The Beginning Of The End
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Just When You Thought It Was Safe To Start Sending Out Resumes Again….

Perhaps you had heard that the unemployment rate in the United States has been going down and you were planning to start sending out resumes again.  Well, unfortunately it is not "morning in America" again.  Some really depressing jobs numbers were just released.  The number of Americans applying for unemployment benefits skyrocketed last week to the highest level that we have seen in 8 months.  Also, according to a new poll more American workers say that their companies are getting rid of workers than say that their companies are hiring more workers.  So feel free to start mailing out thousands of resumes once again - just don't expect better results.  Tens of millions of unemployed and underemployed Americans have been waiting for the "economic recovery", but the sad truth is that this is the economic recovery.  This is about the best that things are going to get before the next major wave of the economic collapse strikes.

Most economists were extremely surprised by how bad the new numbers were.  The following is an excerpt from the press release from the Department of Labor....

In the week ending April 30, the advance figure for seasonally adjusted initial claims was 474,000, an increase of 43,000 from the previous week's revised figure of 431,000. The 4-week moving average was 431,250, an increase of 22,250 from the previous week's revised average of 409,000.

As noted above, that was the highest number of initial unemployment claims that we have seen in eight months.

In addition, ADP has announced that only 179,000 private sector jobs were added to the economy during the month of April.

That number also was an unpleasant surprise to most economists.

But shouldn't the economy be recovering by now?

Yes, it should be.

Unfortunately, there is even more bad news.

According to the latest Rasmussen Employment Index, 19 percent of U.S. workers say that their companies are hiring more workers right now and 25 percent of U.S. workers say that their companies are laying off workers right now.

That is not a good sign.

But even when jobs are available most of the time they are crappy jobs.

A growing percentage of jobs in America do not even pay a living wage.  Low income jobs now make up 41% of all the jobs in the United States.

In a recent article on outsourcing, I noted that the U.S. economy is bleeding lots of good jobs and that they are being replaced by bad jobs....

Right now America is rapidly losing high paying jobs and they are being replaced by low paying jobs.  According to a recent report from the National Employment Law Project, higher wage industries accounted for 40 percent of the job losses over the past 12 months but only 14 percent of the job growth.  Lower wage industries accounted for just 23 percent of the job losses over the past 12 months and a whopping 49 percent of the job growth.

So do you want to mop floors at the local Burger King or stock shelves over at Best Buy?

A million Americans recently showed up to apply for a job at McDonald's.  If that is not a sign that the American people are losing faith in the economy then I don't know what is.

So are you ready to go down and apply for a job at McDonald's?

Well, if not you may find yourself waiting for a very, very long time for a "good job".

According to the U.S. Bureau of Labor Statistics, the average duration of unemployment in the United States is now an all-time record 39 weeks.

Today, we have millions upon millions of Americans that are sitting home because they can't find work.

Only 66.8% of American men had a job last year.  That was the lowest level that has ever been recorded in all of U.S. history.

That is not good for the economy.  Instead of being productive and producing wealth for the economy, all of those unemployed men are a drain on the system.

Today, 18 million more Americans are receiving food stamps than when the economic downturn first began back in 2007.

Considering the gigantic amounts of spending that the U.S. government has been doing since the beginning of the economic downturn and considering the massive amounts of new money that the Federal Reserve has been injecting into the financial system, the unemployment rate should be much, much lower than it is now.

Our leaders have gone "all in" on stimulating the economy in the short-term and yet it is still responding like a dead horse.

Now there are even some in the financial media that are saying that we are going to need "QE3" in order to get the economy going.

Perhaps we will even need "QE4", "QE5" and "QE6".

This is getting ridiculous.

Essentially the U.S. economy is like a patient that the doctors are hovering around and desperately trying to revive.

So are they going to be successful?

I wouldn't bet on it.

Sadly, what we are experiencing right now is the economic recovery.

When the next wave of the economic collapse hits, things are going to get even worse.

