It’s just a blip, things will be like before any day now.
Last month, Oregon’s jobless rate was 12.4 percent, second highest in the nation. Washington saw its rate climb to 9.4 percent, which mirrors the U.S. average. Employment trends in the metro area mirror statewide trends in Oregon and Washington.
In the 12 months through May, construction employment in the Portland-Vancouver metro region has declined by 10,800 jobs, the professional and business services sector is down 11,900 and manufacturing has given up 11,700 jobs, according to the Oregon employment agency. Manufacturing has been particularly hard hit, with losses in primary metal, down 300 jobs, and machinery manufacturing, off 200.
What we should do is lower interest rates about five points, that’ll work.
Huh? Why can’t we have negative interest rates, you some kind of fancy pants professor or something? If we paid people to borrow money to buy things they can’t afford, what could possibly go wrong? We’ll just recast the terms. Er, um, I’ll get back to you on the exact terminology, I don’t want to appear derivative.
Don’t you understand that neo-liberalism requires a steadfast, hands-off government approach that involves The Greenspanian suppression of interest rates at artificially low levels? What could be more hands off than Fed-created negative interest rates?
We also need a steadfast, hands-off attack on unionization, the root of all evil, and a steadfast, hands-off set of trade deals that steadfastly prevents any other governments from being nice to communists unions. And if anyone wants to see a doctor, that little issue must steadfastly be obfuscated (in a hands-off sort of way) in order to keep people healthy because WE’RE NUMBER ONE! WE’RE NUMBER ONE! USA! USA! JON AND KATE! JON AND KATE!
Here’s a sobering graph:
“Unemployment won’t peak until this time next year, and then it will remain very high through next year,” Mark Zandi, chief economist for Moody’s Economy.com, told the Post. “It won’t get back to full employment until 2013 or 2014. This really speaks to the severity of the job losses that have been absorbed by the economy. They were massive.”
So we’ve hollowed out our manufacturing sector even more, our financial sector is a basket case and the cost of higher education is skyrocketing. But if people would just buy more houses and cheap plastic crap to put in their houses it would all be over!
Jobs continue to be the biggest single concern for regular folks, but not for the jet-setting Wall Street thieves who ruined the economy in the first place. In their world nothing has really changed all that much. Forty years of dogma is hard to shake. Trust the invisible hand, my friends, even if it’s reaching into your pocket.