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A ‘Jobless Recovery’ is a Deepening Recession

By: Steve Johnson

10/2/2009 - 25 Comments

The words ‘jobless’ and ‘recovery’ are at odds with each other.  New jobs are essential to an economic recovery.  Without new jobs, there is no recovery.

The only reason the word 'recovery' is being used by the cheerleading media and political partners in crime is because of all the money that is being spend from the government stimulus packages.

But that money has to be repaid with interest and will result is much higher taxes for many years - further suppressing the economy for a long time.

The money the government is spending is not helping create new jobs, but rather is delaying the small business sector from creating new jobs.  The failed inflationary policies of the Federal Reserve who led us into this recession are now suppressing our exit.

Deepening Recession

The economy lost 263,000 jobs in September — far more than expected — and the unemployment rate rose to 9.8 percent, the government reported on Friday.

Despite help from Washington’s $787 billion stimulus, state and local governments slashed 47,000 jobs in September.

More than 15 million people in the United States are now unemployed, as the economy has been bleeding jobs every month, without interruption, for nearly two years.

There is not even a hint of recovery in this outlook.  We are facing a deepening recession.

Let the Market Adjust

By now it should be clear that throwing good money after bad is not the answer. We need to rebuild a new economy and that is going to take investments in new markets, based on new consumer demands. 

To do that, we need to stop propping up the phony part of the economy that is not supported by real consumer demand.  In other words, the government has to let ‘too big to fail’ companies fail.  So that their capital and their resources can be freed up for new businesses to use based on real consumer demands.

It’s also going to take much higher interest rates to attract investors and encourage savings so that the small business growth sector can get access to the loans they need to create new jobs.

Perhaps the most important thing is for congress to take drastic action, but not the action that they have been taking.  They need to cut spending by 30-50 percent, cut taxes and remove policies that are suppressing businesses to make sure we are globally competitive again. 

That is going to take new leadership, free market leadership.  We need to throw out the fat cats and bring in the fiscally conservative bean counters.

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