Oct. 7 (Bloomberg) -- For the first time in three decades, a U.S. recession may wipe out all the jobs created during the previous expansion, according to Ed McKelvey, a senior economist at Goldman Sachs Group Inc. in New York.
Pending payroll revisions and the likelihood that employment will keep dropping in coming months mean the 8.3 million jobs created from 2003 through 2007 will be lost, McKelvey wrote in an Oct. 6 note to clients.
Wednesday, October 7, 2009
It's the Jobs, Stupid! It's the Jobs, Stupid!
While Obama prances off to Copenhagen or dresses up a bunch of doctors in lab coats, the economy continues to suffer and unemployment continues to rise. Even left wingers can no longer hide the obvious - from the Americans for Democratic Action: Real Unemployment Rate at 17%. Click here for a fun graphic way to look at the "real unemployment rate," it's from January, but the methodology is the same.
Now comes news from Bloomberg this morning: the U.S. Recession May Erase Prior Expansion's Job Gains. Lovely:
So, what does the Anointed One want to do? Build wind farms, tax productivity and socialize medicine. Great job programs all. At some point, the D's in Congress have got to start thinking about re-election. Based on the current trend, they are headed for a blood bath. How many more cliffs will this guy make them jump off of before they say "enough."