Job losses from Great Recession about to get worse

[The Northerner]

Source: Associated Press

WASHINGTON – Job losses during the Great Recession have been huge and they're about to get bigger.

When the Labor Department releases the January unemployment report on Friday, it will also update its estimate of jobs lost in the year that ended in March 2009. The number is expected to rise by roughly 800,000, raising the number of jobs shed during the recession to around 8 million.

The new data will help illustrate the scope of the jobs crisis. Analysts think the economy might generate 1 million to 2 million jobs this year. And they say it will take at least three to four years for the job market to return to anything like normal.

"It's going to take a long time to dig out of this hole," said Julia Coronado, senior U.S. economist at BNP Paribas.

Wall Street economists expect the January report will show a tiny increase of 5,000 jobs. That would be only the second monthly gain since the recession began. But it probably wouldn't be enough to hold down the unemployment rate, which is forecast to rise to 10.1 percent. That would match October's 26-year high. And it would be the fourth-straight month of double-digit joblessness.

Read more: http://news.yahoo.com/s/ap/20100205/ap_on_bi_go_ec_fi/us_economy

[givemebackmycountry]

1. It's not the "Great Recession"

It's the "BUSH RECESSION"

And we need to be on TV tomorrow morning, and every hour of the day, screaming that at the top of our lungs.

[suede1]

4. Yes, that's what everyone should call it.

[Mithreal]

5. +1

[aquart]

6. But they told me the recession was over. They did.

[tbyg52]

27. Well, it *is*, for the fat cats.

Wait, the markets crashed today, didn't they. Guess maybe it's not over for the fat cats either.

[Better Today]

11. Try "W" Depression or Bush Depression, this is only a "recession"

for those in the top 15% or so from what I'm seeing. It's a depression (and a depressing one at that) for most of us and our families and friends.

[Wardoc]

16. Not to be a contrarian, but...

I think tactically in terms of elections if the message is negative and the numbers are negative it isn't going to hurt them. What we need are solutions, both long term and short term, that are going to make these numbers improve. Pointing blame is all fine and good, but it sounds defensive and when people are mad they go after the guys making the excuses (valid or not).

[PoliticalOne65]

20. The Bush recession

OK, it's the Bush recession. Do something about it.

[leftynyc]

29. You don't think he has

done something? Like prevented a another Great Depression?

[Kahuna]

21. Better yet, the "republican recession." nt

[fasttense]

22. When this economic collapse is all said and done, it will be called:

The 2nd Republicon Great Depression.

We are merely getting a taste of things to come.

[beardown]

34. Yep, the second republican depression.

Bush's depression is probably better than my own term Reagan's depression because Bush is more on the public's mind and Reagan was too liberal to get elected in today's repub party.

[Toots]

23. NO NO NO NO......The REPUBLICAN Recession

Don't let Republicans off the hook on this one.. It is not Bush*'s work but Republicans in General and they want to return to their same failed policies..

[Love Bug]

2. If I may paraphrase FDR:

"This is not the end. This is not even the beginning of the end, but it may be the end of the beginning."

Crikey.

[rockymountaindem]

3. That was Churchill

:hi:

[Socal31]

7. My ideas for getting Americans working again are probably the most "middle" thoughts I have...

So I will refrain from posting them, as not to make anyone here think less of me. Lets just say we are not doing enough.

[Mithreal]

9. How about just one? Come on, don't be a tease. Share, you know you wanna.

[JDPriestly]

8. So many, many of my friends are out of work or have lost their businesses.

It makes my heart ache when I think about it.

It is going to be a long time before this much economic pain will go away. The longer a person is without work, the harder it is to re-enter the job market.

Most of my friends are over 50. Based on my own experience, I would say that most of them will never work again.

Tonight my husband and I went to a meeting. When we came out, we saw a homeless couple settling in for the night on Wilshire Boulevard in Los Angeles -- across from the LA Museum. They were both at least 65, maybe even 70+. That people in that age group are homeless is downright criminal. They will never recover from this recession. Many of us will not.

[Mithreal]

10. too true

[Donnachaidh]

28. we're seeing homeless begging in Newt country -- a LOT of it.

This is a county that does it's damndest to shoo the homeless and beggars out -- but there is so MUCH of it now they don't seem to be able to keep up. Rabidly red county. And the few groups out there still able to help are already being swamped, and we are only in the 2nd month of the year.

This stopped being a recession quite a while back.

[TexasObserver]

12. BUSH RECESSION

[Mithreal]

13. +1

[winyanstaz]

14. Call it by the right name...

This is not the "Great Recession "...this is the Great Republican Recession.

