THE RELENTLESSLY BAD JOB MARKET WILL IMPACT GNERATIONS TO COME
Today’s jobs report is so bad that it is hard to believe. Americans are disheartened. It’s time we realized that the job market may be bad for at least one more year. Have a seat, it’s going to be a long hot summer.
AMERICA SHOULD RUN AROUND IN CIRCLES AND FLAP ITS ARMS IN THE AIR
THE story of the American recovery is one of constant disappointment: two steps taken forward, followed inevitably by one step back. After a return to job growth in early 2010, trouble from Europe dampened American expectations and led to a summer swoon, to which the Federal Reserve ultimately responded with more monetary easing. The economy recovered its footing and added 1.5m jobs in the year to April of 2011, only to be dragged to the brink of a double-dip recession by soaring oil prices, a disastrous debt-ceiling showdown, and still more trouble from Europe. Early this year, it seemed as though the economy might finally have reached escape velocity. Private employment grew at the fastest pace of the recovery in January of 2012, and private employers added over 2.2m jobs in the year to February. Alas, the summer blues seem to have struck again.
America’s economy added just 69,000 jobs in May, according to a report released this morning by the Bureau of Labour Statistics.
AMERICA SHOULD CLOSE ITS EYES AND HOPE IT’S ALL A DREAM
Acts of desparation sometime work. If America’s leaders won’t act, American citizens must. They need to try something, anything. It is time to be desparate. When the job market returns, it will be too late to save many Americans. Those that were 55 years old at the beginning of the recession, are now 60. They have little chance to make up for the losses. Most will have permanent losses. Their retiremnets, their ability to help their children or grandchildren disappeared forever. Thus, the long-term unemployement problem will impact generations, yes generations.
But bad job market or not, a lot of us need to earn a living.