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President Barack Obama promised Monday to deliver more than 600,000 jobs through his $787 billion stimulus plan this summer, with federal agencies pumping billions into public works projects, schools and summer youth programs.
"It's a reminder that we're still in the middle of a very deep recession that was years in the making, and it's going to take a considerable amount of time to pull out of," Obama said.
Owners of capital will stimulate the working class to buy more and more of expensive goods, houses and technology, pushing them to take more and more expensive credits, until their debt becomes unbearable. The unpaid debt will lead to bankruptcy of banks, which will have to be nationalized, and the State will have to take the road which will eventually lead to communism. –Karl Marx, Das Kapital, 1867)
Originally posted by marg6043
Incredible, but that is exactly what is happening in this nation right now. We should never brush away the words or views of those people with visions before our time. Even if they are evil.
The growth of unemployment had been slowing moderately over the past two months but it took a turn for the worse in May despite conflicting reports from major media outlets. Forbes.com ran an article Friday June 5, stating that job losses in May were just 345,000 – far fewer than the 550,000 most economists were predicting. It uses this as a signal that the economy is turning around.
Unfortunately, there are several things wrong with this argument. First of all, this country needs to be creating hundreds of thousands of jobs each month to soak up unemployment, increase GDP, and prop up lagging incomes. A loss of 345,000 jobs is just sinking us further into the hole. The second, and most important, counterargument is that while this economy may have seen a drop in “non-farm payroll employment” the actual number of unemployed persons increased by 787,000, according to the Bureau of Labor Statistics.