labor economy

Wall Street's Selective Attention on Quantitative Easing Buzz

You've got to be kidding me. We have a strong case of what people say, what dogs hear. Federal Reserve Chairman Ben Bernanke gave a speech today on the labor market. Surprise, surprise, the jobs market still sucks. Yet Wall Street didn't hear about the plight of working America. Nope, they only heard what they want to hear, the possibility of QE3, otherwise known as quantitative easing.
what people say what dogs hear
Ben Bernanke's speech acknowledged the pain and suffering endured by the United States worker. One would think the below quote would bring tears to Wall Street's eyes:

Those who have experienced unemployment know the burdens that it creates, and a growing academic literature documents some dimensions of those burdens. For example, research has shown that workers who lose previously stable jobs experience sharp declines in earnings that may last for many years, even after they find new work. Surveys indicate that more than one-half of the households experiencing long unemployment spells since the onset of the recent recession withdrew money from savings and retirement accounts to cover expenses, one-half borrowed money from family and friends, and one-third struggled to meet housing expenses. Unemployment also takes a toll on people's health and may have long-term consequences for the families of the unemployed as well. For example, studies suggest that unemployed people suffer from a higher incidence of stress-related health problems such as depression, stroke, and heart disease, and they may have a lower life expectancy. The children of the unemployed achieve less in school and appear to have reduced long-term earnings prospects

"Overwhelming Force"

So, we learned today that our economy lost 35,000 in February and the Unemployment Rate was 9.7%. Markets loved it and so did the Obama Administration - what the heck things are getting worse much less slowly - hurray.

Quite frankly this unacceptable. And what kind of response do we get from Washington: a token response of $18 billion "Jobs Bill". This "Jobs Bill" is a joke. We need "overwhelming force" to address this Jobs Crisis.

This is war, this is a major Jobs Crisis. Here are a few more numbers to chew on (ht Calculated Risk):

"Jobs for Us, Jobs for Our Kids" - a Close Encounter of the Senator Cantwell Kind

You may wonder why congressmen and senators seem to be so out of touch with the reality that middle and lower class Citizens face each and every day. In fact, you may wonder why they seem to completely ignore any message you try to get to them via email, phone calls, or even smoke signals. Nothing seems to work.

From what I observe of Senator Maria Cantwell (D-WA), she is a recluse to the middle and lower classes. I have never seen her do a "town hall meeting" like Congressman Jay Inslee frequently does. I also find that when she visits a city within Washington State, she is more likely to be visiting with the Chamber of Commerce than a local labor council.

Make Sense of out This

While talking heads pile on the cable shows, blogs and discuss identity politics, what about policy?

Only Romney is mentioning outsourcing and his solutions are part of the problem. He also vetoed a MA amendment to stop state jobs from being outsourced. You know the idea that money recycled into local economies stimulates that economy? Not when it comes to real jobs it seems. Although at least he is aware of it, and seemingly the other major candidates, both parties are ignoring the global labor arbitrage agenda and what it is doing to the United States middle class.

Job losses jump in largest 1 week increase since Hurricane Katrina.