SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Strategies & Market Trends : Mish's Global Economic Trend Analysis
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  
To: gregor_us who wrote (570)2/24/2004 11:48:29 PM
From: mishedlo  Read Replies (1) of 116555
 
From GoofyinMD on the FOOL on jobs:

I was listening to three economists on the Diane Reems show today. One was with the very conservative American Enterprise Institute, one a writer for the Washington Post, and the other an economist with the Federal government whose job is to help create the unemployment stats.

The subject was jobs.

Consensus among the three:

1. A lot of people are working. As many people working now as in the early 90's. Late 90's unemployment numbers unsustainable.

2. Wages are up, but only at the top. Median income fell by a percentage point in 2001, but there was a recession then. But the suprise was it fell by 2% in 2002 against all expectations. Teh net result is J6P feels disconnected and insecure because his standard of living is really declining.

3. Why the drop. Although the job market is steady, there is no great new job creation that would increase labor value. This maybe partially explainable by technology increases, and to a lesser extent outsourcing.

4. The Bush administrations prediction on job increases came straight from the model used for years by the Council of Economic advisors. The big waiting in that model is GDP. So with GDP booming so should job growth, but it just ain't happening.

5. Who is the culprit? The model of job creation being driven by GDP growth doesn't work anymore. But why doesn't it work anymore? Know one knows. And no one wants to tinker with the model because the Council is a beauracracy and is deathly afraid of being criticized for playing politics with the numbers.

All of the above were the consensus opinion of economists from different sides of the political spectrum.

Enter the Misheldo board vigilantes. Has it not been discussed to death that the job growth rantings of the right are bogus. Have we not also pointed out that the GDP numbers may mean nothing, either becuase of the way GDP is measured, or cheating in GDP measurements, or just because GDP isn't a very useful measure of a leveraged economy?

Hell, we don't even get paid for this.
Report TOU ViolationShare This Post
 Public ReplyPrvt ReplyMark as Last ReadFilePrevious 10Next 10PreviousNext  

HomeMailHotSubjectMarksPeopleMarksKeepersSettings
Terms Of UseContact UsCopyright/IP PolicyPrivacy PolicyAbout UsFAQAdvertise on SI
© 2026 Knight Sac Media.  Data provided by Twelve Data, Alpha Vantage, and CityFALCON News