The Recovery That Isn't

[Kevin_Kennedy]

For those market boosters who are prattling on about the possibility of a "jobless recovery," I offer an invitation to join me for a breakfast of "fat-free bacon," "eggless omelets," and "no-carb bread." As unappetizing as such a meal may sound, it would nevertheless offer more substance than the oxymoronic concept of an economic resurgence without job creation.

Those who do cling to the absurd belief that, absent exponential productivity gains, the economy can expand while workers are being laid off will undergo a massive test of their convictions now that it's clear the employment picture is bleak. Today's weaker-than-expected report on non-farm payrolls revealed that employers shed 263,000 jobs in September. The losses propelled the headline unemployment rate to a 26-year high of 9.8%. U6, the Bureau of Labor Statistics' most complete measure of unemployment, has risen to a dismal 17%. This figure includes those people who want to work full time, but have simply given up looking, or who have accepted part-time work in the interim. As it is similar to the methodology used during the Great Depression, U6 offers better historical perspective on the severity of our current crisis.

The Recovery That Isn't by Peter Schiff

 

[mascale]

The U6 tables at BLS only go back to 1994. In February, 2009, the U6 rate was 16% and is now 17% in September. In summer of 2008, just after the rebates, it was at 10%.

Comparability with the Great Depression of the 1930's is not demonstrated at all.

In the 1930's, the bankers had no jobs. Now they have jobs, and millions now know that they do absolutely nothing for work--and at high pay!

There has been a $750 bil. pilot demonstration program, TARP,, at the federal level: Which prooves this.

"Crow, James Crow: Shaken, Not Stirred!)
(What does anyone tell The Colonies about entire sectors drawing high pay for doing absolutely nothing?!?)

 

[Neubarth]

For those market boosters who are prattling on about the possibility of a "jobless recovery," I offer an invitation to join me for a breakfast of "fat-free bacon," "eggless omelets," and "no-carb bread." As unappetizing as such a meal may sound, it would nevertheless offer more substance than the oxymoronic concept of an economic resurgence without job creation.

Those who do cling to the absurd belief that, absent exponential productivity gains, the economy can expand while workers are being laid off will undergo a massive test of their convictions now that it's clear the employment picture is bleak. Today's weaker-than-expected report on non-farm payrolls revealed that employers shed 263,000 jobs in September. The losses propelled the headline unemployment rate to a 26-year high of 9.8%. U6, the Bureau of Labor Statistics' most complete measure of unemployment, has risen to a dismal 17%. This figure includes those people who want to work full time, but have simply given up looking, or who have accepted part-time work in the interim. As it is similar to the methodology used during the Great Depression, U6 offers better historical perspective on the severity of our current crisis.

The Recovery That Isn't by Peter Schiff

As I have been saying for months now, Geitner and Bernanke are curing the GDP problem at the expense of the economy. the recession will be over soon based upon GDP, but the Depression is only getting worse. We are close to 33 Million Americans out of meaningful substantive work. That is called a depression in my book.

 

[mascale]

The 9% with less work are not evidence of a Great Depression. The Great Depression unemployment rates were still defined as haaving no work, but looking for work.

Less work, and still wanting more, could also be a simple sign of greed.

"Crow, James Crow: Shaken, Not Stirred!"
(In fact, anyone knows how greedy some of the little buggers can be!)

 

[Neubarth]

The 9% with less work are not evidence of a Great Depression. The Great Depression unemployment rates were still defined as haaving no work, but looking for work.

Less work, and still wanting more, could also be a simple sign of greed.

"Crow, James Crow: Shaken, Not Stirred!"
(In fact, anyone knows how greedy some of the little buggers can be!)

I know Bolshoi when I see it. Men who can not make their mortgage payment because their hours have been cut by 40% at the plant where they have worked all of their lives would probably string you up if you tried to tell them that they are greedy to want to keep their home so their children have a place to sleep at night. Be very careful who you malign.

 

[JakeStarkey]

Neubarth continues to misconstrue and misinterpret evidence.