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Showing posts from June, 2011

Rebuild the American Dream

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A Look Back at 1993

The New York Times reported this story (excerpted below) in August 1993:

With Vice President Al Gore casting the tie-breaking vote, the Senate gave final Congressional approval tonight to President Clinton's five-year economic program. This means that the budget plan, the most important legislative issue of the Clinton Presidency so far, cleared Congress by the narrowest possible margin and awaits only the President's signature before becoming law.But Senator Pete V. Domenici of New Mexico, the top Republican on the Budget Committee, said the increased taxes in the program would devastate the economy. Senator Bob Dole of Kansas, the Republican leader, said the main flaw in the plan was that the tax increases would be retroactive to the first of this year, while most of the spending cuts would occur after the next election.In the House Thursday, every Republican voted against the economic plan, and all Republican senators had announced their opposition before the Senate debate b…

A response to Rich Lowry's "An Unemployment Catastrophe"

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A quote from Rich Lowry, writing in The National Journal:

Pres. Barack Obama is given to cute vehicular metaphors about the state of the economy. We were "in a ditch," then got out and hit a "bump in the road." This is studiously folksy. It also vastly understates the nature of our situation.

President Obama is presiding over an unspooling social catastrophe in the form of unemployment, and especially long-term unemployment. For all those people who are chronically unemployed, it’s as if they have been hit by the proverbial car and then backed over by it again and again.
Rich,

There's quite a bit of good information in your article "An Unemployment Catastrophe," but there's also quite a bit that needs to be corrected.

First, thank you for addressing the issue of long-term unemployment. It is a social catastrophe, it is not being adequately addressed and it is a blight afflicting millions of Americans.

Of the 13.4 million Americans out of work, 6.2 …

Essential Reading

These are the websites I consider as indispensable companions when the monthly employment and job opening reports come out:Steve Benen's Political Animal blog on the Washington Monthly. Besides the fact that he's essential daily reading, Steve originated the "bikini graph" and usually produces two charts each month: one for overall job growth and one that focuses on the private sector.Jobs landscape deteriorates, unemployment upPrivate-sector jobs also show struggling economyThe CalculatedRISK blogMay Employment Report: 54,000 Jobs, 9.1% Unemployment RateEmployment Summary, Part Time Workers, and Unemployed over 26 WeeksDirk van Dijk at Zacks Investment ResearchJobs Report In-Depth, pt. 1Demographics of Joblessness, pt. 1Demographics of Joblessness, pt. 2