NEW YORK (CNNMoney) - Hiring slammed to a complete halt in August as several fresh challenges put the American economy in turmoil.
Employers added no jobs during the month and the unemployment rate remained at 9.1%, the Labor Department said Friday.
Hey – we're not LOSING 700,000 jobs a month like we were in 2008!!
This is the fallout from the debt debate.
I'm sure that the debt ceiling debate did not help matters. Thanks, House Republicans.
I am surprised that we didn't lose jobs, instead of stimulous the repugs war on consumers confidence are reaching a pitched level. No idiots cutting money from the spenders in our economy "which are the middle class and the poor", does not entice them to go spend what they don't have, as you repugs like to put it, and if consumers are not spending, " in an economy which is 75% consumer spending" we are jacked up. The wave of cutting government jobs, which are the only certainty small businesses have for their revenues income, now small businesses can only depend on private sector revenues, which goes up and down with the stock markets and is very unstable to these small businesses owners. This is causing small businesses to lay folks off or not hiring new workers.
The GOP talking point [which is mostly nonsense] is that "UNCERTAINTY" stifles job creation.
Uncertainty in / no demand fo product orders DOES impact jobs. If we look at total debt today [Households, Corporate & Government] it is 375% on GDP (the annual measure of sales/income for the country). At that level, no one wants to buy anything. Demand is uncertain. How did we get to this point 30 years of Reagan`s Voodoo economics.
In the 1981 recession, total debt [Household, Corporate, Government] was only 175% of GDP. We owed HALF of what we owe today. Therefore, we were willing to SPEND more, and spend it sooner, than we are today. Product Demand was more certain than in 2011. It isn`t reasonable to expect spending to rebound until these debt levels drop; said another way, don`t expect or compare this economic slowdown to other in the past.
Mitt Romney would have you believe uncertainty in taxes is the problem, He`s wrong and is only looking to shift more of the tax burden away from the rich.
If tax certainty is the problem, let`s provide it. For the next 20 years the top tax rates will have a floor of 39.6% for individuals and corporations. There Mitt, uncertainty problem solved!
Demand is at the heart of the Jobs problem folks, not taxes. Don`t take my word for it. Ask David Cote, CEO of $40B Honeywell corporation.
"U.S. economy added no jobs in August, the federal government says."
Hmmm. Not good. No problem America. The "Millionaire Club" is soon to arrive back in Congress carrying their "Open for Business" signs, ready to once again roll up their sleeves and resume their "Life, Liberty, and Pursuit of Lobbyists" fight in support of themselves ... (oops, my bad)... we the people.
Meanwhile, in other news, U.S. businesses post record profits.
Here we go with the excuse makers for President Obama. He had a FILIBUSTER PROOF majority for an extended period of time during his Presidency. There is no question that the Republican leadership during the Bush administration started this mess but please, enough with the excuses. President Obama and the Dem controlled Senate and House at the time made the situation MUCH, MUCH worse through awful policy. Plain and simple.
Nothing changes the fact that the Obama administration (Christina Romer, chairwoman of the President's Council of Economic Advisers) promised unemployment would not exceed 8% if we spent almost a trillion dollars on a stimulus. Well, that turned into fraud, and disaster after disaster (look at the news today...another $500million taxpayer dollars lost on a solar company in California that filed for bankruptcy). Unemployment peaked at over 10% in November of 2009 and has stayed above 9% for the longest period since the Great Depression. Brutal record for this President who both he and the Dem National Chair admitted "owns" the economy.
Extra...Extra...Read All About It: "GOP blasts no job August." Seems as though they're blaming themselves for failure to create the jobs they said their Republican controlled House was going to create. Then again, their empty promises are no surprise to the American people because they have been delivering empty promises for eight years under GOP leadership.
We have to take ACTION to cause manufacturers to bring their manufacturing back on shore, before we can improve jobs.
Nothing less will work.
