U.S. workers “unexpectedly” lost 63,000 jobs in February. For the 63,000 workers that must have been unexpected, alright. Last month, January, 22,000 jobs were lost plus the jobless rate actually dropped to 4.8% at the same time as many people gave up looking for work because of the shrinking labor market.

The way this is figured is that even though people are finding jobs, so many jobs were lost at the same time that the net loss is 63,000 for the month. Couple that with the crashing housing construction market, the mortgage industry collapse, the loss of much of our manufacturing to China, the dramatic rise in oil prices that keep pushing the value of the dollar lower and lower, the inflationary trend because of that as all prices continue to increase, and it’s obvious that we’re plunging into a recession that may well turn into a depression.

“All the lights are flashing red,” said Nariman Behravesh, chief economist at Global Insight Inc. in Lexington, Massachusetts, in an interview with Bloomberg Television. “We’re in a recession. I don’t think there is any doubt about it at this point.”

The fickle finger of blame can be pointed at government incompetency, and it would be correct. However, the American public has to bear the burden as well. We flocked to Wal-Mart and every other store that offered us goods made in China at cheaper prices than we could produce them for, here, knowing that our industries were shutting down because of our stinginess, our perfidy.

Now all that money we saved had better be in the bank, because we’re going to need every dime of it in the days ahead. Nice work, all you sheep. You’re not that stupid, you saw this coming, you know you did. You just chose to go baa and keep on eating the grass.

Tags: recession, sheep

This entry was posted on Friday, March 7th, 2008 at 4:31 pm and is filed under Herd Instinct, News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.