Long-Term Unemployment Proves Economic Austerity Folly

The Bureau of Labor Statistics showed little change in long-term unemployment in March, with 4.6 million Americans being tossed away like garbage. These are people who want a job but cannot find one, and their elected representatives are doing nothing about it. Republicans, particularly congressional Republicans, have shown very little concern for the unemployed. They reject any attempts to stimulate the economy, and when the long-term unemployed try to get by on unemployment benefits, Republicans try to snatch that from them as well.

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Fact of the Day: In 2012, Corporate Profits Hit Record 11.1 Percent Of GDP

Corporate Profits - Percent of GDP - Quarter 3, 2012It might only be four years and change since the worst economic downturn since the Great Depression, but you wouldn’t know it if you looked at corporate profits of late. In the 3rd quarter of 2012, corporate profits hit an all-time high of 11.1% of Gross Domestic Product (GDP). This is at the same time that the unemployment rate is still nearly 8%, and wages are stagnant or worse.

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Employment Situation: ‘Losing Faith In Humanity’ Edition

When you see an article titled (“73% of New Jobs Created in Last 5 Months Are in Government“) you know you need to take a deep breath and say aloud “serenity now.” Because anybody who has paid attention to the Bureau of Labor Statistics reports over the past months and years knows that the public sector (i.e. “government”) has shed jobs almost every month in the aftermath of the Great Recession. And if you wish to maintain your sanity, I advise you to steer clear of that article’s comments section.

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Jack Welch And The ‘Unemployment Truthers’

Jack WelchAfter the Labor Department released the September job numbers, revealing the unemployment rate dropped to 7.8% (below 8% for the first time during Obama’s presidency), the right-wing lunatic asylum kicked into full-bore conspiracy mode. First we had “9/11 truthers, ” then we had “birth certificate truthers (birthers),” then just last week we had “poll truthers,” and now this week we have “unemployment truthers,” led by former GE CEO Jack Welch.

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Unemployment Rate Falls To 7.8 Percent, Ending Another Republican Talking Point

There goes one more Republican talking point against President Obama. Just as Mitt Romney and Republicans can no longer say there are fewer jobs now compared to when Obama took office, they also cannot say the unemployment rate has been above 8% for (x) months. That’s because today the Labor Department released September’s job numbers and the unemployment rate fell to 7.8% from 8.1% in August. It’s the lowest unemployment rate in 44 months, equaling the unemployment rate when President Obama took office. Note that the unemployment rate peaked at 10% later in 2009, so the economy has shown steady improvement for three years.

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The Political Spin Of The Jobs Report

Another jobs report, more spin by both sides. The reality is that the economy is creating jobs but it’s not really improving, it’s just treading water. Unfortunately many think Romney would do a better job, but he and his fellow Republicans are what stand between the current stagnant economy and an economy creating the jobs needed to return to full employment. When Romney says Obama’s policies aren’t working he is being disingenuous. Obama’s policies are the American Jobs Act, proposed last September, but Republicans want nothing to do with it. Why? Because it would work.

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‘Only’ 120,000 Jobs Added In March, But Public Sector Job Losses Continue To Shrink

The Bureau of Labor Statistics reports that 120,000 jobs were added to the U.S. economy in March. This is the 15th straight month of job gains when combining public and private sector. It is the 25th straight month of private sector job growth. The unemployment rate dropped from 8.3% to 8.2% but this was largely due to people dropping out of the labor market. The breakdown for March is 121,000 private sector jobs added and 1000 public sector jobs lost.

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