I continue to be relieved and grateful that my time unemployed was so short, and today's news from the AP simply reinforces that inclination: Job Market Worst Since Early 1990s
Three out of four employers expect to cut jobs or hold off on hiring this summer, contributing to the worst employment market since the early 1990s, a new survey said Tuesday.
About two-thirds of employers said they don't expect to hire any additional workers and 9 percent plan to eliminate jobs during the July-to-September quarter, according to the survey by Manpower Inc.
"Let's try not to get anyone too depressed, but the facts are the facts," said Jeffrey Joerres, chairman and chief executive officer of Manpower, which surveys 16,000 businesses for its quarterly survey.
Although 20 percent of employers in the survey said they plan to add jobs, competition for work is expected to be high. Six percent are uncertain about their employment plans.
Now, when are Bush's economic policies supposed to benefit America? Oh, right...they aren't.
Of course, the news isn't entirely bad...
But better-than-expected economic data released Tuesday offered some encouragement that the economy is trying to rebound. Consumer prices were flat in May as falling costs for energy products and clothing offset rising prices for medical care and lodging, surprising analysts who predicted prices would dip. Industrial production, meanwhile, posted its first increase since February.
Another report showed good news from one of the economy's few sources of power, housing construction, which jumped by 6.1 percent in May from the previous month to a seasonally adjusted annual rate of 1.73 million new units.
...but the inexorable law of supply and demand results in a fairly bleak picture for most American families: Productivity remains above the demand curve, so there's simply no reason for business to hire no many how many tax cuts Bush gives the investor class. The right policy would be to put money in consumers' pockets and help them in their dutiful efforts to keep the economy afloat, but Bush and his supply-side cultists won't hear of it. I certainly hope the American public will realize, as they did in 1990, the damage Republican economic policies do to the nation's standard of living.