More Bad News

Ken AshfordEconomy & Jobs & DeficitLeave a Comment

…but not entirely unexpected:

Another 651,000 jobs were lost in February, adding to the millions of people who have been thrown out of work as the economic downturn deepens.

In a stark measure of the recession’s toll, the Bureau of Labor Statistics reported on Friday that the national unemployment rate surged to 8.1 percent last month, its highest in 25 years. The economy has now shed more than 4.4 million jobs since the recession started in December 2007.

Don't panic.  Recovery is going to take a while.  Things are going to get worse before they get better:

Economists expect that unemployment will continue to rise for the rest of the year and into early 2010, with the unemployment rate reaching 9 to 10 percent by the time a recovery begins. But even then, with so many job losses centered in manufacturing, economists say that many positions devoured during this recession will not be coming back.

The solution, as any Republican will tell you, is to lower the capital gains tax.  Because, um, well, just because.