Friday, August 28, 2009

All it takes is an earthquake or a new generation

The jobless recovery continues.... Other than the apparent oxymoron created by that sentence, who or what is recovering? Billionaires are doing just fine, Senators are still being wined and dined by overpaid lobbyists, oh and China is doing pretty good. The rest of us, not so much.
US employers reported the permanent elimination of 247,000 jobs in July bringing the total to 6.7 million since the recession officially began 21 months ago. Nine million continue on unemployment with 120,000 running out of benefits last week. In the media this was portrayed as if people were going back to work but the opposite is true with large layoff notices picking up.

The number of jobs required to keep up with population growth is now 150,000 per month or more than 3 million since the recession began and we haven’t been keeping up with job creation since the Bush fiasco began eight years ago.

People who have found new jobs find that they are no longer in the Middle Class and those who still have jobs are having their hours cut or their pay is cut and their hours increased. So consumer confidence is down and savings are up.

Surveys show volunteering and charitable giving is way down as the Depression deepens. Fully 70% of people have cut back their giving to formal charities but 50 % say they are giving directly to people in need who are not their family as well as helping relatives with money and shelter.

To the surprise of many, the younger generation is far more engaged in giving than previous generations. It’s possible that they recognize as a group that the American Dream is dead or at least the illusion of the libertarian every man for himself world view doesn’t fool them. Perhaps they are reverting to an instinct of survival that requires working as group, much like the way you see all types of people working side by side after an earthquake. Yes we can.


SonOfMohg said...

But Bruce, the stock market is up! Good times are here again!
the little people out here in middle America are going to the town halls and there mad!
Problem is those people showing up don't really know what their mad at!
And Fox junkies and Dido-heads won't be happy again till that Kenyan is shot down, literally.