So now, the nation's nonfarm payroll has grown by only 39,000 jobs in November and that translates into a jump in unemployment to 9.8% -- the highest jobless rate since April. This amounts to a jump of .2%
It seems as if we're moving backwards, not forward.
One economist called the latest figures "a painful reality check for those hoping that a meaningful acceleration in economic activity was underway."
And here's another disheartening statistic: Of the 15.1 million persons unemployed in November, nearly 42% had been jobless for 27 weeks or more.
Amazingly, even retail sales lost 28,000 jobs in November. This surprised economists who had been expecting a gain as we ramp up toward Christmas.
Let's face it: Democrat economic stimulus plans have not worked. Big Government has failed miserably.
4 comments:
So what would you have done? I think this has less to do with the Democrats and more to do with jobs permanently lost after the economic problems of 2008. Many companies have shed jobsworths they didn't need and are not rehiring them, even though their output/turnover is back to pre-2008 levels. The stimulus was an attempt (started by Bush) to jump-start jobs. The fact that it hasn't worked doesn't make it a waste of money. Personally I think GM should have been bankrupted, but would any Republican have dared? There is far too much destructive criticism around, how about some sensible suggestions?
I've been making the sensible suggestions here all along:
1) Reduce the size and scope of government.
2) Cut government spending. Eliminate bloated programs and reduce government's overblown percentage of the GDP.
3) Cut taxes across the board -- even consider suspending income taxes for a short period. For states: suspend sales taxes for a brief period leading up to the holiday.
5) Reduce unnecessary government regulation.
6) Encourage programs that help small businesses grow on their own.
It's been proven over and over: Lower taxes, smaller government, fewer regulations actually produce MORE government revenue.
If you cut taxes like that, government won't be able to perform even basic functions - the ones it must be able to perform.
The problem is that too much of our economy is based on services that can be done and goods that can be created overseas for a fraction of what they cost here. Those jobs aren't coming back because American workers won't accept $2 an hour (nor should they) like the Chinese and Indians do. So the way I see it we have two options:
1. A massive overhaul of our economic infrastructure to put an emphasis on technology, particularly technology that minimizes fossil fuels. This will require a large short-term infusion of capital (to make us more self-sufficient for the long term) and a change in mindset among both the electorate and political class.
2. We go on the path that Reagan charted and end up with a society that, while prosperous at first glance, is in reality top-heavy and feudalistic, where the few fortunate enough to be rich lord over everyone else, who keep getting poorer. The middle class as we knew it will cease to exist.
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