Posted on 06/04/2010 8:26:50 AM PDT by blam
IT'S OFFICIAL: We're Falling Into A Double-Dip Recession
Robert Reich
Jun. 4, 2010, 10:52 AM
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. (The vast bulk of new jobs in May were temporary government Census workers.) 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.
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.
The only reason the economy isn’t in a double-dip recession already is because of three temporary boosts: the federal stimulus (of which 75 percent has been spent), near-zero interest rates (which can’t continue much longer without igniting speculative bubbles), and replacements (consumers have had to replace worn-out cars and appliances, and businesses had to replace worn-down inventories). Oh, and, yes, all those Census workers (who will be out on their ears in a month or so).
[snip]
(Excerpt) Read more at businessinsider.com ...
Also with Obamacare costs, cap & trade energy costs, local & state taxes going up, the Bush tax cuts expiring...there is certainly no reason/way to hire new people. Also, the motivation to start a business, with all those things looming, is gone.
I don't know. Probably not. All that aside, I think people would actually live thier lives with more intensity without the entrapments of our current society. Gee, without electricity the video games and televisions would go dead. They'd have to join real life. They'd literally have to fight for a living. Sounds nice, except that I'm too old.
Whoops, probably no ‘unemployment’ benefits for temp workers....
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LOL!
Is that Obama’s
“TAR BABY” top scoop up there?
Hi devolve!
Lol, you keep thinking about tar babies.
I was thinking of double, triple, etc, dips.
Val coming soon
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“TAR BALLS”
The new “BARACKY ROAD”
“BARACK HOLE” once worked a few days in his youth in an ice cream shop -
Better get snacks ready!
No snacks, just had dinner
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Chili-’Taters here
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J
Whatever that means
A “J” in Windings font is a smiley face. WINGDINGS. Maybe you don’t SEE the smiley face!
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WebTV browsers only “see” standard font - or “TT” or “I” or a combo of the 2
I only see special fonts on graphics
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I can only see special fonts in graphics or when I am selecting special fonts at Image Magick to use on graphics I am working on
I forgot that PC users are not aware of WebTV and MSNTV2 limitations
[I forgot that PC users are not aware of WebTV and MSNTV2 limitations]
Sorry - I didn’t think of it with wingdings
http://domania.us/Oaccess/WINGDING-Smiley.jpg
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Thanks potlatch
It creates a Smiley Face
My WebTV is low-tech
It was a sunny smiley too
This data was known in March 2007, and is the reason why the Fed got OUT of the Mortgage-Backed Security business on April 1, 2010.
They KNOW it's about to get much worse in the dog-days of summer 2010:
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