| Topic: |
Politics > Politics-USA |
| User: |
"NotBush2004" |
| Date: |
09 Jan 2004 07:59:17 PM |
| Object: |
I know Bush has screwed the working man, but has he screwed himself? |
With all his propaganda about tax cuts helping the economy it is becoming
obvious that the job recovery is seriously lagging the stock market. Bush
has given a green light to corporations to steam roll their employees with
layoffs and benefits reductions while allowing them to outsource hundreds of
thousands of jobs to foreign countries.
What is the chance jobs of the same quality that Bush has let slip away are
going to be recovered by 2008, let alone Nov., 2004?
---------------------------------------------------------
Payrolls Barely Rise in Weak Jobs Report
Fri Jan 9, 5:07 PM ET
By Anna Willard
WASHINGTON (Reuters) - U.S. employers hardly hired any new workers in
December, the government said on Friday in a disappointing report showing
economic recovery has yet to translate into sustained jobs growth.
The unemployment rate fell to 5.7 percent, the lowest in over a year and
down from 5.9 percent in November. But this was mainly because 309,000
people dropped out of the work force.
The number of workers on U.S. payrolls outside the farm sector in December
increased by just 1,000, after a downwardly revised rise of 43,000 in
November. It was the fifth consecutive monthly climb but was far below
economist expectations for a rise of 130,000.
The poor report is a headache for President Bush as he seeks re-election in
November with the economy -- specifically job creation -- expected to be a
key issue in the campaign.
But Bush, speaking to a small business forum, was upbeat, saying all
economic signs were "very strong." He said the drop in the jobless rate was
a "positive sign" of an improving economy.
Economists disagreed.
"It's a shocker. The one ray of sunshine, the decline in the unemployment
rate, is ironically a sign of weakness," said Cary Leahey, senior U.S.
economist, Deutsche Bank Securities, New York.
"The only reason it declined is that fewer people were looking for jobs in
December."
Since Bush took office, more than 2.3 million nonfarm jobs have been lost.
Pollster John Zogby said his surveys still show 21 percent of people, and 25
percent of those earning over $75,000, are afraid of losing their jobs in
the next year.
Democrats seized the opportunity to criticize Bush's record on the economy.
"I think it's time that George W. Bush loses his job so that we can put the
American people back to work," said Democratic presidential hopeful Wesley
Clark.
The dollar and stock markets fell, while the expectation of continued low
interest rates caused U.S. Treasury bond prices to rise after the report.
The Dow Jones industrial average ended the day down 133.55 points at
10,458.89.
The dollar tumbled to a fresh low against the euro and benchmark Treasury
yields, which move inversely to prices, posted their largest drop in more
than two years.
The data reinforced expectations the U.S. Federal Reserve will keep interest
rates on hold at 45-year lows at its next policy meeting on Jan. 27-28, and
for some time after that.
"The good news is that there is absolutely no pressure on the Fed to raise
rates any time in the foreseeable future," said Edgar Peters, chief
investment officer, Panagora Asset Management Inc.
JOB-SEEKERS DISCOURAGED
The Labor Department said there were 433,000 "discouraged" workers in
December who were not looking for work because they believed no jobs were
available, up from 403,000 a year ago. The jobless rate had been forecast to
hold steady at 5.9 percent.
Economists had been expecting a more robust rise in payrolls, encouraged by
a reasonable holiday shopping season and a drop in filings for jobless
benefits in December.
However, the report showed retailers cut payrolls by 38,000, which the
department said was caused by general merchandise stores taking on fewer
workers than usual.
The troubled manufacturing sector failed to break its job-cutting trend,
shedding 26,000 jobs in December, the 41st month of declines. Some
economists, pointing to recent data suggesting a turnaround in
manufacturing, had predicted factories would finally take on new workers in
December.
In another bad sign for job seekers, the number of hours worked per week
dropped to 33.7 from 33.9 in November. The average workweek had been
expected to climb to 34.0 hours. Employers often increase the amount of
hours worked by existing workers before taking on new hires.
Economists say productivity gains have helped speed up economic growth but
allow companies to raise output without creating new jobs.
One bright spot in the report was hiring in construction, which was up
14,000. The building industry has boomed as
low mortgage rates have fueled home buying.
http://story.news.yahoo.com/news?tmpl=story&cid=580&e=3&u=/nm/20040109/bs_nm/economy_dc
--
A pattern of deception
A hard truth appears to have escaped the notice of the public and received
scant attention from the media: Bush is the first president in American
history to use deceptive propaganda as his main means of communications in
selling his policies. His pattern of deception continues unabated and in
direct conflict with the notion of the public's informed consent that is
central to American democracy.
Walter Williams is professor emeritus at the University of Washington's
Evans School of Public Affairs.
http://www.miami.com/mld/miamiherald/news/opinion/6378746.htm
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