While the genesis of this horrendous employment definitely precedes President Obama and this administration, the administration and the Democratic Congress have allowed the Republicans to cower them from the steps that are needed to get us an economy that works. The fact is that we need productive stimulus.
Corporations are currently very profitable and have a lot of cash on hand. They are holding our economy hostage because many have bought into the tenet that only private corporation are the real engine of an economy. That tenet create a lack of competition where private corporations can force government to adopt policies that are favorable to corporation at the detriment of the working middleclass.
It is time that the government spend to create jobs. It is time that the country invest in the priorities we know are a must. Given that private corporations are intent on profit maximization at the expense of the average middleclass let the government make that investment in government corporation that move the country forward. Lets rebuild our infrastructure and build state of the art trains. Lets build bio-diesel plants. Lets invest in switch grass for fuel production. It is the failure of our brand of capitalism that prevent these necessities from being implemented.
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WASHINGTON (AP, CHRISTOPHER RUGABER) — A wave of government layoffs in September outpaced weak hiring in the private sector, pushing down the nation’s payrolls by a net total of 95,000 jobs. The Labor Department said Friday that the unemployment rate held at 9.6 percent last month. The jobless rate has now topped 9.5 percent for 14 straight months, the longest stretch since the 1930s.
The private sector added 64,000 jobs, the weakest showing since June.
Local governments cut 76,000 jobs last month, most of them in education. That’s the largest cut by local governments in 28 years. And, 77,000 temporary census jobs ended in September.
Nearly 14.8 million people were unemployed last month. That’s almost 100,000 fewer than in August.
The report is the final one before the November elections, which means members of Congress will face voters next month with a jobless rate near double digits.
The weak job market also makes it more likely that the Federal Reserve will take additional steps to boost the economy. Most economists expect the Fed to decide at its meeting next month to buy government debt in an effort to lower interest rates and spur more borrowing.
Unemployment Rate Steady In September, Economy Sheds 95,000 Jobs