As i said b4 .. this down fall just started after the 2010 election from the New Tea party people we have in congress ... 401K as went down the Dow has fallen .. AAA rating has gone to AA .. employment has stopped . but they wont say the Tea party is the problem. It's sad .. but people we need to get out and VOTE .. Please GO VOTE when its time if not this will happen when we do not VOTE
Verizon going on strike did not help matters much either. Plus with Republican governors like our good ol' boy here in Texas cutting education jobs the GOP doesn't want to take much credit for tha.
I'm not surprised. We are seeing the effects of all of the Republican budget cutting at all levels of government. Net job gains is zero. Just wait until next year when they cut more spending. Jobs growth will be negative and unemployment will soar over 10% just in time for the General Election. Finally, we are getting to see the Republican jobs plan.
And the right-wing is giddy with delight that all they're obstructing and sowing of civil discord is paying off. We need another Civil War,the racist conservatives are succeeding in killing America, and it's time we take our country back from they're filthy, money grubbing hands.
No job growth, why? Republicans keep wanting cuts. Cuts means people lose their jobs, idiots! They keep proposing cuts to solve the problem. Republicans have NO IDEA HOW TO GOVERN! Get them out of our government! Vote them out!
How is that tea-partying thing going for y'all?
They got elected and created so many jobs (yeah low wages in Texas... and wait until they'll be able to abolish any lower limit to minimum wage, we'll work for some stale piece of bread and the right to live).
"Hey – we're not LOSING 700,000 jobs a month like we were in 2008!!"
Bush Derangement Syndrome is SOOOOOOO 2009.
"idiots cutting money from the spenders in our economy "
As far as they are concerned, the rich and corporations no longer need us to spend much of anything if they already have horded and own all of the nation's wealth and assets. They have Wall Street financial gambling with derivatives and hedge funds and other machinations that really do almost nothing for the economy. That is how they generate more wealth now, not by building the better mouse trap and EARNING consumers for products, so we, the lowly indentured servant serf peons they view as an inconvenient drag on their wealth accumulation, are somewhat superflulous. Instead, they simply need us to live short lives of servitude on subsistence wages...long enough to provide them with the labor they still need...then die quickly. The dots aren't hard to connect.
over regulation...snubbing business.... more taxes ... didnt work.. try something different..
Have no fear! The GOP will never win the White House in 2012. Maybe the white house in a country club. There's a big difference between the past midterm election and the upcoming general election. And I just find it very funny that the Tea Party would ask where are the jobs. And since they're for less government, should they be asking for more jobs? How pathetic!
"President Obama and the Dem controlled Senate and House at the time made the situation MUCH, MUCH worse through awful policy. "
Please support that accusation with facts, particualrly hard data. What's that? You can't? The numbers actually show the economy getting better, albeit slowly, and then reaching a plateau and stalling out completely when the GOP took over the House and started forcing massive cuts, arguing for more tax cuts for the rich and corporations, ignoring proven economic stimulus measures, demanding that their social-conservative agenda regarding abortion, etc., be enacted, attempting to obliterate labor rights and unionization, holding routine matters like increasing the debt ceiling hostage in an attempt to force the financial evisceration of Medicare, SS, etc.? Hmmm. But again, we'll give you the benefit of the doubt: cite the data, statistics, numbers, math, studies, whatever that show Obama and the Dems made things "WORSE" as opposed to "better, but not as much better as we'd have hoped." Then we can move on to discussing why the Stimulus needed to be LARGER and proven Keynesian economic measures that the GOP blocked are the reason for things only getting slightly better instead of stabilizing and growing much sooner and quickly.
just think if you could get by making recrd profits with a streamline crew, use technology in place of real people to answer the phones, handle affairs, even have the customers work for you like check themselves out in stores without a real person doing it....and I repeat STILL make a profit then WHY hire anybody?? We go after the POTUS and his party..they don't hire anyone...go after some of these CEO's that are making a killing, still shipping jobs overseas, and not hiring.