The economy needs to add ~125K jobs per month to keep the UE rate constant, and at least 2X that to lower the rate. And this does not include workers who drop out of the labor force because of lack of work. If 100K jobs is the best the economy can do after all the stimulus spending and tax cuts so far, it has a long ways to go. Keep in mind that the 2009 stimulus mostly runs out this summer. My guess is an additional stimulus package of some sort may need to be passed later this year.
QE3 baby! Yeah! And QE4 just before Christmas! It's party time! Man, it's sure gonna suck to be the next few generations, LOL.
It's almost like all the money spent went to the wrong places. I feel a direct job creation program would have been better than stimulus.
No need to worry, the big name economists are calling for 250k-400k jobs a month sometime in mid 2011. Just to absorb the new labor force coming in there has to be 150k-200k new jobs created EACH month. Most the jobs created over the last decade during the biggest boom cycles in the economy will be lost forever, NO one seems to comprehend this, they think that they will able to spend billions and billions of dollars and create jobs out of thin air, this is just a laughing matter at this point. The only way this economy has learned to grow is through asset bubbles, there isn't any organic growth left in this economy.
we could debate about whether or not more stimulus (or QE) is needed, or beneficial, but the Republicans in the House aren't going to approve it, so it's a pointless debate.
endsongs I have been saying for nearly 2 years that you cannot force jobs on an economy, no matter what you do forcing jobs on an economy by releasing trillions of dollars is not the answer to economic recovery. The system is so broken that no amount of dollar can fix it at this point. This economy is being artificially inflated because of the force they are putting through to try and create jobs. Jobs are suppose to come naturally through economic growth but all this economy has experienced for decades is asset bubble after asset bubble!!!! Why no one comprehends this I have no clue. So the answer, DONT spend to create jobs, yet all they do is create more stimulus and raise debt ceilings. This economy needs to reset and start from the bottom and build its way back up, every time there is a minor set back in the economy or better known as a recession they come in and stimulate it, this is why we are in the crisis today. They never let the recession take its course, they never let gdp fall below the 2-4% threshold, they think everything needs to grow constantly without any pause or let down. So here we are today trying to fight off the biggest crisis in history by spending more and creating more debt. Its a joke is all it is!
My point is that the stimulus was not properly spent. I've seen articles about it taking $500K to $1Million or more to create one new job. There is no way to put millions of people to work at that job creation rate. the job creation rate should be closer to $100K per job to have any real stimulus impact.
That definitely should be looked at. I supported the idea of the stimulus. I'm very curious about how that money is/was put to use. Here is California, the office that was created to be the stimulus spending watchdog had to be eliminated to trim the budget deficit. I'm not blaming Jerry Brown. He's gotta make some sacrifices. 'Gotta back your brother's play' , I think was the line from 'Tombstone'. sucks nonetheless. I'd like to know somebody is on top of that