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http://www.bearridgeproject.com/2009/06/according-to-article-on-msnbc-green.html
Friday, June 26, 2009

This Aint No Stinkin Recovery

According to an article on MSNBC the “green shoots” of recovery are showing themselves and the economic free fall is bottoming out. As we all know this is pure propaganda. We are no where near the bottom and will never see the recovery...the days of American economic dominance are over.

“Despite persistent layoffs, the economy seems to be faring better than it was at the start of the year.

The Labor Department said Thursday that new jobless claims jumped unexpectedly last week. And the number of people continuing to receive unemployment aid rose more than expected.

The figures indicate that jobs remain scarce even as the economy shows some signs of recovering from the longest recession since World War II.”

We are still losing hundreds of thousands of jobs each month. Recently media has pointed to the slowing in unemployment rolls as an indicator that the rate of decline is slowing. This really only shows that the people are running out of their six month supply of unemployment benefits and dropping off the back end of the meter.

The American economy must grow at a rate of 125,000 jobs every month to keep up with the young workers entering the job market. We are still losing in excess of 300,000 jobs monthly. These workers are the only people who can bring us out of this great recession. Our economy is built on people buying stuff and if your job is in jeopardy you simply won’t be spending money. You save it if you still have a job.

“The nation’s unemployment rate hit a quarter-century peak of 9.4 percent last month when employers eliminated 345,000 jobs. Joseph LaVorgna, chief U.S. economist at Deutsche Bank, forecasts that employers will have cut a net total of 325,000 jobs this month and the unemployment rate will rise to 9.6 percent. The June employment report will be released July 2.”
In other words America is down an additional 920,000 plus jobs for May and June. Almost 1 million jobs cut in the past two months. Add service sector jobs that support those Americans and you are probably looking at 1.2 million. This is not a recovery in any way.

These jobs are gone forever and won’t be coming back. Jobs growth is the only true meter of economic recovery that matters. Don’t believe the propaganda, plan accordingly you need to be able to feed and protect your family for at least three years.

Posted by BigBear at 5:39 AM 4 comments

Labels: Survival