Wednesday, September 16, 2009

Read my lips, No new jobs


Plenty of stories this week about the Jobless Recovery we are supposed to be in the midst of .Its a jobless recovery . Would that be analogous to a foodless meal? We declare this dinner is technically a meal but no food will be served.

Wikipedia explains further and not surprisingly the term is “Bushian” in its origins. How can a grateful nation ever get even ...eh I mean repay that family?
Jobless recovery or jobless growth [!] is a phrase used by economists to describe the recovery from a recession which does not produce strong growth in employment. The phrase originated in the early 1990s in the United States to describe the economic recovery at the end of Pres. George H.W.Bush’s term.

No strong job growth for some time stated Ben Bernanke in a speech this week,
"Unfortunately, unemployment will be slow to come down. It will come down but it may take some time," he said. "Obviously, that's a very serious concern."
The US unemployment rate for August stood at a 26-year high of 9.7 per cent as 216,000 jobs were lost, while analysts say unemployment could yet reach 10 per cent.
As unemployment lingers state, municipal and local budgets are stressed to find revenue to cover their operating costs. Higher taxes are being considered on those most able to afford them .The ones that did so well in the past years of prosperity may be asked to contribute to the common good .
But an article in the Washington Post helpfully warns us away not to be tempted to tax those that can most afford it as they too feel the pain . World's Wealthy Pay a Price in Crisis: Nations Raise Taxes, Tighten Regulations.….In this land of inherited privilege and celebrity billionaires, it no longer pays as much to be rich.
It no longer pays to be rich! Does our suffering know no bounds, not only a jobless recovery but do we now have wealth-less wealthy? The article continues with a plea for sympathy and understanding for those at the top …But for some, it is beginning to feel like governments are piling on when it comes to the rich -- who, through lost real estate and stock values, have already shed untold billions

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