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.

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