Six Job-Seekers Chase Every Job
From the New York Times...
Despite signs that the economy has resumed growing, unemployed Americans now confront a job market that is bleaker than ever in the current recession, and employment prospects are still getting worse.Job seekers now outnumber openings six to one, the worst ratio since the government began tracking open positions in 2000. According to the Labor Department's latest numbers, from July, only 2.4 million full-time permanent jobs were open, with 14.5 million people officially unemployed.
President Obama was apparently unimpressed by this news when it reached him in yet another TV studio where he was emitting still more meaningless blather.
"Maybe those are big numbers," Obama quipped, "but... I can't count!"
(Mr. Obama was probably referring to his puzzling announcement that "I have been in office for just nine months -- though some days it seems a lot longer," on September 22 at the UN, only eight months and two days after his inauguration.)
And since nobody cares about unemployment when there are much more fun things to think about, like those evil Republican racists and their latest shenanigans, the rest of this diary consists of a semiotic and psychoanalytic analysis of Obama's slip, quip, gaffe, or goof about "nine months," beginning with the Freudian headline...
Obama's Occult White-House Pregnancy!
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(It's teh humor!)
















These Republicans?
September 26, 2009 11:02 PM | Reply | Permalink
From the Bureau of Labor Statistics
...In August, employers took 2,690 mass layoff actions involving 259,307 workers. Mass layoff events increased by 533 and associated initial claims by 52,516 from July. Over the year, events increased by 803 and initial claims by 70,356. Year-to-date events and initial claims reached new program highs.
...In August, 27 states and the District of Columbia reported over-the-month unemployment rate increases, 16 states registered decreases, and 7 states had no change. Nonfarm payroll employment decreased in 42 states and the District of Columbia and increased in 8 states.
http://www.bls.gov/
Googling "unemployment statistics" generated 7.12 million hits.
From Robert Reich right here on TPM on 9/22/2009:
So how can the Dow Jones Industrial Average be flirting with 10,000 when consumers, who make up 70 percent of the economy, have had to cut way back on buying because they have no money? Jobs continue to disappear. One out of six Americans is either unemployed or underemployed. Homes can no longer function as piggy banks because they’re worth almost a third less than they were two years ago. And for the first time in more than a decade, Americans are now having to pay down their debts and start to save.
Even more curious, how can the Dow be so far up when every business and Wall Street executive I come across tells me government is crushing the economy with its huge deficits, and its supposed “takeover” of health care, autos, housing, energy, and finance? Their anguished cries of “socialism” are almost drowning out all their cheering over the surging Dow. The explanation is simple. The great consumer retreat from the market is being offset by government’s advance into the market. Consumer debt is way down from its peak in 2006; government debt is way up. Consumer spending is down, government spending is up. Why have new housing starts begun? Because the Fed is buying up Fannie and Freddie’s paper, and government-owned Fannie and Freddie are now just about the only mortgage games remaining in play.
Why are health care stocks booming? Because the government is about to expand coverage to tens of millions more Americans, and the White House has assured Big Pharma and health insurers that their profits will soar. Why are auto sales up? Because the cash-for-clunkers program has been subsidizing new car sales. Why is the financial sector surging? Because the Fed is keeping interest rates near zero, and the rest of the government is still guaranteeing any bank too big to fail will be bailed out. Why are federal contractors doing so well? Because the stimulus has kicked in.
In other words, the Dow is up despite the biggest consumer retreat from the market since the Great Depression because of the very thing so many executives are complaining about, which is government’s expansion. And regardless of what you call it – Keynesianism, socialism, or just pragmatism – it’s doing wonders for business, especially big business and Wall Street. Consumer spending is falling back to 60 to 65 percent of the economy, as government spending expands to fill the gap.
