Based on CBO’s forecast for the average unemployment rate in calendar year 2010, 2.3 million fewer people will be employed on average next year than they projected in January.
For comparison, in July there were about 140 million people employed in the U.S.
Next year’s reality will depend heavily on when the economy turns up and how quickly growth returns. A new projection of fewer people employed next year should not surprise anyone. But 2.3 million is a big bad number.I'm in the camp that a payroll tax holiday needs to enacted ASAP from the money left over in the stimulus. If we still have $670 billion left to spend then forget whatever pork barrel crap that money is supposed to go to and just use it to cut the payroll tax. I think Congress needs to get serious about job losses or they will be looking for new ones in 2010.