New Job Loss Numbers
The numbers have been the lead in many news reports over the past day — 598,000 jobs lost in January. The unemployment rate now 7.6 percent, a one-month jump from the already high 7.2 percent.
Reading and listening to the news, it’s interesting to note the abstract, passive language. One formulation I like is “The economy shed 598,000 jobs.” Shedding? It suggests that the economy is a dog and jobs are so much excess hair.
The more fundamental concern, in my opinion, is with that abstract term, “the economy.” To be quite literal and precise: There is no such thing as “the economy,” which means “it” has never lost, shed, saved, or created any jobs.
That abstract language is a key reason for many of our problems. Terms like “the economy” and “the market” create a fog that makes it difficult for us to see clearly. Economists, politicians, journalists, and most of us ordinary folks, too, are lost, sometimes seeming to be hypnotized by the words.
Or worse, this abstract language makes it seem as if “the economy” has some great magic and power, and we must defer to it and serve it. Almost a modern form of idolatry.
One way to free ourselves from the illusions and delusions is to think more concretely, to focus on ordinary people and our everyday lives. The first step toward fixing “the economy” is to ensure that every individual has an income for food and shelter. That should be the priority in our politics and public policy.
Steven Shafarman
Tags: "the economy", jobs