Above is Isaiah's The World Today Just Nuts "I Want Four More Years" went up yesterday. Friday came the bad jobs report (the cartoon is noting Barack's verbal excuse on that). Patrick Martin covers the jobs report today at WSWS:
The US job market remains in the doldrums, with only 80,000 net new jobs created in June according to figures reported Friday by the Bureau of Labor Statistics. It was the third consecutive month in which fewer than 100,000 net jobs were created, far below the pace required to reduce joblessness.
The official jobless total is 12.7 million. At the rate of job creation in June, it would take the US economy 159 months—more than 13 years—to provide jobs for all those who are now unemployed. That does not take into account any increase in the workforce due to population growth, or the fact that the real jobless total, counting those who have dropped out of the labor force but would come back if work were available, is some 23 million.
While the unemployment rate remained unchanged at 8.2 percent, June was the 40th consecutive month with the jobless rate at 8 percent or above, the longest such period since the Great Depression of the 1930s. When discouraged workers and those working part-time who want full-time work are included, the jobless rate for June rises to 14.9 percent, down only marginally from the all-time high of 17.4 percent in October 2009 and nearly double the rate in 2007.
Keeping that in mind, Alex Sundby (CBS News) reports disturbing news, "Unemployment benefits will be cut Saturday for thousands more Americans who have been out of work for more than a year and a half as their states fail to meet tighter eligibility standards the federal government set earlier this year. Nevada, New Jersey and Rhode Island will no longer provide federal benefits to recipients who have been out of work for more than 79 weeks, according to the National Employment Law Project, which tracks unemployment data nationwide."
Can you believe that?
The economy remains in the toilet with record high unemployment and people are losing their benefits. How are they supposed to find jobs when there are none?
And while the economy continues to tank, Americans are having to borrow money. That's the reason behind what AP is reporting of how "consumer borrowing rose by $17.1 billion in May from April."
NPR has a really important three-part series on how families are being effected by the awful economy. I'm sorry, I'm not a broadcaster and I don't know what the Emmy equivalent is for radio but whatever it is, I would nominate the NPR series for every award and, if I was 'the decider,' they would win every award for this series. Listen to it and see if you don't identify. See if you can't relate to these difficult choices so many are being forced to make.
This is C.I.'s "Iraq snapshot" for Monday: