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Friday, August 06, 2004
Some call it "trickle down," others "getting pissed on"

Lots of stories out there about the July job-creation numbers, but Stephen Pizzo on Alternet really nails it.

Baring a major gaff by the opposing team, today's bombshell job report has exposed once and for all the fraudulent claim that the U.S. economy is in recovery. Wall Streeters headed for the bomb shelters this morning after learning that U.S. employers were only able to add a paltry 32,000 workers to payrolls in July — just a bit short of the 215,000 to 240,000 the administration had projected would be created last month.

As you try to grapple with the significance of these numbers keep in mind that the economy has to create 150,000 new jobs each month just to keep up with natural population growth. And, if you want to keep the economy from slumping into recession employers have to create 200,000 new jobs each and every month.

Add the collapse of the Shiite-US Forces truce in Iraq. Not what you'd call a good day for the Warp Resident's re-election chances.