Robert Reich divides the country into consumers and investors, which once prompted my father to ask, “what about the producers?” This is pretty scary. Calculated Risk is so far the only source I’ve seen covering the non-coverage of the holiday.
With the unemployment rate at 9.1% and almost 14 million Americans unemployed, with the alternate measure of unemployment (U-6) at 16.2%, with 6 million workers unemployed for more than 6 months, and with 6.9 million fewer payroll jobs than at the beginning of the 2007 recession, one might think every major publication would lead with a labor story on Labor Day. One would be wrong.
A quick glance shows zero labor stories on the front page on the NY Times – or on the Business page. Zero. Zip. Zilch. Nada.
LA Times? Same story – no stories.
The WSJ? One story, sort of.
Addendum: TPM brings up another story not being covered by the media – the fact that private sector employment actually continued to expand in August, but that the hemorrhaging is in the public sector. Obviously if the consumer base continues to deteriorate, the private sector can’t maintain its expansion. The media also won’t even interview economists, who are almost universally calling for more stimulus spending from government despite the deficits. But the message need not fall on deaf ears if it’s not even delivered.