Economic goobley-gook - Reader comments at The New York Sun

Reader comment on:
Subprime Mortgage Crisis Taking a Toll on Employment

Submitted by Paul H., Oct 9, 2007 19:19

regarding comments by employment firm Challenger, Gray & Christmas:

"Despite all of this bleak news related to the housing and financial services sectors, the economy as a whole seems to be on stable footing."

ABSOLUTE, UTTER NONSENSE.

"Job cuts were 9.7% lower than the six-month high of 79,459 in August, and 28.5% lower than last September, when employers announced 100,315 job losses — one of only two times last year that monthly job cuts exceeded 100,000, according to Challenger, Gray's report."

MORE NONSENSE. Even an employment firm knows that those who are not collecting unemployment checks are NOT COUNTED. Those who have been fired or laid off and have NOT found new employment are NOT COUNTED. Those who have taken lower-paying jobs after being laid off (the majority) are, unfortunately, counted. Those who are working two or three jobs in place of the one they lost, are probably being counted two, three times.

In other words, take the so-called "official" unemployment rate and triple it.

"Basically the rest of the economy is healthy. There are jobs being created in health care and technology businesses," Mr. Challenger said. "I don't think it's going to be a blockbuster month, but there will be more moderate job growth, which is better than last month."

Anyone that believes the above statement, I've got a bridge I'd like to sell you -- if our state government hasn't already "sold it" to a foreign corporation.

All the above reminds me of something Adlai E. Stevenson, two-time Democratic nominee for president said:

"I would suggest," he said, "that it is not enough merely to vote but that we, all of us, have the further obligation to THINK...

Stevenson also reminded his audience that "People get the kind of government they deserve," for, as Americans, we, the people, are the government.

Paul

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