Gated Off From The Carnage
by Deacon Blues
There is some grotesque symmetry in the news this morning that the Bush/Cheney economy shed 533,000 jobs – in one month – and that Bush himself has no need for the metaphoric Crawford ranch anymore and is now moving into a nicer set of (soon-to-be) gated-off digs in Dallas.
U.S. employers axed payrolls by 533,000 jobs in November, the most in 34 years and far more than expected, government data on Friday showed, as the year-old recession hammered every corner of the U.S. economy.
See how the media suddenly accepts now that we’ve actually been in a recession for a year.
"You can't get much uglier than this. The economy has just collapsed, and has gone into a free fall," said Richard Yamarone, chief economist at Argus Research in New York.
The Labor Department said the unemployment rate rose to 6.7 percent last month, the highest since 1993, from 6.5 percent in October. It would have been even higher except for an exodus of Americans who became discouraged in their search for work and left the labor force.
"This is a clear employment blowout. Firms are reacting as dramatically as they can to make sure they have cost structures they can survive the recession," said Joel Naroff, president of Naroff Economic Advisors in Holland, Pennsylvania.
Bush left behind a mess when he departed Texas. It was all there for everyone to see, and his ambivalence about dealing with the collapsing national economy on his way out the door now was easily predicted. The problem is that the new Congress and Obama administration won’t be taking over for another seven weeks, allowing Bush to plan for his library and workout room, and not much else.