The deepening recession in the U.S.

Jose G. Perez jg_perez at
Fri Sep 5 17:10:25 MDT 2003

Another 100K jobs got whacked into the dustbin of history last month,
bringing the total job loss under the Bush administration to some
2,799,000 jobs in the civilian nonfarm sector.

The payroll number is a real number, not a politically massaged or
economically redefined yardstick. It is how many people got paychecks.
This is one figure than doesn't lie. And by this indicator, the one that
really counts for working people, the economy went into a recession as
soon as Bush finished unpacking in the White House after stealing the
elections and has not come out of it since.

Economists have been telling us how well the economy is doing and how
much productivity is rising and how this is wonderful for working
people. If unraveled to the end, I think this will be revealed to be
associated with a financial bubble, a huge mass of fictitious capital,
distorting figures through mechanisms like counting mortgage refinancing
as part of GDP. At this point all I want from the economists is some of
what they've been smoking.

Even while the number of people with jobs continued to plummet, the
unemployment rate edged down 1/10th of a percent. This is *more* bad
news, what it shows is the growing number of people who are abandoning
looking for work because they know there isn't any.


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