The Bush-McCain policies had caused almost 700,000 job losses in 2008 and now this. Economists were forecasting 105,000 job cuts (20,000 more than an already terrible August), but the number is higher than expected:
Employers cut 159,000 jobs in September, more than twice as many as in August or July, the Labor Department reported. It was the biggest decline since 2003, when the economy was still losing jobs in the wake of the 2001 recession.McCain has no idea what to do. He continues to tell us that tax cuts for the wealthiest, most privileged Americans - his country club friends - is what we need. If only he was joking, but he's serious.
Economists had been expecting a loss of about 100,000 jobs in September.
The new number was especially worrisome because the government conducted its survey during the week of Sept. 8, before the credit crisis took a new turn for the worse on Sept. 17.
The forecasts weren't even close and it's even worse news. Job losses for 2008 are now over 850,000 and could even cross 1,000,000 for the year. More of the same is not an option.
UPDATED: Here's Obama's statement on the job losses:
“Today, Americans woke up to the sad news that 159,000 jobs were lost last month alone, making September the ninth straight month of job loss. With three-quarters of a million jobs lost this year, and millions of families struggling to pay the bills and stay in their homes, this country can’t afford Senator McCain’s plan to give America four more years of the same policies that have devastated our middle-class and our economy for the last eight. Instead of Senator McCain’s plan to give tax breaks to CEOs and companies that ship jobs overseas, I will rebuild the middle-class and create millions of new jobs by investing in infrastructure and renewable energy that will reduce our dependence on oil from the Middle East. I also call on Congress to pass an immediate rescue plan for our middle-class that will provide tax relief, save one million jobs, and save our local communities from harmful budget cuts and painful tax increases,” said Senator Barack Obama.
