One-day job losses by the thousands

The Washington Post is reporting today that U.S. corporations shed 55,000 jobs in just one day — Monday. The New York Times, looking worldwide, came up with an even bigger one-day number — 75,000 jobs lost in one day.

However you count it, the news is devastating for the economy and discouraging for those of us looking for jobs. That just makes thousands more people competing for the limited number of jobs available. And believe me, few people are hiring. Even if you're willing to relocate to anywhere in the country or world, which I am not, the competition is fierce. And for the unemployed, there's no relief in sight. Waiting it out might be a realistic strategy for most recessions, but not so for this one, which appears likely to last through most of this year or even into 2010. It will not take too many more days like Monday to turn this recession into something resembling the 1930s. Remember that this recession began rumbling with the spike in gasoline prices last year. Don't look now, but oil prices are rising again, up about $10 to over $46 a barrel.

Don't overlook the political impact of all this. There are no congressional elections this year, but the recession could linger well into 2010 when there are national elections. The Democrats who control the White House and Congress could find themselves blamed, rightly or wrongly, for the economic pain voters are experiencing. If things turn around early enough, say by the first of 2010, and the economy is growing and creating jobs by summer, Democrats will likely get the credit — rightly or wrongly.