"We don't think that 'less bad' is good. 'Less bad' is not our measure of success." -- Vice President Joe Biden
Dear Joe, Christy, Larry, Peter, Terrell, Jared, Curly and Moe,
Vice President Biden assures Americans that the Recovery Act, by some estimates, has already saved and created a million jobs. Think of it! A million jobs! That's like a one with six zeros after it.
Meanwhile, buried deep in the BLS employment report today is mention of the "benchmark revision" for 2008, subtracting 825,000 jobs. Those job losses don't show up in the monthly statistics or even in the revisions. They only show up a year later in the benchmark revision. The prime suspect for the extent of the discrepancy is the BLS birth/death model, which added a net total of
"Less bad" may indeed not be good. But getting worse somewhat more slowly is not even "less bad". It is just plain worse.
Eight months ago, when the "White House Task Force on Middle Class Working Families" was announced, the Sandwichman sent Jared Bernstein a draft submission, outlining the role that work-time reduction could play in a full-employment strategy. A month and a half later, I posted a final version of the submission and submitted a summary to the Task Force along with a link to the full document.
I am posting it again for your information...
P.S. -- except I keep getting error messages when I try to submit this to the White House Task Force webpage.