Thursday, April 13, 2006

jobless recovery

Dire times are confronting the average US family and citizen. This is mainly due to the constant instability in the US labor market. The labor market in America has been on a downward swing since the early 90s. However, it has exacerbated under the misleadership of the Current Administration. The evidence has been accumulating consistently since 2002. The U.S. unemployment rate has been constantly growing under the Bush watch and many economists are very concerned about how the economy is rapidly improving as the labor market is continuing to get worse. This is what many as a jobless recovery have called.

A jobless recovery means that the overall productivity of the current labor pool is increasing in an atmosphere where no new jobs are being created. The truth of the matter is that jobs are being depleted rapidly on the U.S. front. This means that we are seeing dramatic economic gains for big corporation while they are not increasing their spending on new employees and payroll spending.
No one can predict when US business will start hiring again in America. All new jobs as of late have been in countries that we have already developed a trade imbalance. Bush is a large part of this because since he started his watch, nearly.4 million Americans have lost their jobs. Right now, the unemployment rate is the highest it has been in about a decade. So much for the so-called tax relief he signed that was opposed to create a million more new jobs. I was told that the recession officially ended in November 2001, but all I see are more jobs leaving and more people out of work.

The underlying problem is that growth has remained sub par for an unusually long time. So don’t believe it when you hear politicians say that economic perspective for America is going to help create or maintain jobs. The President has brought most of this on the American public. Although under his tax plan, the average American family of four will be able to keep at least $1,600 more of their own money annually, it really just benefits the wealthy. His tax plan thus far has managed to increase the upside of the economy but the question is at whose expense? The central problem for me is the elimination of dividend taxes. Although I do own stocks, bonds and securities, the plan would in essence increases investors' returns, which mean that stocks can be in a better position to carry higher valuations. In addition these higher valuations will come at the expense of American citizens. Already we see a rise in the federal deficit, and pundits estimate that it will be more than $500 billion by the end of the year. Couple this with the number of American companies, federal and state governments who are exporting jobs abroad, America’s future seems extremely bleak from an economic perspective.

Companies the likes of American Express, Levi’s, Earth link, Kodak, and Verizon are elimination more jobs at home and relocating to the cheaper labor havens of South America and Asia. So I just say it may be a good time in America, maybe some of our folk will decide to start a business as opposed to look for a job.

18 comments:

BBB_0202020 said...

hard to start a business when u need money asap, *sighing*

Torrance Stephens bka All-Mi-T said...

we in the same boat i gotta about 9 or 10 stacks saved and it will barely b enuff to get my business strated (dog clothes retail)

Emanuel Carpenter said...

Torrance,

I think this has a lot to do with the decline of manufacturing jobs and their workers' union memberships (which helps guarantee a certain level of wages and benefits). Manufacturing jobs (and some service jobs) have gone to South America, India, China and other countries with a much cheaper cost of living. Thanks to unions and our expensive way of living in the US, American workers cannot compete with labor costs in a global economy.

We need to keep in mind that a good paying job is not a right and is not necessarily going to last forever. When good jobs leave, we need to be prepared by finding new ways to continuously learn, learn new skills or even start our own businesses (if there's a need to be filled and an ecomony that allows the disposable income to spend money.)

Here in Cleveland, manufacturing jobs are leaving in droves. The former laborers must find new skills or lower paying, service jobs because everybody can't pay what Ford or GM is paying. It would be wise for those with these types of jobs to take all the overtime they can and save their money.

Kids graduating from college are leaving as soon as they get their diplomas to cities like Chicago and Austin that appreciate their new skills and will pay big bucks for them.

I think we all need to be continuously learning while keeping our eyes on the Help Wanted section... Just in case.

Emanuel Carpenter said...

P.S. Be sure to checkout my new blog "Straight From the Hip" at http://straightfromthehip.blogspot.com .

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tianne_x said...

job woes....its a common cry...i had my time of misery trust me it isnt easy being an unemployed college grad....we all kno how that story goes...but after leaving university the first thing we want is to earn some $$$....yes we would all like to be entrepreneurs...make our "own" money...i wish i could but start-up capital especially when you don't have much collateral is difficult to acquire...then the many losses you will have to go through before you see good returns(though some may argue it will pay off in the longrun...we're dealing with the present) ....not everyone can do it..and not so soon...hopefully at some point in my future i may be able to try my hand at my own business......but for now unfortunately i will "conform" till i can build a good enough foundation to stand on...don't want to be a killjoy but i'm being honest......its much easier said than done

Torrance Stephens bka All-Mi-T said...

ub re so right TX. I started my first bus. with 4500 saved over 4 yrs.

TTS

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