The Scum at the Top
Commentary on the Rats in Washington
Does Anyone Care About Workers?
The St. Paul Union Advocate
© January 15-28, 2004
Page 4
For 2nd straight year, economy loses jobs
The US. economy created only l,000 new jobs in December, the
Bureau of Labor Statistics says, ending another dismal year in
which the economy again lost jobs.
Even though the U.S. supposedly has been out of recession for
more than two years - since November 2001 - the total number
of jobs actually fell by 331,000 in 2003. The nation lost 1.5
million jobs in 2002, making it the first time since World
War II that the U.S. lost jobs two years in a row.
In fact, there are 2.9 million fewer private-sector jobs than
when the recession officially began in March 2001. That is
two months after President George W. Bush took office. It is
also the same month Congress passed Bush's first round of
tax cuts favoring the wealthiest Americans.
Reality falls far short of promises. The latest job
statistics raise more doubts about Bush and his economic
forecasters, who promised a year ago that his tax cuts would
help the economy generate nearly 1.84 million jobs by the
end of 2003. As Bob Uecker's character in "Major League"
might say, he justed missed - by 1.615 million jobs.
The lousy job market continues to contradict indicators that
the economy is doing well - boom times in the stock market,
higher corporate profits, rising productivity, and a gross
domestic product that soared 8.2 percent in the third quarter.
"President Bush's economic policies are still failing to
produce the one economic indicator that matters most," said
AFL-CIO president John Sweeney, "good jobs that support
workers and their families."
Some details from the Bureau of Labor Statistics:
- Manufacturing lost 26,000 more jobs in December, the 41st
consecutive month of declines.
- The number of temporary workers increased 30,000, the eighth
straight month of increases and a further indication that
employers are reluctant to hire permanent help.
- The unemployment rate fell from 5.9 percent in November to
5.7 percent in December. Economists say this is entirely
because 309,000 workers quit the labor force, bringing the
nation's labor participation rate to 66 percent, the lowest
it has been since December 1991.
Compiled from the Economic Policy Institute and AFL-CIO
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E-mail: dwagner2@isd.net
©2007 DJW
Last Modified:
January 13, 2007