Wednesday, November 16, 2011

The US today: economic stagnation, political paralysis | Mark Weisbrot

9:01 AM | Posted by Free Game Zone | Edit Post

Unemployment

Given the mass and blocked stimulus spending in Washington, few people ask is the street

monthly employment report in September, released Friday, shows how America remains an economic recovery might be different from a recession to most people, almost four years after the Great Recession began . The unemployment rate remained at 9.1% in the household survey. With a jump of 342 000 thousand additional working involuntary part-time, broader measure of the Department of Labor unemployment (including those workers and others who have stopped looking for work because they can not find it) has increased by almost a record 16.5% of the workforce.

As my colleague Dean Baker has pointed out, the 103,000 jobs created in September brought the total number of jobs added in the last three months and just enough to keep pace with population growth active. If current trends continue, we will seek to abnormally high levels of unemployment in the coming years.

The distribution of unemployment is also breaking records in ugliness. Some 44.6% of the unemployed are unemployed for over six months. This type of long-term unemployment is unprecedented in the era of World War II, and cause permanent damage, and many were never long-term unemployed find work again. His children are also suffering, with damage to their education.

No wonder people took to the streets, a phenomenon not seen since the Great Depression, mass protests to economic policy. As in Europe, where the movement M-15 in Spain, the general strikes in Greece and mass protests in other countries have attracted a wide popular support, the movement of the "99%" the direction of Wall Street is a response to the failure of our politicians to do what is obviously necessary, even for the foreseeable future. There is a possibility, at least, who is accompanied by a growing number of "16.5%" (unemployed or underemployed), the "15.1%" (below the poverty line), and "88%" (the non-union labor) - and all other Americans deprived of their rights, which constitute 99%
  • is a good sign that President Obama has changed tactics and instead of begging for crumbs from the Republican leadership is now prepared to say publicly that will be held accountable if they refuse to approve its bill that would reduce unemployment. However, its proposal for labor law is too small to make a big dent. Goldman Sachs, which is "1%", noted that even bother to change its forecast for growth next year, because even if Obama's proposal was enacted "in its entirety", only the change of effect of fiscal policy a negative impact of 1.1% to 0.4% positive. Of course, it would still be a significant improvement, but Goldman Sachs has the possibility that much of it not approved by Congress.
  • most importantly, a positive pulse of global government of 0.4% - again, if Obama the whole package becomes law - it's pathetic in a time of mass unemployment and despair. One reason it is so small is that state and local governments have been tightening their budgets, eliminating jobs since the recession began. This is a major barrier to employment and growth. State and local governments have lost 259,000 jobs last year, in a normal season of growth, adding that many jobs in one year
  • us out of this hole, the federal government should do more. This was the problem from the start, although the main stimulus (American Recovery and Reinvestment Act), which began in February 2009, replaced only one eighth of private spending that had been lost as a result of explosion of real estate bubble. But as stimulus is the increase in employment has been exhausted and the economy fell into its present state of stagnation.
For all our political leaders fail "spectacular - the lack of leadership from the White House and economic sabotage successful Republican -. We can give a special thank you to the mainstream media with a few exceptions , the hosts were very uneasy with this, give credibility to the ridiculous arguments that the U.S. is limited by a "debt crisis." net payments from the federal government for the interests of our public debt amounts to about 1.4% of GDP, almost as low as they were in the past 65 years.


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