The last few weeks have brought headlines to help sustain the fantasy. Unemployment numbers have been edging down. The Detroit Free Press explains that the decrease, in their area anyway, was a result of taking people off the list who had not been able to find a job. They are no longer merely jobless, it would seem; they no longer exist.
Well, that IS a fantasy. Haven't looked up Detroit area numbers, but nationally, the number of people in the civilian labor force (working or looking for work) ROSE in November by 484k while the numbers "not in labor force" (not employed and no longer looking) FELL by 244k.
The other big reduction in the jobless numbers has come from "restaurant hiring," in which well-paid computer engineers take jobs as busboys while they wait for the 'recovery' to gather itself together.
Another fantasy, which you seem to share with Dizzie, BTW. The November non-farm payrolls numbers show that restaurants and bars added 7800 jobs, but the big numbers came in relatively high-paying sectors such as construction (10k), professional and business services (20k), and education and health services (34k).
They may wash a lot of dishes before the recovery actually arrives. Economist Joseph Schumpeter, quoted by Marc Faber, explains why:
Yet another fantasy - that is that you have a clue what Schumpeter was talking about. He was clearly arguing AGAINST government intervention to "artificially" stimulate to economy and FOR letting economic cycles run their course to wash out "maladjustments" rather than adding new ones. Boy, would you and Dizzie be pissed if Bush took that advice!
You need to join Dizzie and AmSpin in the remedial Econ class. |
