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"Private sector added virtually no jobs during the last 10 years"

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girl gone mad Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Aug-08-09 02:30 PM
Original message
"Private sector added virtually no jobs during the last 10 years"
Job Growth Lacking in the Private Sector
New York Times

FOR the first time since the Depression, the American economy has added virtually no jobs in the private sector over a 10-year period. The total number of jobs has grown a bit, but that is only because of government hiring.

The accompanying charts show the job performance from July 1999, when the economy was booming and companies were complaining about how hard it was to find workers, through July of this year, when the economy was mired in the deepest and longest recession since World War II. For the decade, there was a net gain of 121,000 private sector jobs, according to the survey of employers conducted each month by the Bureau of Labor Statistics. In an economy with 109 million such jobs, that indicated an annual growth rate for the 10 years of 0.01 percent.

Until the current downturn, the long-term annual growth rate for private sector jobs had not dipped below 1 percent since the early 1960s. Most often, the rate was well above that.


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Barack_America Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Aug-08-09 02:43 PM
Response to Original message
1. B-but the Bush Tax Cuts create private sector jobs!
I know because Fox News tells me so!
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girl gone mad Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-09-09 04:50 AM
Response to Reply #1
8. That's what they promised..
keep cutting taxes and the money will just trickle right down.

Well, we kept our end of the bargain with 30 years of tax cuts for corporations and the wealthy.

I'm beginning to think they may not have been telling the truth.
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nightrain Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Aug-08-09 02:46 PM
Response to Original message
2. public works jobs anyone???
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fasttense Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Aug-08-09 03:05 PM
Response to Original message
3. See, and you thought the loss of your job and the new job at 75% less salary
Edited on Sat Aug-08-09 03:06 PM by fasttense
was all due to your silly insistence on getting the wrong Bachelor Degree.
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Captain Hilts Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Aug-08-09 05:42 PM
Response to Original message
4. Peter Drucker explained how economic growth and employment levels are now 'disengaged'. nt
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FatDave Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Aug-08-09 05:57 PM
Response to Original message
5. Does the private sector hire anybody any more?
I thought they just brought in contractors. Oh wait, they still hire managers to stand around talking to each other.
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BadGimp Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Aug-08-09 06:17 PM
Response to Original message
6. In short, I think we're Fucked. "Game Over Man".
I can't help but ponder the long tail impact of this trend. I can't help but see a very long depression like economic situation in America, because I see nothing on the horizon to counter this trend. Wars won't do it. Consumers spending is 72% of GDP, and we're (consumers) taped out debt wise. I do not see how increased Gov spending will do it since it can only effectively be a short term stimulus. The underlying forces that create sustainable jobs have been critically weakened and are only getting weaker.

IMO We gave away our economic advantage by sending our jobs off shore. We traded short term profits for the wealthy and cheap goods for the masses, for what?

Gov jobs are growing as the population grows and Heath Care grows as the population ages. I see no sustainable growth possible anywhere. This reminds me of a situation I encountered recently with my life savings. I was lucky enough to sell much of my holdings in a company I help build. The monthly interest I was earning went from thousands to hundreds as a result of the bubble collapse and the cratering of interest rates for savers. I was forced to do a complete restructuring of my plans going forward. I have lowered everything spending wise, and expect to keep on this path for years and years. Sound familiar?

From this point on we are just running the clock out. The economy that emerges from this period will look only vaguely similar to the one we had just recently. Just imagine a whole lot less of everything except pain and suffering.

Good luck friends. The god news is we will still have each other.
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unlawflcombatnt Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Aug-08-09 09:20 PM
Response to Original message
7. Exact;ly Right
This is verifiable from the Bureau of Labor Statistics at the following link:

http://data.bls.gov/PDQ/servlet/SurveyOutputServlet?&se...

Since August of 1999, there has been a net private job loss of -35,000.

We should had a booming economy during the Bush years, didn't we.

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notesdev Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Aug-09-09 09:32 AM
Response to Original message
9. Nothing virtual about it
There has been net zero job creation over the past decade. All the jobs our economy has created, have been created in other countries.

Make no mistake about it - this is directly due to the free traitor coalition in both parties. You can't trade freely with mercantilists.
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