Despite the happy talk about the economy showing signs of recovering, most people aren’t feeling it. The state-by-state unemployment figures released Friday were shocking in their all-but-unanimous downward direction.
The unemployment rate increased in 48 states, held steady in one, and fell only slightly in Nebraska. Michigan led the unfortunate pack at 14.1 percent, but it’s not only the Midwest that’s hurting.
In fact, the regional unemployment rate out West is 10.1 percent, slightly higher than the level in the Midwest. And there’s pain all over. South Carolina’s rate jumped to 12.4 percent and Rhode Island’s to 12.1 percent.
This is a massive, national recession, across regions and industries. And the unemployment rate is likely to rise even further in the months to come. So it’s hard for me to see how we’re going to pull out of this recession without another infusion of funds from the federal government.
One thing the government could do right off the bat is increase unemployment compensation once again. Another thing Washington ought to do is send billions more to the state governments, which are having to cut payrolls and reduce hours.
With massive private sector layoffs and massive public sector layoffs, the fabled “green shoots” of the recovery may turn brown pretty fast. Now is not the time to worry about the deficit. Just ask someone who is unemployed.
Source: Matthew Rothschild (The Progressive)