Jobs Outlook Worsening, New Report ClaimsPosted on 01/27/2003 4:34:19 AM PST by Uncle Bill
Jobs Outlook Worsening, New Report Claims
CNSNews.com
Evening Editor
By Randy Hall
January 27, 2003
The news on the jobs front is bad and getting worse, according to a new analysis by Economic Policy Institute Research Co-Director Jared Bernstein.
That report, "The Jobless Recovery," presents a picture of further weakening in the U.S. labor market that, despite claims a recovery is underway, is plagued by mounting job losses and lengthening unemployment.
"As far as the job market is concerned, the recession drags on," said Bernstein. "The Bush administration and Congress need to appreciate the urgency of this situation and quickly enact an economic plan that makes jobs the first and immediate priority."
Bernstein's report, which examines and compares trends over the past two years, notes:
The jobless rolls have expanded by 2.8 million since the fourth quarter of 2000, the most recent economic peak.
There are now 2.1 million fewer private sector jobs than at the end of 2000. Payrolls contracted not only over the recessionary year of 2001, but also the purported recovery year of 2002.
The decline in private sector jobs at this point in the recovery is greater than in any of the past three recessions/recoveries.
The average spell of unemployment is now more than five weeks longer than in the fourth quarter of 2000. There are now 1.7 million people who have been jobless over half a year.
The labor force is now growing only half as fast as it was two years ago, a sure sign of a weak labor market.
The rise in unemployment has produced slower wage growth, real income losses, and higher poverty rates.
In 2001, when the unemployment rate climbed to 4.8 percent from 4 percent in 2000, real household income fell by 3 percent for the poorest households and 2 percent for middle-income households, while poverty increased by 0.4 percent. Based on the fact that unemployment was another point higher in 2002 (5.8 percent), the incomes of low- and middle-income households very likely fell further last year.
The Economic Policy Institute is a nonprofit, nonpartisan economic think tank founded in 1986.
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There Must Be Some Way Out Of Here
Mulally: Global Boeing must share
"Competitiveness demands that the new, more global Boeing Co. share its work and its wealth with workers around the world, the company's highest-ranking Pacific Northwest executive said Tuesday in Tacoma. Alan Mulally, president of Boeing Commercial Airplanes Group, said Boeing can't act like British colonialists extracting wealth from other countries and exporting it all back home. Mulally, speaking to The News Tribune editorial board, said that with 70 percent of Boeing's commercial airplanes sold to airlines operating outside the United States, Boeing has an obligation to build parts of its aircraft overseas. "We just operate everywhere," he said. "We need to include everybody around the world in the asset utilization. They buy our products and pay up. We can't just extract wealth from other countries and pay ourselves. "And the United States has no divine right to our standard of living," Mulally added, defending Boeing's overseas parts production."
U.S. departing the First World?
"Even illegal aliens count higher with the American government than native-born, taxpaying, loyal U.S. citizens, who are regarded by their government as nothing but resources to be exploited."
Lost Or Unrecognized Multi-National Economic Principles And Slavery
I always get a chuckle from people who use the internet to denounce the internet.
The jobless rolls have expanded by 2.8 million since the fourth quarter of 2000, the most recent economic peak.
There are now 2.1 million fewer private sector jobs than at the end of 2000. Payrolls contracted not only over the recessionary year of 2001, but also the purported recovery year of 2002.
The decline in private sector jobs at this point in the recovery is greater than in any of the past three recessions/recoveries.
The average spell of unemployment is now more than five weeks longer than in the fourth quarter of 2000. There are now 1.7 million people who have been jobless over half a year.
What were you saying?
You bring up good points. Implicit in what you say is that the president may have already missed his window of opportunity. It didn't help that he went around for almost two years saying that our economy was fine. He failed to diagnose what was wrong with our economy. We are in a historically deep growth recession, rather than the statistically mild recession incumbent politicians like to cite. Business spending has gone through a major decline, while consumer spending has held up relatively well, yet it's consumer spending that the president is trying to promote. He's made other misdiagnoses too numerous to mention as well, but I've listed the major ones.
Although I think the prez is a good man, there is no way in hell this will happen. Short of that, what are the options?
While real change could take a while to filter through the economy, a demonstration that the president sees the light could have an immediate psychological impact on businesses and investors. What he says, and where he says it is important. For instance, had he given his last speech at Dell rather than some effing truck stop, the reaction would have been a lot better.
I thought Dell does most of its manufacturing in China, Malaysia, etc?
"Competitiveness demands that the new, more global Boeing Co. share its work and its wealth with workers around the world, the company's highest-ranking Pacific Northwest executive said Tuesday in Tacoma. Alan Mulally, president of Boeing Commercial Airplanes Group, said Boeing can't act like British colonialists extracting wealth from other countries and exporting it all back home...
Statements like this from business leaders are what give me the willies.
It seems to this layman that we about to undergo some historic, if not hystrionic times ahead.
Reagan was the last "America First" leader this country had, we are following the path of Great Britain and will suffer a similar fate. :^(
Not to worry, everyone can get jobs as investment bankers, lawyers, rock stars, and TeeVee personalities!
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