[HughBeaumont]

15. 28 YEARS of tax-slashin' Friedmanite Stenchonomics coming home to ROOST.

It was a theft. An upward transfer of wealth. Capital privitization of profit and socialization of risk and loss to us. America's Pavlovian hatred of Democrats, the "have too littles", taxes and "Teh Red Menace!1!!" combined with their love of Horatio Alger, war and genuflecting flag-waving jingoism was created through THEIR media with OUR politicians as the delivery boys/girls. We rejected European-style rebuilding and social structure as "handouts" and embraced "Free Markets", "Privatized Health Insurance", "Tax Cuts" and "The American Dream!"

The Republicans and their appeaser "Dems" who ran this country straight into a chasm, in all of their furious energy to compartmentalize and cheapen business, kind of forgot the notion of replacement. They never replaced the resources they gutted. They never replaced the occupations/careers they destroyed. They never wanted to update the factories to accommodate new technologies. That was never part of their plan.

We tried to tell the less intelligent voter that they've been had. Screwn. Run through. Left to bleed. They called us "Commies", "pinkos", "smelly hippies" and all other sorts of nose-picking spew. "Ah'm gonna be RICH sumday, yew stewpid lib, so don't MESS with mah taxes when ah AM! This is the greatest cuntry in the worl, and ANAHone can make it big if they just werked HAWRDER!" Sadly, one can work as hard as they want, but without an adequate wage to pay for that soaring cost of living, it's all for naught. You'll be in a hole you cannot dig out of. With each setback, it only gets worse and more hopeless.

Either the private sector or the government needs to start hiring or collectively institute a "firing freeze", which will help consumer confidence soar. End these empirical occupations and start concentrating on home problems. Hey, even the slimiest free-trader suck up can agree that if the US doesn't get repaired RIGHT NOW, we're in danger of pulling their precious "third world" economies right down with it. American corporations are the geese that lay their golden eggs, sorry to say.

Something needs to happen and it needs to happen now. NOW.

[D-Lee]

17. So right! Massive outsourcing could only lead to too few US consumers

That is killing many businesses -- not to mention is painful for the former consumers.

Do any of the outsourcers feel any guilt? Probably not, those executives got their short-term performance bonuses, which they put in their pockets with great satisfaction.

Did they never hear of a "logical conclusion"? Or "chickens coming home to roost"?

[tonysam]

25. The third world workers aren't buying the products

They are made ONLY for American consumption, and if few people here have jobs or decent paying jobs, then third world people aren't going to be working and the greedy bastards who "outsourced" won't be making money, period.

These idiots who went on a greed spree by moving jobs overseas didn't understand that making the products there is worthless if there is nobody here who can afford to buy the products.

[Raster]

30. In American big business/corporatism, it's all about the next quarter and it's bottom line.

It's never about planning for the the five years or ten years. The shareholders want their profits today--even if that means selling off the assets and firing the employees and stealing their pensions. The corporation must generate profits for the shareholders.

[Myrina]

18. Bush's Parting Gift to America: "Fuck You Very Much"

:(

[Mari333]

19. this has been accelerating since Reagan

and was accelerated even more by NAFTA

it is just coming to fruition now.

until Obama and Congress crack down on outsourcing, it wont get better. Not holding my breath .

[OhioChick]

24. Why don't we call this what it is already......a depression. n/t

[ChromeFoundry]

26. +1 n/t

[dysfunctional press]

31. that headline should say: "Previous job loss numbers about to get worse"...

the way it reads now, it seems like another HUGHer round of layoffs is just around the corner. :scared:

[barb162]

32. There's a lot more jobs for the corporations to offshore

Yes it will get a lot worse.

[hayu_lol]

33. This is a full blown depression...and if you're a senior who has...

been working part time to supplement your SS and/or other pensions...forget it. You'll not work again in this lifetime.

Jobs are continuing to bleed away. Businesses are doing the same.

Bank Execs, stockbrokers, and the like are very happy that they are in recovery.

[beardown]

35. Liberal govt programs are the only reason it's an R and not a D

If it wasn't for the currently hated (by much of the population) government programs financed by taxes nobody would be calling it a recession and it would have been drill itself into 99 percent of the citizens' heads that it was a depression.

Social security, unemployment, government jobs and programs, bank support (good and bad) as well as the stimulus money have all helped to keep the economy from sliding into obvious depression status. That and tricking up the unemployment numbers.

This is the obvious result of a 30 year experiment in trickle down, free market propaganda designed to enrich the top 1 percent and large corporations at the expense of the middle class and unions.