Friday, July 24, 2009

Job Cuts Outpace GDP Fall

The Wall Street Journal joins the NY Times today with an article pointing out that joblessness, "breaking from historical patterns" is unusually high given the relatively modest decline in GDP during this recession. "Employers unusual behavior seems to have intensified as the economy has stabilized." Is Obama reading this? How about Larry Summers and Paul Volcker? Are they paying attention? Every proposal from Obama since inauguration day has provided reasons for businesses to lay off employees and to find ways to avoid hiring them if and when the economy does better. Yes this is "breaking from historical patterns." More "change we can believe in."

There will be no articles like this one written about China. They are busy promoting new jobs not destroying them. Trains passing in the night.