The Economy is even Worse than you think

[katty]

more: http://online.wsj.com/article/SB124753066246235811.html

By MORTIMER ZUCKERMAN
The recent unemployment numbers have undermined confidence that we might be nearing the bottom of the recession. What we can see on the surface is disconcerting enough, but the inside numbers are just as bad.

The Bureau of Labor Statistics preliminary estimate for job losses for June is 467,000, which means 7.2 million people have lost their jobs since the start of the recession. The cumulative job losses over the last six months have been greater than for any other half year period since World War II, including the military demobilization after the war. The job losses are also now equal to the net job gains over the previous nine years, making this the only recession since the Great Depression to wipe out all job growth from the previous expansion.

Here are 10 reasons we are in even more trouble than the 9.5% unemployment rate indicates:

- June's total assumed 185,000 people at work who probably were not. The government could not identify them; it made an assumption about trends. But many of the mythical jobs are in industries that have absolutely no job creation, e.g., finance. When the official numbers are adjusted over the next several months, June will look worse.

- More companies are asking employees to take unpaid leave.

[Mojambo]

1. Impossible, because I think this economic dynamic is hopeless. n/t

[Bruno A. lives]

2. The economy is worse than you think.

I agree. I have worked in public service (criminal/prisons)
for 25 years.  The number of people applying for our services
are staggering.  There are thousands of young (20-35) people
living on the streets, in camps or with their grandmas.  No
one in the media is commenting on this.  (please be kind this
is my first post)

[Tansy_Gold]

3. Welcome to DU!

You're right -- it's much worse. The media is NOT telling the whole story.

We here at DU are trying to make up for their lack.


Tansy Gold

[Bruno A. lives]

7. Thanks

Thanks for the welcome. I have been lurking since 2001 and have never replied because someone else has always said it for me. Today felt like a good day to join. Thanks Tansy_gold.

[county worker]

4. Welcome to DU.

[Bruno A. lives]

8. To County Worker

Thanks for the welcome. I, too, am a County worker and an artist. Always felt that if I had to earn a paycheck, giving back to my community was the way to go. B.

[county worker]

9. I am a cost analyst. I'm home today though.

[katsy]

6. You're experience is most welcome!

And welcome to DU :hi:

[Bruno A. lives]

12. The economy is worse than you think.

Thanks Katsy and thanks for the kudos for my experience.

[The Hope Mobile]

17. Welcome to DU! nt

[CHIMO]

5. What

Brings Murdock out on this negative talk. This is the WSJ trying to talk things up.

Wonder what has happened at the WSJ?

[pokercat999]

10. The article just states the facts as a lot of people believe them

to be. The real question is what can be done about it? There are a few good ideas out there but most require pain from the elite and rich or at least re-routing the next "stimulus package" directly to the working class....not gonna happen.
Jobs are the obvious answer but where are those jobs coming from? With so called American corporations moving millions of blue and in recent years white collar jobs off-shore, never to return, we need new industries to hire our millions of un and under employed. Where are the huge government grants to start these new green industries? Where are the millions or maybe billions to eliminate fossil fuels from our system? Re-work our transportation systems nation-wide?
I read about a plan to pay down mortgages to 80% of the MARKET VALUE of the home then refinance at 3% on a government loan to help stem the tide of foreclosures but that isn't going to happen and even if it does something will have to be done about the unemployed. No job, no money = FORECLOSURE

My guess is that Mr Zuckerman being one of the elite, would not approve of any idea or action targeted at the working class.

[Amos Moses]

11. "The average worker saw no wage gains in June,

... with average compensation running flat at $18.53 an hour".

I sure would like to be paid like an "average worker".

[Tansy_Gold]

13. Yeah, me too.

Never even been close.

I'd like to know what they mean by "average" and just how they come up with that figure. All the wages divided by all the hours worked? :eyes:



Tansy Gold, also a former cost analyst

[earth mom]

14. Shh....no one is supposed to know that things are this bad.

The cheerleaders might start crying. :eyes:

[DemReadingDU]

15. Probably won't hear about this on TV

To most people, if it isn't on the 6pm news, it's not important.

:crazy:

[Jakes Progress]

16. Yes, because everyone knows

that worrying about the economy means that you are a racist, fascist, hater who wants republicans back in power.