The latest jobs report came out and showed that the unemployment rate dropped from 10% to 9.7%. Naturally, the administration showcased that number, but it hides the reality.
Commentators were quick to point out that it doesn’t include those who have given up looking for jobs nor those whose unemployment benefits have run out and are attempting to do something on their own—consulting, etc.
There were other numbers that came out as well, such as the loss of available jobs overall in the private sector. This means two things [at the least]: one, companies are not creating new jobs at this time; two, any indication of a rise in jobs must be found somewhere besides the private sector.
Hmm, what does that leave? Where are jobs actually on the rise?
As the private sector shrinks, the public sector [a.k.a., government] grows. There has been a steady rise in government employment. So, during the recession, government has become larger than ever.
How large will it become? The Obama philosophy is that it needs to grow more, that the private sector is the residence of the greedy and unworthy, while the public sector is filled with altruists who will always do what is right for the American people—and he gets to define just exactly what “right” means.
I have an idea for getting the economy back on track. It’s not an original idea, but it does work. How about reducing government involvement and allowing the market to adjust? How about allowing people to keep more of their own money so they can use it as capital for new ideas and investment? Crazy, right?
One government auditor commented this week that we haven’t solved anything with all the bailouts and stimulus plans. He issued a dire warning that a day of reckoning—far more shocking than what we are currently experiencing—is on the horizon. One of the reasons is that the “too-big-to-fail” companies that were bailed out haven’t changed their practices. Why not? They expect to be bailed out again. The precedent has been set.
It’s a recipe for real disaster on a scale we can hardly imagine.
Can we change direction in time?