I wanted to squeeze this in before the Presidents address to Congress tonight on healthcare because of the difference a long holiday weekend makes in news cycles. In early August the July unemployment statisitcis were released and the unemployemnt rate slipped from 9.5% to 9.4% and the White House and the media hailed it as proof the impact the stimulus package was having on our economy. The fact that "only" 247,000 jobs were lost as compared to an average rate of 331,000 in previous months was touted as progress, the "less bad" is actually "good" mantra. Fast forward to the August jobs report with the unemployment rate surging to 9.7% and "only" 216,00 jobs lost............that sound is is the crickets in the mainstream media newsrooms and the White House press briefing room.
When we compound the monthly numbers, can we look past the spin and simplify the jobs crisis and say that the companies that are still running are bottomed out? That there are simply not that many more jobs TO LOSE before they are forced to ask for a bailout or close their doors. Why is the 9.7% unemployment rate not sounding more alarms? Or are we going to let ourselves be distracted by the healthcare debate, the school speech, and any other story that takes our eyes off the crippling economy?
