Slayer of the DP Newsbot
- Aug 27, 2005
- Reaction score
- Houston, TX
- Political Leaning
WASHINGTON — The US economy created more private jobs than expected in July but hiring has not been rapid enough to ease a severe jobless rate, payrolls firm ADP said Wednesday.
Some 42,000 private-sector jobs were created following a revised June number of 19,000, ADP said ahead of a key government report Friday that is expected to show unemployment already at 9.5 percent ticking up.
This increase is barely below the level needed to keep pace with new workers coming into the workforce.
After the stock market crashed in 1929, it was not until 1953 that our economy got back to the same level it was at before the crash. A lot of mistakes were made to cause the Great Recession we are experiencing now, and there are no quick fixes. Before the bust happened, I posted that we had better prepare for a long ride, and this ride is going to last years, if not decades. Forget Obama, forget Bush. And, most of all, forget any politician who promises to fix things quickly. It's not going to happen. Period. End. of. Story.
The only thing that is going to work will be ending the fiscal insanity that led to the situation we are now in. Only "sane economics" is going to get us out of this pickle, and that cure may hurt like hell for a while. Still, it's better than being forever sick, which is the only other logical outcome.
Article is here.