Job growth is in worse shape than a hungover raccoon.
In fact, there is no job growth. Zero. Zilch. Nada. Goose Egg.
The U.S. created no net jobs in August, with unemployment stuck like SuperGlue at 9.1 percent.
No wonder consumer confidence is being roasted like a rotisserie chicken.
And the deeper you dig into the problem, the more depressing it is.
Not only do we have 14 million unemployed, but we have a permanent underclass of underemployed, underpaid, and marginally attached workers
Not one size fits all. We all are not in the same capsizing boat.
Unemployment is a huge problem for younger people and younger men, and especially young black men. It is not much of a problem for college-educated white women.
The gulf between race and class is becoming oceanic.
Our employment problem is not a product of economic cycles, but changing economies and a global commercial system knit together by technology that privileges capital and only rewards labor if you are in the emerging world.
There is an underclass of tens of millions of people in America who are on the short end of the stick. And the stick is shrinking to Tom Thumb size.
This goes beyond politics and who is and isn’t sitting in the Oval Office. Sadly, it appears as if there is no silver-bullet solution to the chronic underemployment of early 21st century America.
Happy Labor Day weekend, everybody.