Pastor of Muppets (syndicalist) wrote in ontd_political,
Pastor of Muppets

Depressing economic news post

[My .02: These are ongoing trends. Republican amnesia to the contrary, the trends didn't begin in January, 2009. However, Obama was elected to arrest these trends. The stimulus bill was signed 4 months ago; it wouldn't have halted this decade-long slide in that amount of time. But more needs to be done, quickly. < / personal opinion >]

* US unemployment rises to 9.5% as of July 2, 2009. The jobless rate for the western US topped 10%, first time it's hit double digits in 25 years.

* At the same time, pay for US workers is going down (data at Paul Krugman's blog).

* Unemployment disproportionately affecting men, who have unemployment rate of 10.6%, higher than national average. (Dollars & Sense.)

* Between 1999 and 2009 - a whole decade - the American economy added only a total of 1.16 million jobs. However, that many jobs could be lost by year's end, making this past decade a "lost decade" on the jobs front. "It's the first time since the Great Depression that a recession has wiped out all the jobs created during the previous business cycle."

* Personal/household bankruptcy filings are increasing. They increased by 40% over the last month.

* Seven more banks failed on July 2, 2009, bringing the total to 52 failed banks so far for 2009.

* Ongoing: 47 million Americans still lack health insurance. Lack of health insurance causes 18,000 deaths per year. Medical debt is leading cause of US bankruptcies. US spends twice as much on health care as average Western country with universal health care or "socialized medicine."

Above, Paul Krugman debates stimulus & health care with right-wing economist John Taylor, who is of the "tax cuts all the time, any time" school. PART 2 beneath the cut.

Tags: economy, paul krugman

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