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  • ezlivin

    The politicians are arguing over the bar tab, after, the TITANIC hit the iceberg.

    You CANNOT build on a false foundation, it must collapse FIRST. Let the damn thing collapse, so we can begin the rebuilding phase.

    There are pleanty of good AMERICANS waiting.

    r/s

  • sharonsj

    “Most economists were extremely surprised by how bad the new numbers were.” Just shows you how out of touch these clowns are. They–and our lousy politicians–are clueless, often deliberately.

    All one has to do is drive around and see empty store fronts, for sale signs in front of homes, the lines at a food pantry for the poor, etc. There’s no let-up in foreclosures and bankruptcies. And now that the crazy Republicans have governors running the states, expect lots more people getting fired in order to make up for the tax cuts given to the rich. I think the average American is ready to snap, so get ready for protests and riots.

  • Otown Right Guy

    ezlivin, there will be no collapse. Just a decreasing standard of living for most of us, and fewer and fewer good paying jobs. Along with an increasing 3rd worlder population in America. This is how the world ends, not with a bang, but with a whimper.

  • http://firesteel.com/ FireSteel.com

    Meanwhile, the banksters (Bankers + Gangsters = Banksters) are hi-fiving each other with their record profits and bonuses.

    If you still have income, buy Silver, beans, bullets, and bandaids. The S is going to HTF

  • wobbly-1

    I would disagree on there being no pending collapse. At some point the world is going to realize that we are printing $$ like a banana republic and our currency/credit is depleted. We should have crashed long ago, but the world is still fooled in to believing that we have market value here. When the world finally decides to rid itself of American $$’s we will rapidly rush to the bottom as we await whatever currency it adopted. Unfortunately our fiat dollars will by very little of this new currency and we will stagnate at the bottom economically while we try and figure out how to return to the world stage (after sending all our manufacturing jobs to other countries). It’s going to be be bad, and I believe it will crash…

  • Gary2

    “But even when jobs are available most of the time they are crappy jobs.”

    Michael-thank you for also including underemployment which I really think is almost (I said almost) as big a problem as unemployment.

    I do not see creating a bunch of low wage crap jobs as progress. When you factor in all the corporate welfare (walmart workers on state health ins/food stamps etc) they are probably a net loss. We need to unionize these crap jobs and force them to pay living family supporting wages. The waltons of walmart have enough money.

    One question I have Michael-Why does the government even bother releasing monthly UE figures? Everyone, left/right/center knows they are BS and way under-count.

    To my friends on the right-so much for the bush tax cuts creating any jobs. When even McDonalds turns people away you know its bad. In the past my cat could get a McJob.

  • http://www.planorperish.com/ Gutter Economist
  • rick

    You can’t fight or fix what you don’t understand. The people in this country don’t understand what’s happening to them. The good jobs are not coming back. No sector, even the technoloy industry is not producing enough jobs. There is no where to go, except to liberate the work force.

    Wake up America. It’s time to regroup and rebuild.

    JOIN THE REVOLUTION
    Read “Common Sense 3.1” at ( http://www.revolution2.osixs.org )

    We don’t have to live like this anymore. “Spread the News”

  • http://www.pathtoasia.com rhea

    It’s not surprising, we have a lot issues facing our economy. There are so many unemployed 4 year degreed business majors out there right now. I think our economy has come to an inflection point, I think the time has passed where you were garuanteed a good middle class wage just because you obtained a four year degree in something, and I don’t think that message is getting told to students.

    Too busy for your job search? Human job search assistance – http://www.jobwaltz.com

  • Cindi

    Gee, Gary, why not just take a gun and rob Walmart, that’d be more honest than “forcing” them to pay more.

    As previous posters said, until the excess debt is defaulted, the lies are gone, the looting by banks and corporations like GE and GM are stopped, and the looters in prison, there will be no recovery.

  • http://freefood2gocoop.com Free Food 2 Go

    Having a home business is a great option to earn extra income.

    At Free Food 2 Go, we are looking for people to help others get long term food storage. You can earn free food credits or even cash back.

