Scarier Job Chart: There Are Really Very Few Jobs
I don't mean to be a downer or a fear monger, but this chart is simply scary, especially compared to what the already scary job chart showed last month. The dotted line (which doesn't count the Census workers) has stalled dramatically from the upward trajectory it was on.
As more and more people are talking about the potential risk of a double-dip recession, these job numbers are anything but heartening. What's important to remember, of course, is that we're now hearing politicians talk about cutting back on government spending and starting to institute deficit-reduction policies. This will, according to many people who study economics, not help anything one bit. The commonly cited analogy is 1939. That year as Great Depression seemed to be over and the economy was expanding, FDR cut spending on many of the relief programs, resulting in a jump in unemployment and a contraction of the economy. Since it was a long time ago, I suppose we can forgive politicians for forgetting the economics of the late 1930s, though you would think in the face of an enormous recession, they might be reading up on how we fixed the Great Depression (massive spending with entire U.S. population buy-in to win a world war notwithstanding).
To refresh your memory, here is what the last job chart looked like:
Via Business Insider