Saturday, May 04, 2013

Ten Bucks an Hour, Part-Time, No Benefits

That in a nutshell is what this "recovery" is all about. It isn't a recovery for millions of people who CAN'T recover economically thanks to Washington politicians who refuse to do one goddamned thing to implement jobs programs in order to spur demand.

The gangsters and globalists/neolibs who run this country couldn't care less. All they care about is driving down wages and salaries to third world levels.

Another indication in the jobs report of declining living standards was a fall in weekly hours worked. The figure declined to 34.4 hours in April from 34.6 in March. This drop in hours, combined with a paltry growth of 4 cents in hourly wages, means that weekly wages dropped sharply, by $3.39, a 4.8 percent annualized decline.

The scale of the economic retrogression since the Wall Street crash of 2008 is indicated by the near-record lows that continue to be recorded for the labor force participation rate and the share of the population with a job. The former (the share of people aged 16 and over who are working or actively looking for work) held steady in April at 63.3 percent, its low of the crisis and far lower than the pre-recession rate of 66.0 percent in December of 2007.

The share of the population with a job was 58.6 percent in April, down from 62.7 percent at the official start of the recession and the lowest proportion since the depth of the recession in the mid-1980s.

There are still 2.6 million fewer non-farm jobs in the US today than there were at the start of the recession. Taking population growth into account, 8.7 million new jobs are needed to bring the jobless rate down to what it was at that time. At the current rate of job-creation, and assuming no new financial crisis occurred, it would take more than five years to bring the jobless rate down to what previously were considered normal levels.

This is a depression, people, not a "recession," let alone a "recovery." Obama has no intention of doing one thing about it.

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