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Tuesday, January 12, 2010

It's Jobs Stupid

Here are the crucial numbers;
*Fifteen million Americans are unemployed
*Five million of them have been out of work for more than six months
*One million Americans have simply given up looking for work
*Twenty million more are working shorter hours or are now temporary workers
*And a large number of people employed are cutting expenditures because they are worried about losing their jobs.

*70% of our economy is driven by consumer expenditures
*20% is driven by government expenditures
*10% is driven by business spending.

Our economy will not begin to recover until Americans have actual incomes and are not worried about losing their jobs. A little bump in rebuilding some inventories by businesses won't do it.

Unfortunately, this administration and all its "propeller head" economists do not understand these simple facts. Now we are a full year into the new administration and they still don't get it.

The U.S. economy will not begin to grow (and the recession end) until people have jobs and incomes to spend and confidence in the economy. Period. End of story.

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