The problem is, our newly expanded government isn't doing much for average working Americans who continue to lose their jobs and whose belts continue to tighten, and who are getting almost nothing out of the rising Dow because they own few if any shares of stock. Despite the happy Dow and notwithstanding the upbeat corporate earnings, most corporations are still shedding workers and slashing payrolls. And the big banks still aren't lending to Main Street.
Trickle-down economics didn't work when the supply-siders were in charge. And it's not working now, at a time when -- despite all their cries of "socialism" -- big business and Wall Street are more politically potent than ever.
http://tpmcafe.talkingpointsmemo.com/talk/blogs/robert_reich/2009/09/why-the-dow-is-hitting-10000-e.php#more
It is likely that the situation would be worse without government action. How do you get consumers to spend money when they know that they should be saving because of a shaky economic situation, and concern about losing their own jobs?
There are ways that government could coerce banks to lend money which should help businesses and may lead to more hiring.
One reason that there aren't more economic posts is because the situation is so complex that iti s difficult to know what to attack first. Many of us read Paul Krugman, Robert Reich, Steve Pearlstein, etc. to get a clue to what's actually important. It is not that people are not payng attention.
September 26, 2009 11:38 PM | Reply | Permalink
Thanks for your thoughtful comment, rmrd, but I can't give it the attention it deserves at the moment, because some front-page poster at TalkLeft is attacking me with all conceivable insults, and, as Marlow Stansfield once said on the Wire...
"My name is my name!"
September 26, 2009 11:51 PM | Reply | Permalink
This rather lackluster diary was short-circuited by some hysterical Clintonistas on TalkLeft raging about my comment that Bill Clinton was edging toward privatization of Social Security immediately before the Monica Lewinsky scandal broke.
Follow the fireworks here, until they delete my thread.
September 26, 2009 11:47 PM | Reply | Permalink
I think I'll pass on your invitation. Your whiney drivel here on tpm is bad enough.
September 27, 2009 9:23 AM | Reply | Permalink
You should "pass," chump!
How much fun can it be for you to get beaten down by the facts, over and over and over?
...unless you happen to swing that way, you kinky little pseudonym!
September 27, 2009 9:47 AM | Reply | Permalink
I don't know which way your RIDGEPOLE sways, but I wouldn't be calling MY pseudonom "kinky," ROOTabega!
September 27, 2009 6:18 PM | Reply | Permalink
After 8 years of the our War President George W. Bush and his Republican administration did anyone expect prosperity? Payback is a bitch America!
Please nothing more on Monica and what Clinton was 'edging toward'.
September 27, 2009 12:20 AM | Reply | Permalink
Bill Clinton's support for "partial privatization" is documented on that thread on Talk Left from five different sources.
Read them and weep, Buckwheat!
September 27, 2009 12:29 AM | Reply | Permalink
Re: the welfare reference, there are typically groups besides government who evaluate effects of legislation like this. Nothing anecdotal? Millions of black women tossed in the street like so many old car air fresheners? Sorry, unlike the number of black men incarcerated by 3-strikes, the disparagement of welfare reform has always seemed empty anecdotal - "someone must have suffered, why doesn't anyone care?"
Regarding the partial privatization, yeah, might have given Republicans a foot in the door to shove their way in with, or might have actually been implemented reasonably back at a time when we had a stock exchange we halfway trusted (along with a government we halfway trusted). Maybe Clinton's compromise would have looked like IRAs Mach II. Don't know. But thank God for Monica, she saved us from that and so much else.
September 27, 2009 2:18 PM | Reply | Permalink
And to make it clear I'm not just a shill for Clintons, I'm rather annoyed with the "show us, prove to us by October 1" bit what the IAS already says Iran isn't doing. Prove a negative. Maybe Iran has hidden its nukes in Syria. Maybe Iran bought Iraq's old ones and brought them out from secret containers buried in Kurdish oil wells. Prove you didn't, Iran!!! And then there's the Republican side, even sillier - "What we're trying to do here eventually is to get a regime change with a group of people in there that are more representative of the Iranian people -- who we really can talk with in a way that might end up with a good result." Right, these are opposing statements - representative of Iranians and leading to a good result. Well, boom goes Israel, step #1 with any "representative" government. Didn't Bush push for regime change with "Axis of Evil" and that's how we went from the reformer to Ahmadinejad? Is it "Please the Israeli Lobby 24x7" in Washington?
