Monday, June 06, 2005

Where Are the Jobs?

In the process of trying to conquer and subjugate the world, BushCo has just about completed it's "Starve the Beast" plan and one of the results of that are decreasing wages, rising prices, loss of jobs, decreased private sector jobs, lack of living wages and union busting at its worst.

The following is a report by the Center for American Progress. The next time you hear any of those nut-jobs that make up BushCo articulating how good the economy is you can throw this report at them. (See this for list of BushCo members http://rightweb.irc-online.org/govt/index.php )

Yours in solidarity and peace
Jack

Where are the Jobs?
A Center for American Progress Report

Weak Job Market: The U.S. economy created a meager 78,000 new jobs in May 2005, far below the historic average monthly job growth. This poor job performance has become a trend; since March 2001, 44 months have seen employment growth below the historical average of 0.17 percent. Weak employment growth during the current economic recovery has created a massive jobs deficit. If employment had grown at the average rate during the first 50 months after a recession began, there would be 9.5 million more total jobs and 8.4 million more private sector jobs than there were in May 2005. Just to keep pace with population growth since the recession started in March 2001, the economy would have needed an additional 6.2 million jobs by May 2005.

Lack of Private Sector Jobs: The employment data released on Friday confirmed that in May 2005 the economy failed yet again to create its first net new private sector job since President Bush took office. While there have been an anemic 893,000 jobs created over the first 52 months of the Bush presidency, this is solely due to the 917,000 jobs created in the government sector that offset the 24,000 jobs lost in the private sector. Since the Great Depression, no other president who served at least 52 months has overseen a net loss in private sector jobs through this point.

Stagnant Wages: In addition to lack of job growth, real weekly and hourly wages have declined since the start of the recession. At a time when middle-class Americans are experiencing stagnant wages and vanishing benefits, CEO pay continues to rise.

Economic Concerns: The weak labor market raises concerns that are being echoed in recent retail sales numbers and in the bond markets. The U.S. and world economies may be edging closer to a crisis of deflation and insufficient demand. The U.S. government should implement policies that will both expand employment levels and raise wages.For more information on employment, see our three recent products:

Statement: May Employment Situation by Senior Fellow Scott Lilly
New Report: The Road to Zero by Senior Fellow Gene Sperling
Analysis: President Bush's Job Deficits by Senior Economist Christian E. Weller

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