Lawrance G Lux, click
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Blogs by Lawrance G Lux
The Labor Market 8/2/2004 8:00:22 AM
The Job survey just came out, and the numbers were worse than expected.
The Job survey found that 11.4 million men and women permenantly lost their Jobs in the three years of the Bush administration. Such Layoffs are not uncommon even in Boom conditions, as short-term Hires for projects is common. Bust conditions create even more likely conditions for Layoffs, as Business cut expenses. The unusual aspect comes in it was the highest Layoff rate since the early Reagan years 1981-83, the worst since the Great Depression.
A cheap shot could be taken, and say all three occurred under a Republican administration, but such is only playing Politics for little value. The relevant point to be made in the economic sense is: ALL THREE ADMINISTRATIONS HAD ADOPTED A BASIC NEOCONSERVATIVE ECONOMIC POLICY.
All indications coming forward at this date for all three Periods suggest that such policy entices Business to adopt Layoff policies to maximize untaxed Profits. Neoconservative economic policy pays Business to abandon the rights of Labor, in both restitution and Job security.
The Job survey has a bright spot, but not very bright or consoling, in that people are finding alternative employment quicker. The reason it is not bright is the fact that people must accept lower-paying work. Some 6.384 million people have been re-employed at lower wages in the Bush administration. This is a worse record than even the Reagan administration, where less than half had to accept lower-paying labor. lgl
