It’s becoming more and more obvious, the disconnect; as Robert Reich points out below, unemployment stays high as corporate profits soar. Not that the disconnect wasn’t always present (“always” means post-Reagan, the outer limit of anyone’s memory these days). But it’s getting harder to hide, and they’re not taking much pains to keep it under wraps.
This Countdown segment does a nice job of making the disconnect plain. Corporate America has created 1.4 million jobs abroad — enough to reduce American unemployment nearly 1% if created here. Can’t get much more obvious.
Susie Madrak – All Bets Are Off. Without A Real Unemployment Benefits Extension, This Tax Cut ‘Compromise’ Isn’t Worth Crap.
From Crooks and Liars:
By Susie Madrak
Posted: 09 Dec 2010 07:00 AM PST
(H/T to maymay)
In the words of Emily Litella, “Never mind.”
Never mind that I thought the rest of the tax cut deal was worth swallowing, because that was when I thought there were 13 months’ additional unemployment benefits in the picture. There aren’t. It only maintains the status quo.
According to Calculated Risk, this is just the same kind of “bridge” legislation we’ve seen before, in which people who were eligible for the next level of extensions (but couldn’t get them because they expired) are now eligible to move on to the next extension level.
This deal isn’t worth a bucket of warm spit, as my mother used to say.
Arthur Delaney at Huffington Post:
The programs provide up to 73 weeks of federally-funded benefits for workers who exhaust 26 weeks of state benefits. The average weekly benefit is about $300, and the total cost of a yearlong reauthorization is roughly $60 billion. Republicans and conservative Democrats ostensibly concerned about the deficit impact of the benefits have blocked several attempts to renew them in the past couple weeks, but they’ve signaled they will relent if the benefits are attached to the even-costlier tax cuts for the rich.
Some 800,000 laid off workers have already received cutoff notices, and another 1.2 million will stop receiving benefits by the end of the month unless Congress reauthorizes the recently-lapsed programs..
In other words, please curl up in your cardboard box and die. We wouldn’t want to upset the bond market, would we?
It’s simply amazing that the White House is allowing the press (and the voters) to think otherwise. I mean, does Obama think they won’t notice when their checks are shut off?
This is the same trick they pulled back in March. The 99ers weren’t able to rally the troops because the media (and the general public) thought Congress had approved additional aid, when all they did was fund the existing extensions.
Yes, it preserves the existing benefits. Well, why the hell shouldn’t they? Obama expects applause for this? In the name of common decency, this shouldn’t even be an issue. And in exchange for this emergency support, basic humane aid, we’re supposed to give away the store so that millionaires and billionaires can make even more money?
All this money for war, for banks, for big business, and nothing for the people getting buried by the economic fallout.
By Michael T. Snyder
The following are 25 unemployment statistics that are almost too depressing to read….
#1 According to the Bureau of Labor Statistics, the U.S. unemployment rate for November was 9.8 percent. This was up from 9.6 percent in October, and it continues a trend of depressingly high unemployment rates. The official unemployment number has been at 9.5 percent or higher for well over a year at this point.
#2 In November 2006, the “official” U.S. unemployment rate was just 4.5 percent.
#3 Most economists had been expecting the U.S. economy to add about 150,000 jobs in November. Instead, it only added 39,000.
#4 In the United States today, there are over 15 million people who are “officially” considered to be unemployed for statistical purposes. But everyone knows that the “real” number is even much larger than that.
#5 As 2007 began, there were just over 1 million Americans that had been unemployed for half a year or longer. Today, there are over 6 million Americans that have been unemployed for half a year or longer.
#6 The number of “persons not in the labor force” in the United States recently set another new all-time record.
#7 It now takes the average unemployed American over 33 weeks to find a job.
#8 When you throw in “discouraged workers” and “underemployed workers”, the “real” unemployment rate in the state of California is actually about 22 percent.
#9 In America today there are not nearly enough jobs for everyone. In fact, there are now approximately 5 unemployed Americans for every single job opening.
#10 According to The New York Times, Americans that have been unemployed for five weeks or less are three times more likely to find a new job in the coming month than Americans that have been unemployed for over a year.
#11 The U.S. economy would need to create 235,120 new jobs a month to get the unemployment rate down to pre-recession levels by 2016. Does anyone think that there is even a prayer that is going to happen?
#12 There are 9 million Americans that are working part-time for “economic reasons”. In other words, those Americans would gladly take full-time jobs if they could get them, but all they have been able to find is part-time work.
#13 In 2009, total wages, median wages, and average wages all declined in the United States.
#14 As of the end of 2009, less than 12 million Americans worked in manufacturing. The last time that less than 12 million Americans were employed in manufacturing was in 1941.
#15 The United States has lost at least 7.5 million jobs since the recession began.
#16 Today, only about 40 percent of Ford Motor Company’s 178,000 workers are employed in North America, and a big percentage of those jobs are in Canada and Mexico.
#17 In 1959, manufacturing represented 28 percent of U.S. economic output. In 2008, it represented 11.5 percent.
#18 Earlier this year, one poll found that 28% of all American households had at least one member that was looking for a full-time job.
#19 In the United States today, over 18,000 parking lot attendants have college degrees.
#20 The United States has lost a staggering 32 percent of its manufacturing jobs since the year 2000.
#21 As the employment situation continues to stagnate, millions of American families have decided to cut back on things such as insurance coverage. For example, the percentage of American households that have life insurance coverage is at its lowest level in 50 years.
#22 Unless Congress acts, and there is no indication that is going to happen, approximately 2 million Americans will stop receiving unemployment checks over the next couple of months.
#23 A poll that was released by the Pew Research Center back in June discovered that an astounding 55 percent of the U.S. labor force has experienced either unemployment, a pay decrease, a reduction in hours or an involuntary move to part-time work since the economic downturn began.
#24 According to Richard McCormack, the United States has lost over 42,000 factories (and counting) since 2001.
#25 In the United States today, 317,000 waiters and waitresses have college degrees.
From the Economist’s View:
Posted by Mark Thoma on Tuesday, December 7, 2010