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Politics : The Obama - Clinton Disaster -- Ignore unavailable to you. Want to Upgrade?

To: John who wrote (35166)	8/9/2010 12:48:27 PM
From: Hope Praytochange	Read Replies (1) \| Respond to of 103300

Case in point: Another 131,000 jobs were lost in July, according to the latest employment report, and job loss in June was revised to 221,000, from 125,000. The unemployment rate held steady, at 9.5 percent, but that is only because 181,000 people quit looking for work last month. Such “missing workers,” those who either have dropped out or have never entered the labor force since the recession began, now number 3.9 million. That’s on top of 14.6 million officially unemployed and 8.5 million who are working part time but need full-time jobs. There is no positive spin for this. Many of the recent losses resulted from the end of temporary jobs with the Census, but private-sector employment has also slowed sharply. At the same time, huge budget shortfalls have led to escalating job loss among state and local government workers. Against that backdrop, the Senate passed a bill last week — just before its summer break — to provide an additional $26 billion in aid to the states, including paying for 140,000 teachers. Speaker Nancy Pelosi called the House back from vacation, and it is expected to approve the aid this week. What gets lost in the frenzy is the fact that the measure started out as a $50 billion effort — divided between help for states to pay their share of Medicaid bills and aid for education. At that level, it was a reasonable response to anticipated budget shortfalls estimated at well over $100 billion this year. Now, deep spending cuts and tax increases will still be needed to balance budgets, undermining the recovery. Worse, the bill was scaled down as it was becoming increasingly clear that the economy was deteriorating, a sign of the rift between policy making and reality.