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The report by Blinder and Zandi takes a comprehensive look at a series of policy initiatives adopted in 2008 and early 2009 in response to the cratering economy. These include the American Recovery and Reinvestment Act, the Troubled Asset Relief Program (TARP), the rescue of the housing and auto industries, and the establishment of new credit facilities to improve liquidity in financial markets. The report shows that, absent these actions, the country would have 8.5 million fewer jobs and economic output would be $1.5 trillion lower.
Two years ago, state and local governments began shedding workers as they struggled to balance their budgets. What began as a trickle of job losses is becoming a flood. As the chart shows, a total of more than 300,000 state and local government jobs have been lost since August 2008, with 48,000 payroll jobs cut last month alone. The pace of job loss is accelerating and threatens to overwhelm the meager job gains in the private sector.
Legislation passed the Senate last week to slow this tide of unemployment—$16.1 billion of funding for state Medicaid programs and $10 billion to save education jobs. We estimate that the Medicaid funds will save 158,000 jobs, including police officers, firefighters, and health care workers. But more than half the jobs saved will be in the private sector, including workers who contract for or supply services to state and local governments.
The total number of job openings in June was 2.9 million, while Current Population Survey data for that month shows that the total number of unemployed workers was 14.6 million. This means that the ratio of unemployed workers to job openings was 5.0-to-1, a slight improvement from the revised May ratio of 5.1-to-1. Importantly, this ratio does not measure the number of applicants for each job. There may be throngs of applicants for every job posting, since job seekers apply for multiple jobs. The 5-to-1 ratio means that there is literally only one job opening for every five unemployed workers (that is, for every four out of five unemployed workers there simply are no jobs).
With so many unemployed workers per available job, people who find themselves out of work can be expected to remain unemployed for extremely long periods. In June, nearly half (45.5%) of this country’s unemployed workers had been jobless for over six months, nearly 20 percentage points above the high of all post-war recessions, which was 26.0%, set in the summer of 1983.
August 11, 2010
Congress passes bill to help prevent layoffs
Hundreds of thousands of teachers and first responders got a sense of comfort in keeping their jobs after Congress passed a $26 billion state aid bill on Tuesday.
Democrats did a service to this country by approving a bill that would not only provide $16 billion to extend state Medicaid funding but also provide $10 billion to help states prevent approximately 300,000 teachers, nurses, firefighters and police officers from being laid off.
Originally posted by Rockpuck
reply to post by bputman
I actually laughed out loud when I read this sad excuse for a report.. It's the most biased and simply uneducated piece of garbage I've ever seen.
The chart was the kicker. Hilllllarious.