Enjoying what passes for a recovery, when stimulated by ObamaDems?
Former Clinton labor secretary hasn’t a clue on how America could recover, but the student then Yale professor Robert Bork said was the finest during Bill and Hillary’s Eli matriculation, Robert Reich does understand the economic reality:
Why are we having such a hard time getting free of the Great Recession? Because consumers, who constitute 70 percent of the economy, don’t have the dough. They can’t any longer treat their homes as ATMs, as they did before the Great Recession.
Businesses won’t rehire if there’s not enough demand for their goods and services.
Reich, who did a good job in public service, pines like Obama and the Clintons (to varying degrees) for the confirmation of their liberal utopia ideas and policies. But tempering his liberal religion is his economic education and his heart for actual unemployed and underemployed people and desire to remedy the suffering:
We’re falling into a double-dip recession.
The Labor Department reports this morning that the private sector added a measly 41,000 net new jobs in May. But at least 100,000 new jobs are needed every month just to keep up with population growth.
In other words, the labor market continues to deteriorate.
The average length of unemployment continues to rise — now up to 34.4 weeks (up from 33 weeks in April). That’s another record.
More Americans are too discouraged to look for a job than last year at this time (1.1 million in May, an increase of 291,000 from a year earlier).
Of the small number of jobs created by the private sector in May, many came from temporary help services.
Which is one reason why the median wage continues to drop.
It is no secret how government policy can foster private sector economic growth and the creation of real jobs. Coolidge, JFK, Reagan, Newt-Clinton and Dubya showed us the way with supply side tax cuts and de-regulation of business.
The only jobs saved and created by Barack’s first $800 Billion were state and local government jobs that should have been subjected to budget-cutting scrutiny and the federal bureaucracy. (I have favored unemployment extensions as appropriate in this great recession).
Government employees union protection plan or Second ObamaDems non-stimulus bill
Now he wants federal taxpayers to pay for another year of “emergency” funding to save state and local “teacher” jobs, when what we learned here in Georgia is that the only education workers that get fired are janitors. The glorified paper-pusher “administrators” of political correctness that are too exalted to wipe kids’ noses or teach, are safe, stimulus or no stimulus.
Two Americas: government union and the rest of us
Under ObamaDems in DC, every major piece of legislation included favors for unions at the expense of the rest of us, above and beyond the General Motors bailout.
Happy days never seem to end for those Obama favors, though in New Jersey $86K/year union “teachers” threaten a real conservative budget-cutting Governor’s Chris Christie-alization with e-mail death threats, yet keep their jobs. Could Greece be far ahead for these spoiled brats taxpayers hire?
As for the rest of us, Greece seems to be here, especially given additional data:
- Massive 1930s-like money supply plunge;
- Private sector v public sector portion of income plunge (our employees make more than us!); and the
- Looming 2011 repeal of the Bush tax cuts for those that create jobs.
Don’t ObamaDems understand that the prospect of repeal of the tax cuts has discouraged investors since the Democrats took control of Congress after the 2006 election and that this year’s extension didn’t help since it was done at the last minute with the prospect of repeal simply delayed for 12 months?
They know, and after watching my former party advance know-failed policies for decades, I have concluded that elected Democrats in Washington simply DON”T CARE about the poor and lower income families.
Heck, they won’t even mobilize beach clean-ups until the oil sh*t hits the strand.
The double-dip is upon us. Hope you all enjoyed the Obama boom years…er year.
[Originally published at Many Faces of Barack]
“One man with courage makes a majority.” – Andrew Jackson