If you should have had any doubt that the recovery was anemic – if, in fact, a recovery is what’s at hand – this really scary chart should clear that up.
- Both July and August payroll employment were revised down.
- The change in total non-farm payroll employment for July was revised from -54,000 to -66,000,
- and the change for August was revised from -54,000 to -57,000.
- Non-farm payrolls decreased by 95,000 in August.
- The economy has gained 334 thousand jobs over the last year,
- and lost 8 million jobs since the recession started in December 2007.
The really scary graph shows the job losses from the start of the employment recession, in percentage terms (as opposed to the number of jobs lost).
The dotted line is ex-Census hiring. The two lines have joined since the decennial Census is almost over.
For the current employment recession, employment peaked in December 2007, and this recession is by far the worst recession since WWII in percentage-of-jobs-destroyed terms, and 2nd worst in terms of the unemployment rate (only early ’80s recession with a peak of 10.8 percent was worse).
Shall we begin placing bets as to how long it is until people act out in a big way and do what they must to survive… or take out retribution for their bad fortune from those who still have heads above the water?
Personal Observation: I live in one of the more expensive and highest income urban enclaves of one of the nation’s larger cities. In the last few weeks, I have observed three times the situation in higher end restaurants and “pubs” where civilized-appearing, well-dressed and groomed, likely Director-level management corporate types who enjoyed wonderful meals and drinks and calmly walked out on their bills.
Last evening, a gentleman walked out unnoticed on a $160 dinner tab for just himself. Do you think these formerly successful persons didn’t justify these actions – that they would never otherwise even contemplate – by reasoning that they played by the rules and have lost everything… including their dignity and self-worth… and want their pound of flesh?
Wait until the poor can’t eat or house themselves! Remember, I recently wrote about 30,000 Atlantans “queuing up” in a barely contained mass for the opportunity to be placed on a WAITING LIST for the CHANCE to APPLY for a few dozen slots of government subsidized housing!
If Tea Baggers win and implement their horrid plans, it might be interesting if some folks start a caravan to direct and drive these displaced and desperate people out to the tea-bagging suburban neighborhoods so they can rob and pillage properly… instead of destroying their own neighborhoods and killing and stealing from each other. Don’t be surprised America ; )