The deepening recession in the U.S.

Eli Stephens elishastephens at hotmail.com
Fri Sep 5 17:19:43 MDT 2003


Jose wrote:

>The payroll number is...the one [indicator] that
>really counts for working people

Actually, the "one that really counts" isn't the number of jobs that don't
exist any more, it's the number of people who are out of work. The fact that
some of them are out of work because there aren't any jobs, and others are,
by some bogus capitalist economic definition, "discouraged" and no longer
looking for work, is a distinction without a difference to the worker who
doesn't have a job and isn't receiving a paycheck.

Just like the we are encouraged to focus our attention on "hostile" deaths
in Iraq only, and even then only those deaths "post-May 1", likewise the
administration and their handmaidens would like us just to focus on the
number of jobs lost because it is a lower number than the actual increase in
people without work. We should not go along with this.

I coined a phrase in my blog this morning which I rather like, so I'll
repeat it here to popularize it. The capitalist economists call this a
"jobless recovery," but what it is is a "job-loss" recovery (and, of course,
not a recovery at all).

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