Another 247,000 jobs lost last month

247,000. That's a lot of jobs to be lost in only a month.

Only in a massive economic crisis could anyone call it positive that there were 247,000 fewer jobs available than a month ago, but that loss is smaller than it has been for the past six months. The economic stimulus bill was part of what made the news less bad.

But it's still bad, and a bigger, better jobs plan is still needed.

In baseball, if you're outscored by 9 runs in each of the first 5 innings, do you cheer when you're outscored by 'only' 4 runs in the 6th? You're still losing ground.

There are about 6 people looking for every job opening in the country. That's only counting the people that are registered as looking. If we count the underemployed and those that have given up (which is how unemployment rate was calculated in the 1930s), the unemployment rate would be about 16% - much higher in communities of color.

Even if the first stimulus saves or create all 3.5 million jobs as planned, the economy will still be 4 million jobs short of what is needed to maintain the same (too high) unemployment rate of mid-2008.

And yet, the banks got their bailout, are using our money to gamble, pay bonuses, buy other banks and lobby against reform.

As the anniversary of the Wall Street Bailout approaches, Action for Justice is working in a coalition to put the bailout bandits on trial, and launch a campaign for Jobs & Housing for All.
September 24, 12 noon, downtown. Stay tuned for details.