    David
    Free Food 2 Go

  • ezlivin

    Otown Right Guy,

    You could be correct in your assessment, but, whether collapse occurs in one day or by a THOUSAND cuts, it must occur for REAL CHANGE to happen.

    The old adage is this, if my neighbor is out of a job, were in a recession, if I am out of a job were in a depression.

    The financial well being of each individual is just that, individual. But, when the obligations of institutions, i.e. banks, transferred their bad bets to us the TAXPAYERS, our individual LOAD increased to gigantic proportions, IT’S A DEBT CANNOT BE PAID BACK.

    To kick the can down THE ROAD, is IRRESPONSIBLE of REAL MEN.

    We are a debt based economy, in the BUBBLE of all BUBBLES. The fear, economic hardships and suffering upon US, will create a better, clearer picture of how we WANT TO live in days to come.

    Just like the trees in fall shed their leaves, so the snow load does not bring them down. We too, must shed what brings us down.

    Thank you for your insight.

    r/s

  • Realist

    At least McDonalds is trying to help aleviate some of the unemployment even though they are low paying jobs. As additional credit they ended up hiring 12,000 more than they originally planned.

    What’s scarey however, 938,000 other applicants were turned away. That’s an army of job seekers willing to take anything.

  • http://moneycrisisgameplan.com David

    Increasing your money cashflow is vital to keeping up with rising prices (inflation). A home business can help increase and diversify your income, so that if you lose your job, you will still have some income. And you can apply home business tax deductions to potentially save thousands of dollars a year.

    David
    Money Crisis Game Plan

  • http://freefood2gocoop.com Free Food To Go

    As we moved from an economy where people either farmed or had a small business, we’ve become more dependent on the government and corporate America. Now we need to move back to self-reliance, so that we can survive and thrive without the government and corporate America.

    Free Good To Go offers long term food storage, and a rewards plan to earn free food and even cash back. Prepare now for rising food prices.

  • Dan

    A commenter above mentions all the vacant storefronts he sees driving around. In fact, many of the abandoned, freestanding box stores and strip malls are already derelicts that will need to be torn down, leaving only land whose speculative value must be discounted by the cost of demolition as well as the grossly overbuilt condition in commercial districts. The same holds for many housing developments, where the only solution is also demolition.

    This stuff, and I say “stuff” because its only destination is as construction debris dumpsters, is what makes up one-third of the Fed’s balance sheet, carried at values that existed before the collapse. Therefore, there can be no unwinding of liquidity by selling these derelicts. Does anyone recall Bernanke’s “exit strategy”? He lied then, and he is lying now. There is no recovery at all and we’re heading straight into a deepening depression. He knows this. The banksters know this. The question is, will Americans wake up and revolt before we switch to a partially gold-backed currency, forever enslaving the working man and woman in this country to confiscation through inflation and our children to the lash of debt. The debt will not be printed away. It will be set in stone, and this is the plan.

  • Al

    Things are so bad, even the US military had to go out and kill a dead man. You know things are bad then.

  • James

    As of 5/6/11 the newscasters are saying that the economy is on the rebound and unemployment is at 9% and going down. What gives? It seems that every other day the unemployment is either up or down, and the economy is roaring back with happy Days are here again. Also, gas is going down by a few cents one day, and up again another few days. Meanwhile, the price of crude oil is going down to pre-2008 levels. I know things can’t be getting that good, that fast. Saudi Arabia has admitted that they can’t seem to produce much more oil than they have in the last few years. Most of what they are pulling up is water mixed with oil. So, where is all of this NEW oil coming from? OPEC isn’t helping either. I sense someone is feeding me a bunch of bullshit. What will next week bring?

  • http://www.battlefield315.com/2011/04/what-liberals-really-think-about-tea.html 007

    These jobs numbers are such BS. Who do you know that got a real job lately. The Dept of labor makes a lot of this up. Included in their computations each month are 50,000 people they believe started new businesses. However, they have no evidence of this. Then you have 62,000 new McDonald works hired at minimumum wage. Then 36,000 new hires in retail stocking shelves minimum wage jobs. You top of the hiring with 20,000 clerical workers and there are the jobs last month.

