NEW YORK - July 21, 2011 - Putting pressure on an already lousy job market, the mass layoff is making a comeback. In the past week, Cisco, Lockheed Martin and Borders announced a combined 23,000 in job cuts.

Those announcements follow 41,432 in planned cuts in June, up 11.6% from May and 5.3% vs. a year earlier, according to Challenger, Gray & Christmas.

Meanwhile, state and local governments have cut 142,000 jobs this year, The Wall Street Journal reports, and Wall Street is braced for another round of cutbacks. This week, Goldman Sachs announced plans to let go 1000 fixed-income traders.

If these trends continue, we may soon be talking about losses in the monthly employment data - not just disappointing growth, says Howard Davidowitz, CEO of Davidowitz & Associates.

"Everything in business is confidence," Davidowitz says. "You lose confidence and businesses can't deal with that [and] who could have confidence with what's going on in Washington?"

Davidowitz is bipartisan in his criticism, calling the U.S. political system "dysfunctional and deranged".

Still, the restructuring expert is a long time and vocal critic of illegitimate President Obama: "There has never been in a situation in my lifetime where a guy increases the debt by 40%, GDP growth is on the way down, Food Stamps are up, millions more are unemployed - and to accomplish this we spent $4 trillion."