Labor Day 2011: What Are We Celebrating? The Lack Of Jobs In America?
If you still have a good job, you certainly have something to celebrate on Labor Day 2011. So far you have survived the decline of the U.S. economy. But your day may be coming soon. This weekend, there will be millions of Americans that will not be doing any celebrating. They are not enjoying a break from their jobs because they don’t have any jobs. In fact, it seems kind of heartless for the rest of us to be celebrating while so many of our countrymen are destitute. What are we celebrating on Labor Day 2011? The lack of jobs in America? At this point, the U.S. economy closely resembles a gigantic game of musical chairs. Every time the music stops, even more good jobs are pulled out of the game and even more workers are added. Once upon a time, if you really wanted a job in America you could get one. But now the competition for even the most basic jobs is absolutely brutal. If you gathered together all of the unemployed people in the United States, they would constitute the 68th largest country in the world. It would be a nation larger than Greece. All of those unemployed people are not going to be taking trips with their families this holiday weekend. Instead, most of them are going to be trying to figure out what to do with their shattered lives.
With the economy in such a mess, you would think that someone out there would be suggesting that Labor Day 2011 should really be a day of mourning. This economic downturn has shredded the lives of millions of American families.
Is there any other crisis in recent years that has had more of an impact on a national level?
On Friday, the U.S. Bureau of Labor Statistics reported that no new jobs were created during the month of August and that the official unemployment rate remained steady at 9.1 percent.
Wait, aren’t we supposed to be in the middle of an economic recovery?
Actually, we need at least 125,000 new jobs or so each month just to keep up with the growth of the U.S. population. So it seems odd that the economy would add zero jobs but the unemployment rate would not increase.
But that is what the government is saying.
In any event, things don’t look good. According to the U.S. Bureau of Labor Statistics, the civilian employment-population ratio was at 58.2 percent last month. This is an incredibly low figure.
In a recent article, John Mauldin explained what would have to happen to return the employment-population ratio to where it was in the year 2000….