CNN: Poof: Another 800,000 jobs disappear

[brentspeak]

Unless the 30-years-ongoing radical policies that have allowed for massive offshoring of America's jobs is stopped, this story will be repeated and repeated indefinitely.

http://money.cnn.com/2010/02/04/news/economy/jobs_outlook/index.htm?section=money_mostpopular&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_mostpopular+%28Most+Popular%29

By Chris Isidore, senior writerFebruary 4, 2010: 9:55 AM ET

NEW YORK (CNNMoney.com) -- As bad as the government's jobs readings numbers have been during the Great Recession, we'll soon find out the real situation likely was worse.

Job losses during the recession may have been underestimated by close to a million jobs. So instead of employers cutting just over 7 million jobs from their payrolls since the economic downturn began in December 2007, it's expected that the Labor Department's new estimate will be a loss of 8 million jobs.

"It's an enormous understatement of the severity of the crisis," said Heidi Shierholz, labor economist with the Economic Policy Institute, a union-supported think tank. "It confirms that things were actually worse on the ground than what the reports suggested."

snip

"There's certainly a disconnect between economists like myself who say the recession ended in May or June and the person on the street who says the recession hasn't ended," said John Canally, economist LPL Financial. "This report is only going to widen that gap."

Yeah, I'd say there's quite a bit of "disconnect" there, idiot.

[niceypoo]

1. 16,000 jobs per state average

Wow. Maybe it is time to start breaking up banks. We are in a depression.

[phantom power]

2. Disconnect is a good word.

:eyes:

I wonder if it has occurred to many economists that it would help "re-connect" if they could adopt a vocabulary for discussing the economy which encompasses the fact that 10% unemployment (and rising) is a bad fucking economy no matter what their GDP numbers are doing.

[otohara]

3. Lost - Disappeared - Vanished

It's so damned disingenuous to constantly say these jobs were "lost", when in reality most were shipped.

[Beacool]

4. If someone says that jobs are a "lagging indicator", I'm going to slap them silly.

Millions are out of work, a jobless recovery is not about to solve their financial woes.

;(

[Turbineguy]

5. Most of the error

occurred while the Bush wrecking crew was running things. This is just another problem that the Obama Administration has to correct, in the process making themselves look bad. But if you look toward the future and rising stats, the numbers will look better, giving the repubs an even bigger headache.

Like most of the deficit is simply that we have actually added the cost of the wars, something that the US was getting for free during Bush.

Whatever growth took place during the Bush Administration was due to borrowing and dodgy bookkeeping. Not due to wealth creation.

Right now there is a lot of bad news getting pumped out. But like pumping out a septic tank, it's better to concentrate on the dropping level of shit than what's coming out of the hose.