The predictable results of tax cuts and deregulation are upon us. I think anyone who looks back at the previous two recessions will note that we hit the bottom for employment about 12-14 months into the economic contraction. The current recession started in November or December 2007, yet in January and February 2009 the job loss rate has taken a big jump. We did not hit the bottom of this economic contraction in the 12-14 months, instead it appears that the economic contraction picked up steam at that point. Folks, I don’t want to just discourage everyone, but this is an economic crisis that is significantly different from what we have faced in the Post WWII era.
Here is a graph courtesy of The Daily Loaf:
So, bad as this looks, and it does look remarkably bad, this is really good new because that crashing green employment line is a very large number of people who are willing to take a chance on dramatic change. Getting the opportunity to go back to work in a public works type job that is dedicated to the creation of a sustainable economy is not a hard sell today. As it happens, creation of sustainable economies is an absolute necessity in the face of the diminishing resources and existential crisis that has been produces by capitalist economies that are focused on profit and growth and seldom, if ever, have a thought about questions of sustainability.