Friday, November 07, 2008

NYT Headline: "Jobless Rate at 14-Year High After Big October Losses"…

posted by Bill Arnett @ 12:31 PM Permalink

…let me see now. Bush supposedly created 1.2 million jobs, a miniscule and almost insignificant number in his first seven years on the job. According to the article under this headline:
Employers shed 240,000 more jobs in October, the government reported Friday morning, the 10th consecutive monthly decline and a clear signal that the economic slowdown is troubling households and businesses.

Since August, the economy has lost 651,000 jobs — more than three times as many as were lost from May to July. So far, 1.2 million jobs have been lost this year.

“Clearly, these are very bad numbers,” said Nigel Gault, chief domestic economist at IHS Global Insight. “Businesses had been paring back for most of the year, but I suspect that it had been more caution on hiring rather than firing,” Mr. Gault said. “In September, they decided, ‘O.K., look, this isn’t just a mini-recession, this is a full-blown recession. We better take some action.’ And they did.”
So it took less than ONE year to wipe out all the jobs bush allegedly (and I say allegedly, as I never trust any numbers put out by bush) created during the last SEVEN years.

Way to go GOP! At this rate we will soon have CEOs and CFOs out riding tractors pulling plows while the rest of the Board picks the crops! (And, yeah, I know this is just a pipe dream, but it can't hurt to dream a little once and awhile, right?)

And BTW, I pick Nigel Gault, chief economist at IHS Global Insight as having made the understatement of the year when he said:
“Clearly, these are very bad numbers…"

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At 11:42 AM, Anonymous IludiumPhosdex said...

How do we know these "jobs" His Fraudulency supposedly created out of vapourware (so to speak) were really "make-work/fake-work" such (including "home business" and "work from home" scams)?

At 1:09 PM, Blogger Bill Arnett said...

I believe that the vast majority of jobs created were in government (which exploded in size under the "party of smaller government) and low-paying jobs in the food and service industries. The saddest fact is that we no longer PRODUCE anything, factory after factory closed, first steel, now textiles, and even sadder is the thought that if another country attacked us we could no longer build hundreds of airplane, and tens of thousands of trucks and jeeps a month, and a new liberty ship every three days as we did in WWII.

Now, we still haven't been able to upgrade the armor on Hummers at anything faster than FORTY a MONTH.

I fear that we would be annihilated before we had any chance to respond, and with our almost total lack of manufacturing ability, it wouldn't be that hard to beat a former superpower reduced to a banana republic by bush and friends.

Factor in our broken military and it just keeps gettin' worse.

Thank you for your comment.


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