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« Sometimes i just link to Paul Krugman | Main | This is not a rerun »

Not doing so good

This is the 'maximum job loss aligned' chart.  Calculate Risk also has the 'starting-point aligned' chart.

Click the image to see Calculated Risk's analysis, and the post above it as well.

But instead i'm gonna quote this guy:

I feel like I'm in the movie Groundhog Day when it comes to the job numbers. I wake up on the first Friday each month to the same story -- subpar job growth, no budging in key indicators, the insanity of the "anti-stimulus" of bleeding government jobs - and then wake up to it again next month. This month looks like the past dozen: 80,000 jobs were created, while the government sector shed 24,000 jobs.
...
As unemployment only indicates the number of people actively searching for a job, and many are dropping out of the labor force and giving up on finding a job, the unemployment rate tells us less and less. And if the population is growing faster than the number of jobs created, we are losing out. The employment-population ratio tells us the actual rate at which we are employing people. It is currently at 58.4 percent, the same it was in January 2011.
...
But here's President Obama in the 2010 State of the Union giving the wrong message:
Now, I know that some in my own party will argue that we can't address the deficit or freeze government spending when so many are still hurting. And I agree -- which is why this freeze won't take effect until next year -- (laughter) -- when the economy is stronger. That's how budgeting works. (Laughter and applause.) But understand -- understand if we don't take meaningful steps to rein in our debt, it could damage our markets, increase the cost of borrowing, and jeopardize our recovery -- all of which would have an even worse effect on our job growth and family incomes.

Given that 2011 has been a lost year for the economy so far, this kind of deficit hawk aggression was the exact wrong call.

By fnord12 | November 4, 2011, 3:04 PM | Liberal Outrage