The U.S. economy lost jobs for a sixth straight month in June. Current estimates indicate 62,000 non-farm jobs were lost, as the economy continues to slow down. Unemployment is still at 5.5 percent.
“Unemployment is still on a rising trend, payrolls are falling, and there’s no light at the end of the tunnel here, so the tax rebates may have pushed up consumer spending, but it doesn’t seem to have improved the labor market yet,” said Ian Morris, chief US economist at HSBC North America.
Job losses were particularly heavy in the goods-producing, construction, manufacturing and service sectors last month.
These job losses come at a time when the housing market slump shows no signs of going away, a credit squeeze, a sharp downturn on Wall Street and rocketing oil prices that have now exceeded 146 dollars a barrel today.
HSBC’s Morris said the “continued rate of deterioration” in the job market could see the unemployment rate peak above six percent in coming months. Some say the U.S. economy must create 100,000 jobs every month to absorb new labor market entrants.
So there’s the bad news.
This isn’t what upsets me though. What upsets me is the rhetoric I’m hearing from John McCain and the conservative pundits who are pushing his empty agenda.
Okay. We know Bush is an idiot, and the war is foolish, but it won’t be ending until late next year, if that soon, so what to do in the mean time?
Here’s what Obama had to say… (source)
“Our economy has now shed 438,000 jobs over the past six months, while workers’ wages fail to keep pace with the skyrocketing cost of gas, groceries and healthcare. The American people are paying the price for the failed economic policies of the past eight years, and we can’t afford four more years of more of the same. That is the essential issue of this campaign because Senator McCain has fully embraced the Bush economic agenda. I believe it has to change.”
“As President, I’ll move us in a new direction with policies to restore broad-based, bottom up growth that benefits all Americans. I will provide working families with a middle-class tax cut; fight for affordable health care and college tuition; work to help raise workers’ wages, and invest in infrastructure, education and a clean energy future to create millions of new jobs. That’s the change the American people need.”
Infrastructure investment. Good. Invest in clean energy. Good. Tax cut for the middle class. Good.
How about McCain… (source)
“To get our economy back on track, we must enact a jobs-first economic plan that supports job creation, provide immediate tax relief for families, enact a plan to help those facing foreclosure, lower health care costs, invest in innovation, move toward strategic energy independence and open more foreign markets to our goods.
“The American people cannot afford an economic agenda that will take our country in the wrong direction and cost jobs. At a time when our small businesses need support from Washington, we cannot raise taxes, increase regulation and isolate ourselves from foreign markets. These are the same old siren songs that have failed the American people time and time again.”
More free trade?
That’s it? Third world countries dump more low cost crap consumer goods here while we beg them to open their markets to us?
He’s kidding right?
There seems to be no acknowledgement by McCain that the number one issue in this election is the economy. He seems to treat it as a secondary issue behind national security and the war. He wants to where the ‘maverick’ label, yet he issues a statement that is in complete lockstep with the policies of the past eight years.
The Bush administrtion has managed to destroy this economy. This was a pretty remarkable feat considering they inherited a balanced budget, no war, a falling deficit, a housing boom, etc., etc.
All that is gone now, and it is gone because of incompetence and a Bush foreign policy that has led to the sky rocketing oil prices, which has created inflationary pressure in the energy markets, and is slowly squeezing the life out of this economy.
Anyone who would consider voting for ‘More-of-the-same-McCain” would be better off knowing that. In fact, John McCain has not offered one solid idea to reverse the missteps of the Bush administration in any area. Let’s just stay in Iraq, keep importing garbage Chinese goods, and stay the course.
The worn out words of a true Conservative.
No ideas, no vision, no imagination.
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