Today's jobs report confirms not only how badly the economy is doing, but how badly working families are doing -- and why it's not possible to revive the economy unless and until working families have more purchasing power.
84,000 jobs were lost in August -- the 8th month of job declines. Since January, more than 600,000 jobs have been lost. Remember that at least 125,000 new jobs need to be added to the economy each month merely in order to keep up with an expanding population. So the loss of 600,000 jobs actually means a larger portion of the population without work than today's household survey (6.1 percent unemployment) reveals.
In the short term, the economy needs a powerful fiscal stimulus. Longer term, it needs policies (such as I mentioned yesterday) that will continue to put more money into the pockets of average working families.
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