Here are some interesting stats from the Bureau of Labor Statistics. Since there is an ample supply of economic optimism out there, I thought I might suggest a little perspective. In the last year, private sector employment has gone down 5.9%. That represents a payroll reduction of 6.8 million people. In the same period, government employment has expanded by 5.8%, adding 1.3 million folks to the payroll.
When the current administration tells you they are saving jobs, this report backs them up. Over a million jobs have been created! There's just one teensy-weensy problem. Those 1.3 million jobs are tax-payer funded jobs. And the private labor pool that makes those government jobs possible is shrinking. A year ago there were 5.4 taxpayers for every government employee. Now 4.8 taxpayers have to do what 5.4 did in 2008. To pay the expanding pool of government workers, the shrinking pool of private sector workers will have to supply over 10% more in revenue. What a thrilling prospect!
This reminds me of the time when Pharaoh told Israel that their production quota's would remain the same even though their supply of straw would be eliminated. I feel their pain!
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