U.S. Jobs Tank Big Time

[Omaha Steve]

http://blog.aflcio.org/2008/04/04/us-jobs-tank-big-time/

U.S. Jobs Tank Big Time

by Tula Connell, Apr 4, 2008

Employers slashed 83,000 jobs in March, according to this morning’s monthly jobs report by the U.S. Bureau of Labor Statistics, worsening the nation’s unemployment rate to 5.1 percent, up three-tenths of a percentage point since February. The job loss was far worse than even the most pessimistic of predictions, and was spread across industries, with the biggest losses in the construction and manufacturing sectors.

The unemployment figures follow yesterday’s Labor Department report showing the number of first-time claims for unemployment benefits increased last week to the highest level since just after Hurricane Katrina in September 2005. Initial jobless claims climbed by 38,000 in the week that ended March 29 to 407,000.



The jobs report is the latest in a seemingly endless release of new data confirming what many of us have known for many months: The economy is crumbling. And the Economist-in-Chief doesn’t get it. And neither does the probable Republican nominee for president.

The fundamentals of the economy are strong, say George Bush and John McCain.

Bush and McSame (or is that McBush and McCain?) refuse to face what’s hit the rest of us in the face. Some 81 percent of the American public say the country is on the wrong track, according to a poll released yesterday by The New York Times/CBS. And 78 percent of respondents say the country was worse off than five years ago—only 4 percent say it was better off.

Yet in recent months, McCain has asserted:

And by the way, I don’t believe we’re headed into a recession. I believe the fundamentals of this economy are strong, and I believe they will remain strong.

Meanwhile, even Federal Reserve Chairman Ben Bernanke, long a recession-denier, said the United States could slip into a recession this year, according to The Wall Street Journal,

using a word that other government officials, including President Bush, have gone to great lengths to avoid.

FULL story at link.

[gateley]

1. The fundamentals of the economy are strong, say George Bush and John McCain.

The fundamentals of WHOSE economy, for the love of God!

And I don't care WHAT they say, I know that MY PERSONAL economy sucks, as does everyone's when they go buy groceries, and gas. :grr: