Dismal economy

[REDWAVE]

The official unemployment rate increased to 5.7% in October, with a net loss of 5,000 jobs. There are over eight million unemployed workers in the U.S. Add to that the 4.3 million underemployed workers (part-timers who would prefer to work full-time), and an unknown number of "discouraged workers" (I just love that phrase!), who have given up even looking for work, and aren't even counted, and the real unemployment rate is probably about twice the "official" one.

Manufacturing, which has declined 27 months in a row, lost 49,00 jobs in September. You hear the term "jobless recovery" thrown about a lot these days. If it's jobless, what is it that's recovering?

Consumer confidence is at a nine year low. "Consumer spending hit a brick wall in September," said Ethan S. Harris, chief economist at Lehman Brothers.

Over three million unemployed workers have either exhausted their unemployment benefits, or face a cutoff in the next few months. Interesting, the Democratic leadership in the Senate is blocking an extension of unemployment benefits. Less than 40% of jobless workers qualify for unemployment in the first place, due to the large numbers of part-time and temporary workers, and the tightening of eligibility rules.

Yeah, I could add some commentary to that, but what's the point? The facts speak eloquently enough by themselves.

 

[RobDownSouth]

Interesting, the Democratic leadership in the Senate is blocking an extension of unemployment benefits

Technically true, but misleading nonetheless. The "Democratic leadership" simply objects to some of the more onerous amendments that were added to the bill, such as the acceleration of income tax cuts now set to take effect in 2004. The existing bill also contains corporate tax breaks viewed by many Democrats as excessive.

 

[REDWAVE]

OK

OK, I'll buy that, Throb. My point is both major parties are to blame for the failure to ease the economic hardship of millions of Americans.

They had plenty of money to bail out the airlines and give tax cuts to the rich, but not a penny for suffering out-of-work Americans.

 

[phrodeau]

The unemployment rate and the economy in general will bounce back up the day after Thanksgiving. It always does.

 

[REDWAVE]

Nope

That's not what economists say. They're predicting a dismal fourth quarter.

 

[LovetoGiveRoses]

I hope it starts turning around soon.

 

[LukkyKnight]

Fuck the ecomony, I've got a dismal social life. That's what really sucks.

 

[Texan]

Hey RED, if the economy suddenly turned good, would you be happy for all the people that were benefiting from it; or would you be depressed because you wouldn't have it to complain about?

That's a serious question. Though I doubt I'll get a serious answer.

 

[REDWAVE]

Texan

After all your crude attempts at McCarthyite witchhunting of me, not to mention all your vicious insults, you really think I'm going to answer your stupid question?

 

[miles]

Re: Texan

After all your crude attempts at McCarthyite witchhunting of me, not to mention all your vicious insults, you really think I'm going to answer your stupid question?

Don't forget racist, red.

 

[Problem Child]

 

[REDWAVE]

Commentary

Wages and living conditions of American workers have been steadily declining for over thirty years now, but recently they have come under far more deadly assault than before. Both Bush and the Democrats are to blame for this. It is a measure of how totally corrupt and out of touch with the people the U.S. political system has become that neither major party is proposing the kind of program that is needed: a massive increase in both the amount and the availability of unemployment benefits. Instead, virtually all we hear about is Saddam and his alleged "weapons of mass destruction." Rather than that nonsense, politicians should be talking about the mass destruction of American jobs.

The enormous number of people out of work has a negative effect on those who are "lucky" enough to have jobs. Employers know they can get away with treating their workforce with even greater callousness and viciousness than usual, since many workers now are desperately afraid of losing their jobs. Employees are cowed and timid, afraid to stand up for their rights, knowing how many desperate wretches are out there just dying to take their jobs.

 

[RastaPope]

Fuck 'em, my trust fund is healthy.

 

[miles]

Re: Commentary

Redwave, shut the fuck up. Nobody gives a shit. Go to bed, and close the lid.

 

[Oliver Clozoff]

Red, maybe Texan has a point. I detect a more than a hint of satisfaction in your regular reports on the miserable state of the economy - am I wrong to read an "I told ya so" between the lines?

 

[A Desert Rose]

Well Doll.....

of course, I do not agree with you. ~smile~

I would venture to guess that 1-2% of the 5.7% that are unemployed, do not want to work.

There are opportunities to work, at something, anything. For instance, I am aware that there are hospitals in our fair city that are financially sponsering students in the nursing programs with a promise to work for a certain length of time after graduation. Nursing, is just one example. I know there are others and many ways to further oneself past a minimum wage job.

And why are all "these people" out of work? Where have all their jobs gone? Do you know? I would love to know.

 

[teddybear4play]

The official unemployment rate increased to 5.7% in October, with a net loss of 5,000 jobs. There are over eight million unemployed workers in the U.S. Add to that the 4.3 million underemployed workers (part-timers who would prefer to work full-time), and an unknown number of "discouraged workers" (I just love that phrase!), who have given up even looking for work, and aren't even counted, and the real unemployment rate is probably about twice the "official" one.

As opposed to any form of socialism, in which all the workers are discouraged.

TB4p

 

[REDWAVE]

My favorite capitalist

Ah, the one capitalist I can stand! How are you, Rosie?

To answer your question, if you followed the news as closely as I do, you'd notice the almost constant announcements: "ABC Co. to cut 15,000 jobs-- XYZ Co. lays off 10,000 workers," etc. The capitalist system creates permanent mass structural unemployment. That's one of the main reasons why it has to go.

 

[phrodeau]

Hmmm... what's the stock market been doing lately?

 

[teddybear4play]

Re: My favorite capitalist

Ah, the one capitalist I can stand! How are you, Rosie?

To answer your question, if you followed the news as closely as I do, you'd notice the almost constant announcements: "ABC Co. to cut 15,000 jobs-- XYZ Co. lays off 10,000 workers," etc. The capitalist system creates permanent mass structural unemployment. That's one of the main reasons why it has to go.

Do hirings ever make the news? No.

TB4p

 

[JazzManJim]

Real Gross Domestic Product:
1999: Up 4.5 Percent
2000: Up 5.9 Percent
2001: Up 2.9 Percent

Government Expenditures:
1999: Up 6.7 Percent
2000: Up 6.7 Percent
2001: Up 6.1 Percent

Disposable Personal Income:
1999: Up 5.6 Percent
2000: Up 5.9 Percent
2001: Up 2.8 Percent


So, you see, the economy isn't shrinking at all. In fact, it's growing steadily, and has been.

It's true that it's not growing as quicky as some would like, but that, as has been pointed out by countless economists who know what they're talking about, is a cyclical thing and is already starting to return.

As a mater of fact, third quarter projections for GDP, consumer prices, and consumer spending are all rapidly increasing over the previous quarters, heralding a resurgent economy, though the resurgence is taking more time than expected.

By quarter (year 2002, Quarter 1, then 2, then 3)

GDP: 5.0, 1.3, 3.1
Consumer Spending: 3.1, 1.8, 4.2
Disposable Personal Income: 14.5, 3.6, 2.7

These are by no means bad numbers. In fact, the 14.5 percent increase in DPI in the first quarter of 2002 is the largest increase in three years. The other increases are near the top increases in that same time period.

As for unemployment, in only four of the ten months has unemplyment increased as compared to the previous year when it increased every month. Again, the situation improves.

 

[REDWAVE]

Bush-- Hoover

"Prosperity is right around the corner."-- Herbert Hoover

 

[SINthysist]

REDWAVE is openly rooting for a Republican victory so things will get worse!

The rest of us are openly rooting for a Republican victory so things will get better!

The Dems don't give a shit one way or another as long as Hillary is President and they can raise taxes and get REDWAVE some help.

Libertarians can tell you, THAT'S ONE FAWKING WASTE OF TAXPAYER DOLLARS, but who listens to us?

 

[Don K Dyck]

Do the World a Favour . . .

REDWAVE is openly rooting for a Republican victory so things will get worse!

The rest of us are openly rooting for a Republican victory so things will get better!

The Dems don't give a shit one way or another as long as Hillary is President and they can raise taxes and get REDWAVE some help.

Libertarians can tell you, THAT'S ONE FAWKING WASTE OF TAXPAYER DOLLARS, but who listens to us?

Nobody SIN . . . but Redwave makes a lot of sense . . .

Maybe on Tuesday all the citizens of Florida will have ensured that they were properly enrolled and will vote against Jeb Bush to bring home the fact to the Dubyah Shrub Administration that the world DOES NOT WANT another war!!

Have your say . . . VOTE ON TUESDAY!!!

 

[SINthysist]

Don. The defeat of Jeb Bush has nothing to do with any statement on war and everything to do with vengance.

If it were hatred of war then the candidates that President Bush visited this last week would have experienced a drop in the polls instead of a rise in the polls.

Right now, the war isn't even a topic in America. Barely on the radar screen. Most of it's local. Who will appoint judges, control social security, guns, INS, jobs, the recession and just how bad is my opponenet, we-e-e-ell, let me tell you....