Monday, January 16, 2012

MB360: Food stamp nation

I know ya'll want to blame this on 'Bama, but c'mon, you know it's not true. He's been adding private sector jobs almost every month since the end of the recession in mid-2009. But he's still digging us out of 7-million jobs hole.

(Yeah, yeah, I know: the POTUS, no matter who he is, doesn't sit in the Oval Office pulling the levers of the U.S. economy, but then that's just more reason not to blame BHO).

The point is that most new jobs suck. They certainly aren't "bloated" government paychecks; and they don't pay the bills. And this has been happening since before the Great Recession in 2008-09; it just accelerated when the housing bubble burst and average Americans couldn't use their mortgaged houses as a piggy bank anymore, in effect covering up for their declining wages with more debt.

Who's going to have the cajones to address this truth in the 2012 elections? Anyone? Anyone? Bueller?....

UPDATE (01.20.2012): My statement that Obama has been adding private sector jobs ever since August 2009 was inaccurate. I re-checked the BLS data. So, the recession officially ended in June 2009. That month, there were 107,936,000 private sector jobs. It actually took the economy until August 2010 to exceed that number. Ever since August 2010, the economy has been adding private sector jobs.

So, my statement was wrong. I should have said, it took a year after the end of the recession to start adding private sector jobs, which the economy has been doing steadily every month ever since.

Posted by mybudget360
January 13, 2012

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