Saturday, January 9, 2010
Reality Check: AT LEAST 85,000 Jobs Lost!
What happened to all of the hype. For weeks, we've been subjected to continuous claims by Wall Street economist that the economy was recovering. We were told that in December, we were actually going to see a gain in employment. The government revised it's November numbers and claimed that we added 4,000 jobs. But then it admitted that the U.S. lost at least 85,000 jobs in the following month.
The Wall Street economist have argued that the decline in the rate of job loss is proof that the economy is getting better. They argue that we were losing 700,000 jobs in the beginning of 2009 and now that amount has declined. He's the problem with that argument. If the trend is going down then why did we see 85,000 more people lose their jobs. And if you examine how the government measure unemployment, you'll learn that hundreds of thousands of people have stopped losing for work. So this allows the government to excluded them from the unemployment counts and that's why the official unemployment number remained at 10%.