—by Rich Dunn, NVRDC 2nd Vice Chair
The big news last Thursday was that almost 300,000 jobs were added in the month of June. But a closer look reveals that in reality 500,000 good paying full time jobs were lost and 800,000 low wage part time jobs were created. There was actually a decrease in net employment, which is consistent with all the terrible GDP numbers. The US remains firmly in a job recession, which begets less consumer spending, which begets lower corporate earnings and outlooks, which begets protracted economic recession. The stock market only sees what it wants to see and catapults ever higher, but it’s only a matter of time before the market’s irrational exuberance runs its course and we’ll have a correction. This is exactly what you could expect given the economic illiteracy of the tea party Republicans in control of the national purse strings. The economy needs restructuring, instead we get disasterous sequester spending cuts, proving yet again that elections have consequences.