July 02, 2009 06:57 PM UTC

Facebook the Source of Depressing News

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• by: MJD

(Seems to be all the teevee is talking about this morning. The hideous state budget situation is going to make the job losses worse… – promoted by ThillyWabbit)

New unemployment data came out showing the job market continues to worsen.

My Facebook friends reflect this. Four times this week, friends of mine have announced their availability in the job market via their Facebook statuses.

Colorado has lost almost 100,000 jobs in the past year according to the Colorado Dept. of Labor and Employment.

Only a fraction of the stimulus money has been spent, and most of that has come in the form of food stamps and extended unemployment benefits, and other direct assistance programs as opposed to public infrastructure projects. There is wisdom in taking the time to ensure that projects are sound and the money is not wasted, but it is frustrating to see that money delayed.

I was unemployed for an extended period of time during the post-9/11 recession, and I know that getting back into the habit of working was difficult. Without exercising my skills during that time off, I found myself having to re-learn how to do things I used to do on a daily basis with ease.

I don’t know how, but something needs to be done to stimulate the economy now–and not just for brutish male jobs like running jackhammers, but for men and women in the technology, service, retail, and other industries whose jobs are also on the line–especially in a tech-heavy state like Colorado.

The Repubicans were correct when they said that public infrastructure spending is lousy stimulus. But they only told the first part of that story–public infrastructure spending is lousy compared to monetary policy (ie reducing interest rates). But interest rates were already effectively zero, so spending is what we have left, and it’s not quick.

How do we bridge the gap?

Cross-posted from ProgressNow Colorado