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FDR has some advice modern Democrats would be wise to follow

For nearly four years you have had an Administration which instead of twirling its thumbs has rolled up its sleeves. We will keep our sleeves rolled up. We had to struggle with the old enemies of peace—business and financial monopoly, speculation, reckless banking, class antagonism, sectionalism, war profiteering. They had begun to consider the Government of the United States as a mere appendage to their own affairs. We know now that Government by organized money is just as dangerous as Government by organized mob. Never before in all our history have these forces been so united against one candidate as they stand today. They are unanimous in their hate for me—and I welcome their hatred. I should like to have it said of my first Administration that in it the forces of selfishness and of lust for power met their match. I should like to have it said of my second Administration that in it these forces met their master.

-FDR, speaking at Madison Square Garden in 1936

Today’s Jobs Report and The False Recovery

I wrote a piece on Keystone Politics about today’s abysmal jobs report and what it means for our economy. It’s national in scope, despite being on KP.

Today’s jobs report brings the grim news that the economy only added 18,000 jobs in June. Just to keep up with general population growth, we need to create 150,000 jobs a month, meaning that anything less than that number means we’re actually losing jobs.

So today’s job report actually means that 132,000 people lost their jobs in June. Many of these jobs were teachers, firefighters, police officers, and other government workers we can no longer afford due to government shortfalls. Yet most economists say we’re not in a recession anymore. If this isn’t a recession, I’ll eat my hat.