Raining on our parades

The Weekly Standard
by Irwin M. Stelzer

07/06/09

This was not the cheeriest of holiday weekends. Yes, we still celebrated our Declaration of Independence from the British oppressor some 233 years ago. And yes, many towns had parades and fireworks to celebrate that event. And yes, ‘Big Pay Packages Return to Wall Street,’ headlined the Wall Street Journal. Goldman Sachs is on course to pay bonuses of $20 billion, or $700,000 per employee, twice last year’s payout, and Morgan Stanley is projected to top last year’s bonus pool of $262,000 per employee with checks close to $340,000. But we fired up our barbeques only after hearing that some 457,000 non-farm payroll jobs had disappeared in June, bringing the total number of jobs lost in this recession to 6.5 million and the number of workers in search of jobs to 14.7 million. The jobless rate has risen to 9.5%, almost double the rate when the recession began to bite, and the highest in 26 years...

//tinyurl.com/kpvg7u


Informant: Thomas L. Knapp



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