American jobs of all kinds are being vaporized at a rate not seen since the Great Recession got traction in 2009. Just in January, layoffs quadrupled. See this partial list of job cuts so far this year, and an assessment of the mass layoffs just ahead. Every month the government issues, and the “Happy” Chorus extols, monthly reports lauding robust job-creation and the continued low (seasonally adjusted, statistically weighted, seasoned-to-taste) unemployment rate, while ignoring the gut-wrenching disappearance of hundreds of thousands of people from the job market. These people, six million or so of them now, are not unemployed. They are vanished.
The U.S. oil industry, which was promoting itself just a few months ago as the progenitor of a new American Revolution, of a return to American energy independence, and on, and on — is a smoking ruin. Shale drillers are in the process of reporting losses of about $15 billion for 2015 reductions of 25 per cent and more in their balance sheets because of devalued oil; and levels of debt that forced 42 oil companies into bankruptcy last year and will drive under many more than that this year. Nor is the carnage limited to the shale patch; from Exxon down, Big Oil is experiencing shrinking profits, tumbling stock prices and credit ratings