More bad economic news:
With the economy deteriorating rapidly, the nation’s employers shed 533,000 jobs in November, the 11th consecutive monthly decline, the government reported Friday morning, and the unemployment rate rose to 6.7 percent.
The decline, the largest since December 1974, was fresh evidence that the economic contraction accelerated in November, promising to make the current recession, already 12 months old, the longest since the Great Depression. The previous record was 16 months, in the severe recessions of the mid-1970s and early 1980s.
When I see numbers like that, it really wipes away all the reservations I have about the auto bailout. I dont like it, and probably think they will piss away the money, but at this point, anything we can do to save jobs, we should.
And remember this post, so in a few years when your wingnut uncle starts talking about the “Obama” recession, you can throw this in his face.