Sirotablog
David Sirota is a political journalist and nationally syndicated newspaper columnist at Creators Syndicate. David writes about political corruption, globalization and working-class economic issues often ignored by both of America's political parties.
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February 6, 2008 3:14 PM
Service Sector Job Losses
The Associated Press has the scoop:
"Lingering hopes that the U.S. economy might avert a recession withered Tuesday after the nation's service sector -- its banks, travel companies, contractors and stores, among others -- shrank for the first time in five years."
This really is bad news.
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About David Sirota
David Sirota is a political journalist and nationally syndicated newspaper columnist at Creators Syndicate. He is the New York Times bestselling author of Hostile Takeover. He lives in Denver, Colorado. His daily blog can be found at CREDO Action. He contributes regularly to the Denver Post's Web site, is a senior editor at In These Times magazine and is working on his second book. He has been profiled in Newsweek and the Rocky Mountain News and is widely known for his reporting on political corruption, globalization and working-class economic issues often ignored by both of America's political parties. Sirota serves as co-chair of the Progressive States Network, a 501(c)3 organization that supports state legislators and that is a partner of CREDO.
You can subscribe to Sirota's e-mail newsletter by going to davidsirota.com and signing up in the lefthand corner. To find out more about Sirota, download his official biography or see his recent media appearances. You can e-mail him at sirota@credoaction.com.
The views expressed on this blog are his own, and do not necessarily represent the views of Working Assets (publisher of CREDO Action) or the institutions Sirota works for.
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Discussion
Check you email David!
And hey! Who the hell wants to be President with the total meltdown approaching?
Oh...yeah, the idiots running can't see that.
There is no manufacturing base to service any more. You can see it here in Michigan, as our manufacturing base is lost, the service jobs inevitably decline as well. Teachers salaries and benefits are now in steady decline, school funding has been cut drastically, local governments are cutting services across the board, taxes are rising as property values plummet in value, trade union workers are no longer needed because building has virtually stopped, etc etc etc.
Regards,
Old rule of thumb was for every manufacturing job lost 2 service sectors are lost as well.
To me the CNBC business analysts and mandarins who act surprised over this job contraction have demonstrated their inability to grasp even basic economics. Namely you can't sustain a national economy on hot dog cooks, Wal-Mart employees and pot washers.
But it doesn't surprise me given that most of them are just shills for the big liars on Wall Street who have been peddling the lie we can exist with no real appreciable industrial economy of our own.
Oh, yeah lets not forget that wages are at their lowest levels in 37 years, that Americans have no savings to rely on, their credit cards are maxed out. And the only reason our standard of living hasn't dropped like a rock was because both parents are working and maxed out their credit cards and borrow against their house.
Then there's the dollar thats lost 30% of its value since Bush took office and the explosion of commodity prices(inflation) and the massive debt he's run up and now owned by OPEC and China.
Almost forgot then there's imploding housing market and mortgage mess.
And what do the Democrats who want the presidency say about this disaster? nothing because they haven't noticed.
Just the kind of pin heads we need running things.
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