September 27, 2009 2:23 PM | Reply | Permalink
I'm sure you "not just a shill for the Clintons," and your personality probably has many, many other aspects!
Even BTD on TalkLeft isn't just a shill for the Clintons, and if I ever get tired of beating that sucker like the family pig, maybe he and I and Hillary Clinton can chug a few beers in Foggy Bottom!
Because otherwise, like Sergeant Crowley, I might litigate, and win, just like Sergeant Crowley.
September 27, 2009 3:36 PM | Reply | Permalink
"...you're..."
September 27, 2009 3:37 PM | Reply | Permalink
Thought you were speaking baga-bonics
September 27, 2009 4:10 PM | Reply | Permalink
Businesses won't hire unless there's a profit to be made in the exercise. With so many people out of work and those who have jobs are cutting back on spending only for necessities, chances are slim to none of any profit for the effort so the free market is going to sit this one out. So what does a government do? Keep paying people unemployment benefits and giving out free health care? Better yet, how does the government spur industry to put people to work? The more people working means more money in the economy means more disposable income to purchase more goods and services. I suspect the market is too use to the high rate of return they were getting before the collapse and are too wary to proving the same goods and services at reduced prices. Damn vicious cycle! Of course Congress isn't helping with their health care legislation requiring people purchase insurance at rates that suck up any disposable income that would under normal circumstances be earmarked for purchasing goods and services to spur the economy. If we rely on capitalism to get the economy back on its feet, it'll take a few decades to accomplish. On the other hand, Obama could follow FDR and create long term government works projects that needs men, women and materials so that it injects cash into the pockets of the public, not businesses, so as to stimulate the business sector into hiring more people to increase production to meet the demand. But that's socialism and the republicans won't stand for that. So we all just sit back and watch this country slowly wither away because some people haven't the common sense to see the country is wrecked by greed and ignorance.
September 27, 2009 3:16 AM | Reply | Permalink
Thanks for commenting, Beetlejuice.
There's also a slight variation on the FDR public-works model, which really starts at the bottom, recommended by Minsky and described by me here.
September 27, 2009 4:20 AM | Reply | Permalink
Woman Willing To Work Here!
Woman willing to hold up a sign while men pave a highway right behind her. Woman willing to direct traffic around the left, middle or right lane while others repave and rebuild it. Woman willing to wear a hat and sunscreen and a sign and an orange vest, while getting gov't pay and benefits, at best, directing traffic around the workers behind her, repaving and rebuilding our roads and highways and bridges.
I'll also gladly take a green job, whatever that may be, and whenever it comes along.
Just sayin'.
September 27, 2009 6:15 AM | Reply | Permalink
That's exactly Hyman Minsky's plan!
(The same Minsky as in "Minsky moment.")
September 27, 2009 9:50 AM | Reply | Permalink
I know that, silly! That's why I'm advertising here.
Sheez.
September 27, 2009 10:05 AM | Reply | Permalink
Apparently your avatar isn't an actual contemporary photograph of yourself. You sound very grown-up indeed!
My mistake!
BTW my housekeeper went back to Guatemala one step ahead of la Migra, and I'm always hiring!
September 27, 2009 11:10 AM | Reply | Permalink
Wouls you like a piece of candy, little girl?
September 27, 2009 11:37 AM | Reply | Permalink
Hmmm, Ruta -- "always hiring..." Not promising, that; maybe the turnover is caused by the necessity for housekeeper to regularly encounter a neon blue vegetable with pointy teeth....
So maybe an employment contract, written by the housekeeper and signed by the employing vegetable, with provisions like these?
