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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Tradelite who wrote (17147)	2/11/2004 10:31:37 AM
From: Wyätt Gwyön	Read Replies (1) \| Respond to of 306849

Mourning the loss of some jobs which probably were created to excess and too expensively during the tech bubble--and blaming it on Bush--does seem to be more of a politically-inspired emotional response than a legitimate complaint about the economy. My opinion only. yes, it is your opinion only. the facts, which reflect reality as opposed to your opinion, show a loss of 2.6 million jobs since Bush entered office. he stands to be the first president since Hoover to preside over a term with net job losses. moreoever, the persistent lack of wage growth this deep into a recovery is at odds with all past recoveries in the post war era. so the economic complaint is quite legitimate. having said that, these job losses are structural and i agree with you that they would have happened even if the Oval Office were inhabited by an Economic Genius instead of a troglodyte. it was the inevitable result of the bursting of the 90s bubble, combined with secular trends of wage arbitration and other factors. however, these issues may be too complex for some, who would rather base their opinion on a sampling of their own limited experience or what they hear on talk radio, as opposed to data series spanning more than half a century and with sample populations in the tens or hundreds of millions. furthermore, the net losses are almost secondary to the more severe long-term problem of changing job composition; namely, the fact that growing industries overwhelmingly offer lower-wage jobs than contracting industries. see Elroy's recent post on this subject.