The most recent unemployment report showed seemingly conflicting results: 1) jobs created at a rate faster than economists expected, but 2) unemployment rate headed higher as more workers started looking for jobs again.
Well, the economy is not creating jobs. What occurred is quite simple: the federal government just employed 1.2 million temporary census workers (visiting your neighborhood now), most of whom will be laid off in July and August. Factoring in these numbers, one would think the unemployment rate should be plummeting, but the fact that it is still climbing is quite serious.
These “rate” statistics are adjusted for seasonal fluctuations, such as Holiday hiring and college student Summer jobs. But… with far fewer jobs available for these summer job entrants than the historic statistics would expect, the “rate” will increase.
The fact that — even after adjusting for seasonal variations and with a once-a-decade surge of 1.2 million new temporary jobs — the unemployment rate did rise is indication that our economy is still traumatized from the destructive policies of the Bush/republican decade AND the failure of unregulated free market capitalism.
Yet, one measurement of economic health is not confusing: the number of long-term unemployed is shooting straight up with no sign of rebirth in sight.
Hey, Tea Baggers! If you win the next round of elections and eliminate extended unemployment benefits and “reduce the size of government” as you pontificate… get ready to throw this nation straight into a Depression.
Frankly, a bout of uncontrolled unemployment for you and your ilk for an extended period might serve you well to instill some empathy and appreciation of the good that government of, by, and for the People can provide.
Unfortunately, many other good people get trampled with you Tea Bags.