    Last week, 147,000 people were laid off from real jobs. And the hits just keep on coming. Welcome to recovery summer Ii.

    Oh and if anyone wonders why the statistics coming out of the department of labor are such lies, just check out the socialist political hack Obama put in charge of cooking the numbers at the department of labor. She Makes Van Jones look like a piker.

  • mondobeyondo

    I should have gotten into the resume writing business. I have plenty of experience (ha!), very versatile (can write resumes for everything from McDonald’s to Sears to Motorola), and there’s a high demand. My customers would be endless!

    Of course, once the jobless rate improves and people find work, I’d probably have to find a new profession. Well, maybe not….

  • mondobeyondo

    My first job was at a Burger King, while I was in high school.

    Three decades later, I find myself applying for a job at McDonalds…?!?!

    So satisfying to know I’ve made so much progress in my life. *sarcasm* And you wonder why so many people are depressed??

  • Jon Z

    And very soon we will get to watch all of Congress, the President and every other America-hating traitor grovel before the leader of a small Middle Eastern country as he comes galloping into town with orders and demands for more cash. Meanwhile our (not their) land will be falling to pieces. We need leadership whose priorities are the same as ours.

  • http://wasankari.com/farm.html boomers caboose

    A few years ago as we watched my wife’s online art sales start to go down and Ebay rolling out the red carpet to China, it dawned on me with this personal experience and glimpse into part of the macrocosm of what was coming that the so-called third world would be coming up and we, the take it for granted “greatest country in the world” would be going down. One way or the other.
    Of course, the slimeball politicians and all, and you know, this land of the Sleeping Dummies, should have taken to the streets big time with the very notion that we the people would be asked to bail out the too bigs to fail.
    But most folk still have their heads up their arses when it comes to the coming storm.
    Get ready as the shutters are rattlin.

  • Papire

    If McDonald creates so many jobs, it’s because they have more clients.
    As a steady client of McDonald, you are more likely, because of your excessive weight, to get their lowest wage jobs.

    These clients will sooner or later become Medicaid clients (sooner rather then later)
    Instead of one out of every 6 Americans is on Medicaid, it will become one out every 5 or even 4 1/2 !

    Medicaid will go bankrupt and those McDonald clients will die younger, which is very good: less poor people in the US!

  • Papire

    Sorry for the misplaced “”.
    The end should have read:
    Instead of “one out of every 6 Americans is on Medicaid”,
    http://au.ibtimes.com/articles/145906/20110515/economic-decline-us-economy-recession-labor-market.htm?utm_source=Global+Markets+Daily&utm_campaign=ac7f9c2c20-Global_Markets_Daily_24_21_2011&utm_medium=email)
    it will become one out every 5 or even 4 1/2 !

    Medicaid will go bankrupt and those McDonald clients will die younger, which is very good: less poor people in the US!

  • http://insulinresistanceguide.com Barias

    My first job was at a Burger King, while I was in high school.

    Three decades later, I find myself applying for a job at McDonalds…?!?!

  • http://www.amazon.com/Psychological-Warfare-New-World-Order/dp/0932367232/ref=sr_1_1?ie=UTF8&qid=1311890494&sr=8-1 Ben Dover

    Keiser Report: Ghettofication of America (E168)
    http://www.youtube.com/watch?v=wxQUKCyf8YA&feature=player_embedded#at=653

    A boom in corporate profits, a bust in jobs, wages
    http://www.denverpost.com/business/ci_18533859

    What has caused this ‘Greater Depression’ in America?
    http://www.amazon.com/Psychological-Warfare-New-World-Order/dp/0932367232/ref=sr_1_1?ie=UTF8&qid=1311890494&sr=8-1

    14 More Of The Coolest Resumes Ever
    http://www.businessinsider.com/coolest-resumes-2011-7

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