Graph of the day.

Via Howie...


I may not agree with everything they're doing in DC, but at least some of it seems to be working. Let's do more of that.

If it's jobless…

…and "revenue-less," maybe it's something less than a "recovery."

Just sayin'…

From the "What he said" file.

Paradox...

Unemployment Is Our Measurement Device

Or, as I always say sometimes, if it's jobless, it isn't a recovery.

Map of the day.

AP, via Yahoo News...


If it's jobless, it isn't a recovery.

From the "Just the facts…" file.

A fact from Brad DeLong...

It's a fact that the economists who make a living by selling their analyses of the economy to manufacturing firms that need information about demand and to financial firms that need information about profits are overwhelmingly assessing that the Obama short-run deficit-spending program has been and is being and will be effective. It's only those economists who make a living by pleasing Republican politicians who are skeptical.

.Which is all very nice, but more jobs, faster would be even more so.

From the "Me too" file.

Brad DeLong...

...I agree that the stimulus and the banking-sector recapitalization and the expansionary monetary policy are working, but more of each would be working even better...

And a reminder - if it's jobless, it's not a recovery.

From the "Since you asked…" file.

Professor Krugman inquires…

The American economy remains in dire straits, with one worker in six unemployed or underemployed. Yet Goldman Sachs just reported record quarterly profits — and it's preparing to hand out huge bonuses, comparable to what it was paying before the crisis. What does this contrast tell us?

Since you asked, it tells us, or me, at least, that if it's jobless, it isn't a "recovery," the fortunes of financial manipulators notwithstanding.

Krugman's own answers are pretty good, too.

I'll type very slowly…

…so everyone can understand. If it's "jobless", it's not a "recovery."

Not no how. Not no way.

Remember...

…there is no recovery without jobs.

American's flight schedule cuts mean 1,600 fewer jobs
Cessna Aircraft to cut another 1,300 positions
No recovery so far, it seems...

From the "Told ya' so" file.

Told ya' so. The San Francisco Federal Reserve, via Calculated Risk...

Our analysis generally supports projections that labor market weakness will persist, but our findings offer a basis for even greater pessimism about the outlook for the labor market. Specifically, we suggest that the relatively low level of temporary layoffs and high level of involuntary part-time workers make a jobless recovery similar to the one experienced in 1992 a plausible scenario.

Specifically, we suggest that the relatively low level of temporary layoffs and high level of involuntary part-time workers make a jobless recovery similar to the one experienced in 1992 a plausible scenario. (emphasis mine)

It's time to make it very clear that if it's "jobless" it isn't recovery. Given the concentration of wealth and disparity of income in this country, improvement in the markets or an increase in the GDP is meaningless in terms of the kitchen table economics that determine whether working people can meet their basic needs.

We need to demand a jobs first recovery, and we need to fight for it.

Hat tip to Atrios.

Not just here…

…but there, and, it seems, everywhere...

With companies in no mood to hire, the unemployment rate jumped to 9.4 percent in May, the highest in more than 25 years.

...and yes, it's worse than it looks...

If laid-off workers who have given up looking for new jobs or have settled for part-time work are included, the unemployment rate would have been 16.4 percent in May, the highest on records dating to 1994.

Last time around we invented the "jobless recovery," while the speculators got fat on the (non-)workers misery. This time we've got to demand a "jobs first" recovery, or understand that there's no recovery at all.

One man's "pork"…

…is another's employment. Senator Jeff Merkley (D-OR) explains How A Bill Becomes A Job…

The Forest Service has begun the process of awarding contracts for forest health projects. In Oregon, they’ve already allocated over $10 million with more to come. The Medford (Ore.) Mail Tribune recently looked at how $3 million of those funds will be used. They found that because of the American Recovery and Reinvestment Act, 150 people will be put to work promoting forest health and helping prevent wildfires in Southern Oregon, with some of those people to start work immediately. Many of these jobs are coming to Jackson County, which currently has a 14 percent unemployment rate.

Sorry scoffers, turns out that clearing brush is economic stimulus.

Near as I can figure…

Geithner just doesn't seem to understand what Roy explains...

The trillions of dollars that vanished, never existed. The Emperor did not lose his clothes, he was always naked.

It's gone, and it's not coming back, which is why I don't think there will be a recovery in the conventional sense, but a reset. The fundamental argument is over where and how to start over.

Climbing back, though? Tried that. There's not enough oxygen up there, which led to hallucinatory decision making and mirages of vast wealth. The next path has got to stick a bit closer to the ground.

What's happening…

…via Bernie Horn...

The word on the street here in Washington is that the right is killing us with phone calls to Congress on the Obama economic recovery plan. One congressperson said the calls are running 100 to 1 against it.

What's at stake...

$142 billion for a middle-class tax cut
$47 billion to extend unemployment benefits
$16 billion to expand food stamps
$17 billion in one-time payments to low-income Americans
$26 billion to expand access to health care
$87 billion to help states pay for Medicaid
$24 billion to modernized health information technology
$46 billion to fix bridges and roads
$80 billion to improve public education
$19 billion for school construction
$14 billion to make college more affordable
$32 billion for clean energy

… for starters, and, of course, millions of jobs.

So, what can you do? You can…

…pick up the telephone and call 202-224-3121 (or use the toll-free service at 866-544-7573). Ask the Capitol operator to transfer you to one of your state’s U.S. senators. When you’re connected, say you’re calling to urge your senator to “support the Obama economic recovery plan and oppose all conservative amendments.” Call back and repeat for your other senator. Then contact everyone you know and urge them to do the same.

Did I say you can? Check that.

You must.

This information from a Carl merits front-paging…

Direct lines to the DC offices of the Upper Left Senators:

Cantwell: (202) 224-3441
Murray: (202) 224-2621

Keep those phones ringing, folks!