Tag Archives: Adam Price

Another Job-loss Recovery? Production and Profits are Growing As 85,000 More Jobs Are Lost in December

Newark protest slams banks. (Fight Back! News)

The following analysis is from Fight Back! News:

Another Job-loss Recovery?
Production and Profits are Growing As 85,000 More Jobs Are Lost in December

Analysis by Adam Price | January 8, 2010

San José, CA - On Friday, Jan. 8, the Labor Department reported that 85,000 more jobs were lost in December of 2009. This was much worse than mainstream economists predicted and shows that another ‘job-loss’ recovery may be underway. Following the last official recession in 2001, the economy began to grow in November of 2001 but workers continued to lose jobs until the summer of 2003.

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Massive Job Losses Show Economy Sliding Into a Depression

Workers TakeoverThe following is form Fight Back! News:

Massive Job Losses Show Economy Sliding Into a Depression
650,000 More Jobs Lost in February

By Adam Price

San José, CA – On March 6, the Labor Department reported that the economy lost 650,000 more jobs in February. The report also said that the number of jobs lost in December and January was revised upwards by 150,000. This brought the total job losses since the recession began to 4.4 million, more than half lost in the last four months alone. The total number of jobs has shrunk by 3.2% since the recession began, the most in more than 50 years.

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The Good, the Bad, and the Ugly: Commentary on the Stimulus Package

6a00d83451e4d369e200e54f6f6c8c8833-800wiThe following is from Fight Back! News, published by Freedom Road Socialist Organization:

Commentary on the Stimulus Package
The Good, the Bad and the Ugly

By Adam Price

San José, CA – Representatives of the U.S. Senate and House of Representatives agreed upon a compromise economic package Feb. 11 totaling $789 billion in federal spending and tax cuts over the next two years. The bill is expected to quickly pass the House and Senate and be signed into law by President Obama within the next week.

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Federal Deficit Could Soar to Nearly $2 Trillion This Year: Will It Get the Economy Going?

The following  analysis by Adam Price is from Fight Back! News:

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San José, CA – On Jan. 7, the Congressional Budget Office (CBO) estimated that the federal budget deficit for this fiscal year (October 2008 to September 2009) would be $1.2 trillion. But the CBO estimate only counted the $68 billion approved for the wars in Iraq and Afghanistan, when they actually cost more than $186 billion in 2008. Given that the wars will cost at least another $100 billion, the federal budget deficit will be $1.3 trillion, or even more if the economy worsens more than expected. This estimated deficit is almost 10% of the Gross Domestic Product (GDP), which measures the value of all the goods and services* produced in the United States in a year, and would be the biggest deficit since World War II.

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Bottom Falls Out of the Job Market

unemployment_line-749345The following article is from Fight Back! News:

Bottom Falls Out of the Job Market
More than Half a Million Jobs Lost in November, Most since 1974

On Friday, Dec. 5, the Department of Labor reported that 533,000 jobs were lost in November, the worst one-month decline since 1974. The job losses cut across the economy, with only health care showing any sizable increase in employment. In addition the report revised upward the job losses in September and October, showing that the economy has lost a total of almost 2 million jobs in 2008. The official unemployment rate increased two-tenths of one percent to 6.7%. This figure would have been much higher except for the fact that more than 400,000 people stopped looking for work and were not counted in the official unemployment report. A broader measure of unemployment that includes people working part-time but wanting full-time work, and those jobless who had given up looking for work, rose to 12.5%, or one out of every eight people in the labor force.

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Fight Back! News: How Wall Street Rules

jumpThe following is from Fight Back! News Service:

How Wall Street Rules: Secretive Federal Reserve Lending Tops $1 Trillion

By Adam Price

San Jose, CA – In late September massive popular opposition to the Bush administration’s bank bailout plan led to its defeat in Congress on Sept. 29. But behind the backs of the American people, the Federal Reserve and the Treasury, with the cooperation of leading Democrats in Congress, were orchestrating an even larger bailout. Between mid-September when the investment bank Lehman Brothers failed, and the end of October the Federal Reserve quietly lent out more than $1 trillion (one thousand billion) dollars, or almost 40% more than the ‘public’ $700 billion bank bailout.

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Shock and Awe on Wall Street

The following article is from Fight Back! News:

Shock and Awe on Wall Street

Worst Financial Crisis Since the Great Depression

San Jose, CA – The year-old financial crisis entered a new stage in September as the U.S. financial system suffered its worst setbacks since the Great Depression of the 1930s. Over the weekend of Sept. 6-7, Fannie Mae and Freddie Mac, two large mortgage companies that were financing three-quarters of U.S. mortgages, were taken over by the government due to their growing mortgage losses. Then a week later the 158-year old investment bank Lehman Brothers failed to find a buyer and had to declare bankruptcy. The following Tuesday, Sept. 16, the giant insurance firm American International Group (AIG), with more than $1 trillion (1,000 billion) in assets, failed to get an emergency loan and was taken over by U.S. government in exchange for an $85 billion dollar loan. The next day the Putnam money market fund had to close down as investors pulled billions of dollars out following a big loss at a smaller money market fund that had made a big loan to Lehman Brothers. Continue reading