So you guys are done with the big dig? How much did that cost again? LOL! 500 billion? <gg>
On economics, another problem with history this time is that history isn't working. Thats why people are so concerned. We've never had a post recovery climate like this. Yes every other time we had a recession, or experienced globalization, we came out of it on the employment front. Not this time. So it is prudent to question the environment now and whether we really have something new in our midst.
In my case I have been watching offbase supply side economists for 2 years now. Their predictions have been hopelessly off and some of this bad forecasting (not all) is the reason we have the deficits we have, imo. People that are more practical than economists, those inside the tornado as they say, seem to have a different take on what is likely to happen than Greenspan and Mankiw- for example, (I think Challenger is right personally):
And while Greenspan seems to have no doubt that employment could pop any time -- he said in February, "it is conceivable it may be happening now" -- the refusal of employers to fulfill the rosy hiring predictions has some analysts worried.
John Challenger, head of outplacement firm Challenger, Gray & Christmas, said unprecedented and unrelenting productivity gains may allow employers to do without significant hiring for years to come.
"The fact is, we are going to have to get used to slow job creation in this country," Challenger said.
"While the politicians war over the number of jobs they expect to be created in the economy by the end of the year, the reality is that we will probably not see a true job market boom until the next economic cycle around 2008."
money.cnn.com |
