More Job Losses
The Bush economic juggernaut continues to roll right over everyone not directly connected to the GOP gravy train. See this WashPost article for reference.
So what happened last month? All the GDP growth produced...1000 jobs in December. Meanwhile, another 300,000 people stopped looking for work. So while the unemployment rate has "fallen", the far more important employment to population ratio is getting worse and worse.
We'll have to see what happens over the next few months.
Weak holiday hiring by retailers was to blame for holding back job gains. Analysts were surprised by the anemic job growth because they expecting companies to add 100,000 to 150,000 jobs to their payrolls last month. But the net gain was just 1,000 jobs -- which is "quite shocking," Cheney said. "I would certainly have not expected anything resembling that."
Cheney's shocked, huh? What the heck? Maybe the economy isn't quite as simple as tax cut in, standard of living up. Unless you're in that tip-top 1% or so, in which case you can't figure out which BMW or Mercedes you're going to spend your extra cash on (and it will take a lot of extra cash, 'cause the dollar has dropped by 25% versus the Euro).
There's a decided muting to the crowing of GOP cheerleaders...they're all happy about the GDP growth...but where are the jobs?
Oh yeah. They're overseas. And income mobility? Disappearing faster than Powell's "hard evidence" of WMD in Iraq. Raise taxes on the poor, decrease them on the wealthy...what's the effect of that? You prevent regular folks from ever saving up enough money to start their own businesses, and you lock into place the class hierarchy that's becoming increasingly evident in this society.
If you're in Bush's GOP elite, that's precisely what you want. And you're getting it, in spades.
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" You prevent regular folks
" You prevent regular folks from ever saving up enough money to start their own businesses, and you lock into place the class hierarchy that's becoming increasingly evident in this society."
Ross, Please remember Godwin's Law: Do not attribute to malice what may be explained by stupidity. While we may bicker and argue about the wisdom and net effects of the President's monetary policy, I don't doubt that he thinks he's doing right by America.
As for the elite, your analysis brings to mind smoke-filled back rooms where cabals of fat men in three-piece suits and pocket watches smoke cigars and dream up ways to enslave the working classes. I think simple greed explains all.
That-all being said, it is a curious recovery which does not lead to jobs. So perhaps the losses are systemic in nature, never to return. What then? A million and one nail salons?
Jobs are always a training
Jobs are always a training indicator of recovery. This recovery has just started. And don't forget, even our worst unemployment numbers are lower than, say, Germany's best.
Johno is right to castigate you. I am not in the top 1%, yet I certainly benefitted from the tax cuts. I imagine you did as well.
Your conception of the GOP Elite is a little flawed. The average movement conservative type, like me, is more representative of the conservative mainstream than any now mythical smoke filled room habitues.
We do not want to lock in class hierarchies. Despite the best efforts of class war advocates, very few people in this country have ever felt that there was a class system here. I know Mike would disagree with me, but the extraordinary income mobility of the American populace argues against your conclusion.
We don't want that. We want opportunity, for everyone. We want everyone to be rich. And, in historical terms, we have succeeded. The way to long term economic growth, proven time and again, is low taxes, a free market system, lack of excessive regulation and laws against monopolies.
Taking money away from those who have succeeded and giving it to those who haven't only confirms the poor in their status, ands the formerly rich to it either through outright confiscation or discouragement from entrepreneurial efforts. That is the way to a neo feudal poverty-wracked soceity. And the new aristocracy would be <shudder>social workers</shudder>.