The figures out today from the Bureau of Labor Statistics are about as depressing as expected: 651,000 jobs lost in February, and the highest unemployment rate in 25 years. The report indicates that cuts are being felt across the economy, in every sector. There's not much commentary to add to the figures, except to underscore the deep need for a successful response from the government. It's a familiar cycle: Job losses lead to to defaults on mortgage loans and credit cards, which further screws up the financial industry, which isn't investing in new businesses to create jobs. The administration is trying to attack each segment of the problem, with varying measures of success, in order to stem the entire vicious cycle. Meanwhile, the Times was ready for anything when I read their story this morning:
-- Tim Fernholz
