WASHINGTON (AP) -- The economy's 5.7 percent growth last quarter -- the fastest pace since 2003 -- was a step toward shrinking the nation's 10 percent unemployment rate.
There's just one problem: Growth would have to equal 5 percent for all of 2010 just to lower the average jobless rate for the year by 1 percentage point.
And economists don't think that's possible. [...]
Another way of looking at it: A net total of about 3 million jobs would have to be created this year to lower the average unemployment rate by 1 percentage point for 2010, economists estimate. Yet even optimists think the creation of 1 million net jobs is probably out of reach this year.
Monday, February 01, 2010
I suspect that by the time the midterm election passes, you'll be sick of hearing that phrase, but...well, it's important.
That's the conservative Republican legacy, folks! Thirty years of trickle down economics, of outsourcing, of cutting employment costs to the bone, have created an unemployment figure that will take six or seven years of astounding (and inflationary!) growth, just to lower the jobless rate back to the "full employment" level of 5% unemployment.
This is not to say that a liberal policy would have prevented unemployment in a time of economic crisis.
It is saying that the economic crisis would have been mitigated and the employment hemorrhage staunched with a liberal policy of protecting jobs, national health insurance, and a tamping down of the idiotic "me too-ism" of giving corporations more rights than individuals.
Conservatives put down the palying field here, folks. Liberals have had to respond in kind where necessary, holding our noses and jumping in despite the fact that it goes against our natures to delve into this kind of dirty business.
Economic royalty has had its due. I suspect it's in for a rude awakening in the 21st century. That ham-fisted attempt to corrupt the political process by a Supreme Court so up the asses of corporate America they ought to wear NASCAR-like sponsorships will not stand, and the politicians in Congress and the White House will only take the first steps to smooth ruffled feathers, but never enact real reform.
This is not a right vs. left issue. This is an Americans vs. Plutocracy issue, despite whatever nonsense Glenn Beck is spouting, masquerading as "populism".
Posted by Carl at 2/01/2010 10:21:00 AM