The loss of 533,000 payroll jobs was much deeper than the 320,000 job cuts economists were forecasting. The rise in the unemployment rate, however, wasn't as steep as the 6.8 percent rate they were expecting. Taken together, though, the employment picture clearly darkening.

The job reductions were the most since a whopping 602,000 positions were slashed in December 1974, when the country was in a severe recession.

A number of economists, Marxist economists, locate the birth of neoliberalism in the year of 1974. If this is the case, then we can see in the high number of jobs removed from the American economy last month the completion (or conclusion) of the dominant economic program of the past three decades. 1974 marked the birth of neoliberalism; 2008, is the year of its death.

Those who called Obama a socialist were in fact correct. He has to be socialist. Nothing is left for him or us but a return to socialism.

This is not bad news! This is a correction.