It's a good thing Nancy Pelosi wasn't around when the Titanic sank. Lord knows she would have put a big happy face on it. Now that the job figures have been released, Nancy figures it's proof we are "moving in the right direction".
http://dailycaller.com/2010/10/08/obama-and-pelosi-try-to-find-silver-lining-on-jobs-numbers-as-gop-attacks/
Of coures the (surprisingly) drop in government sector jobs is largely due to the laying off of those government census takers, which was a part-time gig to begin with. We also know that a lot of White House workers are jumping ship.
Unemployment? Still at 9.6%.
But never mind. According to Nancy, we are moving in the right direction.
5 comments:
According to Zachary Karabell, writing as The Curious Capitalist, large businesses aren't hiring because "They are highly profitable even with fewer workers. They have spent billions on technologies that have made them more efficient and productive. And they are adding jobs abroad -- where the growth is. They are certain they can service a still highly affluent American market with fewer workers. In fact, the companies of the S&P 500 -- the epitome of corporate America -- are poised to report very strong earnings for the third quarter, continuing a two-year run in which they've reaped hundreds of billions in profit even as employment rolls have shrunk."
What about small businesses? They "aren't hiring because economic activity is muted, consumers are paying off debts while saving more and spending somewhat less, and loans for expansion are difficult to obtain."
That's what Nancy Pelosi should be talking about. As usual, she's playing defense when she should be going on offense.
Zachary Karabell:
Where does he tend bar?
Remember when technology made the elevator operator obsolete? What did the elevator operators do? They got re-trained and entered new careers.
I can tell you that in Calif, small businesses are leaving in droves due to over-taxation and over-regulation. (They take their jobs with them of course.)
Nancy Pelosi on the offense as opposed to defense? She is ridiculous enough on defense. If she goes on offense, I shudder to think what she might say.
Oh, I'm sorry, I neglected to mention that The Curious Capitalist is a column in TIME magazine, not an anonymous page on blogger.com
Zachary Karabell was educated at Columbia, Oxford and Harvard, where he received his PhD. in 1996. He is the author of several books, including The Last Campaign, which won the Chicago Tribune's Heartland Award, and Parting the Desert: The Creation of the Suez Canal. His essays and reviews have appeared in The New York Times, Los Angeles Times, Foreign Policy, and Newsweek. He lives with his wife and two children in New York, where he is an executive vice president of a leading asset management firm. He is also president of RiverTwice Research.
And Norman Finklestein has a phd from Princeton and has written several books.
You've written a few books yourself Gary... none of them relevant to any topic you've squawked about here. You asked for credentials, I provided them. It's as good as anyone gets in the art (not science) of economics.
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