More cheery economic news today:
- *” Not only has the unemployment rate risen sharply to 7.2%, but the number of workers only able to find part time jobs (or have had their hours cut for economic reasons) is now over 8 million.
“Of course the U.S. population is significantly larger today (about 305 million) than in the early ’80s (about 228 million) when the number of part time workers almost reached 7 million, but the rapid increase in part time workers is pretty stunning.” (Calculated risk)
- * Brad DeLong offers some further context for the jobs numbers, observing that “And U-6–unemployed plus discouraged workers plus unable to fond a full-time job–is now at 13.5% of the labor force–and BLS ‘discouraged workers’ are a big undercount of the concept.” With so many able-bodied, working age people not actually working, we’re producing many fewer goods and services than we have the capacity to produce. (MY)
But these words from a noted economist are what concern me the most:
“Bottom line: Obama’s prescription for economic pain will at most be useless in encouraging short-term growth, while ensuring anemic longer-term growth for the next decade (and beyond) at the expense of Obama’s kids and my kids and yours.”
Think about that, libtards: Obama’s not even in office yet and he’s already sold his own kids down the river. Clinton didn’t do that until the Socksgate scandal.