1) Housekeeper shall be responsible for stocking kitchen larder, but shall not be responsible for inspecting vegetables for scale or rot; housekeeper reserves the right to parboil any vegetable found to be past its prime;
Etc.
What do you think? :-)
September 27, 2009 1:50 PM | Reply | Permalink
I think my "joke" about Guatemala was dumb and pointless, and I think you're nice not to jump on it.
It was only because I was mesmerized by "la Migra!" Just the sound of it!
It's like something out of a Dickens novel in Spanish, or a monster from Grimm, or a terrible case of shingles or some other skin disease.
La Migra! Migraine headaches, meager pay, occult blood in urine!
September 27, 2009 3:21 PM | Reply | Permalink
Your jokes are serious and your blogs are jokes. Go figure!
September 27, 2009 6:24 PM | Reply | Permalink
.....And since nobody cares about unemployment when there are much more fun things to think about, like those evil Republican racists and their latest shenanigans,
There is an assumption by some that if others are not discussing the topic that they consider important at a given point in time, everyone else is a part of the great unwashed. When this assumption is demonstrated repeatedly, it becomes tiresome.
If a person is not interested in the topic of racism in the Republican party, for example, one is free to ignore or ridicule the posts on the subject. The person should realize that other bloggers who are interested in the topic of GOP racism will consider the person to be blind to the obvious. In truth, GOP racism and the stagnant economy will not be effected by the opinions noted on a blog.
Regarding the economy, some predicted that the stock market would be reach 5000 under Obama. Nobody predicted rapid job growth. There is a school of thought that it really doesn't matter how the stimulus money gets spent. Funding a study on brothels in Nevada requires pens, paper and computers, and people to do interviews. Repairing infrastructure requires workers and computers to keep track of the materials and track deadlines. Both methods boost the economy.
Most early job growth will be in the government, not the private sector.
However, many newly employed or re-employed people will still tend to save rather than spend money. Christmas spending will not be breaking any records. expect Christmas advertising to coincide with Halloween. The long term problem is how to get consumers spending again.
September 27, 2009 2:57 PM | Reply | Permalink
Some days, I really hate my minimum wage fast food job. It's nothing like the Army, in job requirements or pay/benefits.
But I am really thankful that I can at least say I'm bringing home a paycheck.
September 27, 2009 4:39 PM | Reply | Permalink
Well, now, i like my rutabaga fried lightly; it carmelizes the natural sugars.
Listen, ya big blue veg! You know Obama hates the unemployment numbers, and he ain't ginnin' up the racial debate, but tryin' to tamp it down.
The Minsky idea I like, the same way I thought some homeowners in default could have gotten more rescuing; the program that O's team put in place didn't help anyone except the ones who really didn't need it. Fah! Plenty of folks are making a killing on those foreclosed houses, and are danged proud ot it.
But Minsky's idea of minimum wage workers getting put to work: That would take bureaucracy, too, which is partly why the "shovel-ready projects" weren't so shovel-ready: layers of gummint regs, often state regs.
September 27, 2009 7:02 PM | Reply | Permalink
a killing on those foreclosed houses
Slick move, you vultures. Live in a house full of heartbreak and bad luck. Inside of six months you'll be divorced/in rehab/ in custody...
(Offer: I will fund the study--there's a PhD here...)
What a shame we never had a president with true vision, one who understood the need to guarantee every person a minimum income....
September 27, 2009 8:08 PM | Reply | Permalink
Ever read or see the movie "House of Sand and Fog"?
Good example of not profiting from another's misfortune, although the poignancy of the tale was in seeing both sides.
September 27, 2009 8:12 PM | Reply | Permalink
powerhouse cast--I haven't seen it, but deduce from the synopsis that it confronts the dual nature of the "bargain" sale.
September 30, 2009 2:20 AM | Reply | Permalink
powerhouse cast--I haven't seen it, but deduce from the synopsis that it confronts the dual nature of the "bargain" sale.
September 30, 2009 2:37 AM | Reply | Permalink