereign debt crisis in Europe.
“We also have to consider that the trend in claims could be turning higher again in the wake of the sharp drop in business confidence,” said Ian Shepherdson, chief US economist at High Frequency Economics. “One bad week means nothing, but claims have been nudging higher since their 399K low in early August. We await the next few weeks’ numbers with interest, and a degree of trepidation.”"
well, can't say i didn't tell you so. it's been common knowledge that the situation isn't expected to ease until at least 2016. even the government now acknowledges that unemployment won't get any better in 2012 -- they just aren't extrapolating it out. once the full brunt of austerity is felt, then the voters will learn the real price of the voodoo economics that has been peddled for the past 30-odd years as the GOP's plan to bring prosperity to all.

back in the beginning, everyone should have known that something was up, but with ronnie raygun selling snake oil, no one could see through the act to ask the obvious question: how is it that this is going to benefit the big shots in a big way? no one asked, they just continued to like the sound of the promises, and the easy access to credit that enabled prosperity without income.

now that the bill is due, and people are finding out how deep in the hole they really are, the dimensions of the problem are becoming clear: no one has any spendable cash, so economic activity is on the rocks. and with no jingle in the old pocketbook, nobody buys or sells -- it's all crap!

see you guys in the soup line!

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