Unemployment claims were up again last week and pretty much stay above 400,000 due to the churn in jobs as companies fire fulltime employees and hire younger, lower paid people and contract workers or temps to fatten the bottom line. A consistent number over 250,000 should indicate declining employment but according to the private payroll processor ADP there was a spike in hiring in December. They estimate the government report on Friday will show close to 300,000 new private sector jobs which would be one of the few months with a net gains in jobs over population growth in ten years.
Unfortunately ADP turned out to be wrong with actual government numbers showing only 103,000 new jobs in December but they also increased the number of jobs created in the previous two months by 90,000 as more accurate numbers are now available. In total 1,100,000 new private sector jobs were created in 2010 which is more than Bush created in his entire term. The never elected President did create a million new government jobs, mostly in the Security State.
The endless war on a tactic is also keeping several million people employed. Obama finds himself between a rock and a hard place, the war is draining the Treasury but ending it would plunge the country into the mother of all Depressions. Weapons systems are one of few areas where we still do any significant manufacturing but even that is draining away to China.
We need between 150,000 jobs for new adults and perhaps another 100,000 new jobs every month to cover the immigrants coming in and with no manufacturing base this is impossible. The Republicans have a stranglehold on all aspects of the economy and for Obama to change this would require a commit this country hasn’t had since FDR’s wartime economic martial law. The average American has no clue about this history, how economics really work or who is screwing them over since 99% of media is under the control of the enemy force.