The following chart speaks for itself:
My apologies for the fuzzy focus. I couldn't get the chart sharpened up without making it so small that you'd need a magnifying glass to read it.
From the above, we see nearly 8 million private sector jobs lost since the recession started. We see 2,650,000 private sector jobs lost since Obama's stimulus package was passed. At the same time, government jobs have been increasing, with 400,000 new government jobs being created since the stimulus.
As the private sector shrinks, the public sector grows. The problem with this is, the private sector pays the salaries of the public sector. I've said all along that the stimulus package was a bailout of government. From these numbers, we see something even worse, and far more troubling. The government is taking an increasingly larger slice out of a shrinking private sector pie, which leaves less pie for private sector job creation, wage increases, and business investment. This is not the type of recovery we want. I'd question whether it is even recovery at all. It looks more like an artificial $800 billion stimulus illusion put forth by the Obama administration. Once the curtain is pulled back on this illusion by turning off the stimulus cash spigot, what will we be left with ? It looks like we'll be left with a mountain of debt and a much larger government to pay for, structurally worse off than we were before. No wonder Obama wants more stimulus cash. He wants to delay reality as long as possible, at least until after november.
But the news is not all bad. It looks like in June 2010, 13,000 new private sector jobs were created. That comes out to an anemic 260 jobs per state. Strike up the band.
As for our glorious leaders, Barack Obama is peddling his tepid 'things could always be worse' message, and Joe Biden is saying the 8 million lost jobs will not be recovered. I guess that means Biden thinks the recession will never end.
And we thought the malaise ended with Jimmy Carter. Sorry friends, it's ba-ack. Time to lower those expectations of yours, America.
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