Read more about the article Not that I told you so … redux!

Not that I told you so … redux!

recession-chartRemember this line? “There is strong and mounting evidence that the recovery act is putting people back to work,” a statement Vice President Joseph R. Biden Jr. made at a recent news conference in Washington.

In a recent post, Not that I told you so, I lamented the woeful results of the stimulus, and the lack of job creation results. Of course, today produced another painful reminder of this truth … that unemployment reached 10.2%, exceeding 10% for the first time since 1983!

In Where’s the Stimulus, I reported that while corporate profits were boosting the market, revenues for those same companies have fallen far more than the amount of the stimulus. While profits help fuel job growth and give companies some headroom to make those decisions, the lack of revenue growth eviscerates any need to rebuild your talent pool.

There is more evidence that the pols in Washington have no clue about how to stimulate job creation, (more…)

Continue ReadingNot that I told you so … redux!
Read more about the article Job Creation? Not that I told you so … just saying ….

Job Creation? Not that I told you so … just saying ….

job-marketSorry, folks, but I do not see any meaningful evidence of a stimulus package, that vaunted $700B jump-start to the economy. I deplored it back then … I think “mud sandwich” was the term I used. Some of us pointed out that Congress’ own calculations showed that most of it would not be effective until 12-18 months elapsed … and now the evidence is in. I’ve also referred to it as another government boondoggle because there is such an obscure line of sight and accountability for the results of the program, that you could just be sure it wouldn’t have the desired results. If you created a program like this for your business, you wouldn’t have either a business or a job.

Even the NY Times editorialized recently about the lack of leadership on jobs. Here are some of the statistics they quoted which are sobering indeed; there’s more but you get the gist:

  • September was the 21st straight month of job loss – the longest unbroken stretch of losses since record-keeping began in 1939 – bringing to 7.2 million the number of positions that have been axed since December 2007. (more…)

Continue ReadingJob Creation? Not that I told you so … just saying ….