That’s the only possible response to this:
U.S. private employers shed 693,000 jobs in December, up sharply from the revised 476,000 jobs lost in November and far more than economists estimated, a report by ADP Employer Services said on Wednesday.
The data comes two days ahead of the government’s more comprehensive non-farm payrolls report, which unlike the ADP numbers includes public sector jobs as well.
…
“This is shockingly awful,” said Ian Shepherdson, chief U.S. economist at High Frequency Economics in Valhalla, New York.
…
Joel Prakken, chairman of Macroeconomic Advisers, which jointly developed the ADP report, … said he still expected a little more than 2 million U.S. job losses over the next year.He added that the U.S. economy probably contracted at a 5.5 percent annualized rate in the fourth quarter and would shrink 3.5 percent in the first quarter of this year.
But what we really need now is more tax cuts.
Jesus, are we really that stupid?
Yes, let’s keep doing what got us into this mess and see if that fixes the problem. Another Bush inspired tax cut is not what is needed. Tax increases on upper income earners are what’s needed. Mortgage reworking is what is needed. Programs that create jobs are what’s needed.
Just read Dean Baker on Huffpo that Obama is hinting at defaulting on the Social Security bonds. Boy, will that ever help the American people. But of course such an action won’t touch the robber barons and that is all that matters these days.
Our pols are bought and paid for. As a caller into Ed Schulz’s show today said that until we have voter owned elections, the elimination of lobbyists altogether and term limits (the latter of which which I don’t favor), NOTHING IS GOING TO CHANGE.
I have your site bookmarked and your feed link saved. I should be good to go now.