Mort Zuckerman (of all people) has an op-ed in today’s WSJ explaining why the jobs situation, which is quite clearly horrific, is even worse than you think.
Here are his points, condensed
- 185,000 workers in the June number were the product of statistical sampling, but could not be verified by the government.
- Companies are asking employees to take unpaid leave.
- 1.4 million unemployed workers weren’t counted because they’re not searching for work.
- Part-time employment has doubled to 9 million.
- The work week is 48 minutes shorter than when the recession began.
- The number of long-term unemployed (4.4 million) is at an all-time high.
- There were no wage gains in June.
- The goods-producing sector lost over 223,000 jobs just in June.
- When business picks up, businesses will just add hours to existing workers, rather than create new jobs.
- Old business lines are being eliminated entirely, not shrunk down, decreasing the odds that the unemployed will be able to find work.
Says Zuck: It’s time for a serious second stimulus — not a hodge podge of pork and transfer payments, but a truly big and bold infrastructure program (like what we were promised the first time, but which didn’t happen) to put people to work.
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