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Gr33nday43
New Member
Uzbekistan
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1000+ Penny Miser Member
USA
3121 Posts |
 Posted - 07/20/2009 : 10:43:41
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Of course we do not know what magic the BLS will play with the numbers and there could be some sort of major disruptive innovation that brings jobs much faster.
Don't you just love it how the BLS plays political games with the true economic numbers. Government "doublespeak".
The true unemployment rate right now is 16.5% and rising as noted in Jobs Contract 18th Straight Month; Unemployment Rate Hits 9.5%.
Some say the unemployment rate is 20% right now.
It's time to face the hard facts. Housing is not coming back; auto manufacturing is not coming back; and the buildout of a myriad of Home Depots, Lowes, Pizza Huts, Nail Salons, Strip Malls, Applebees, and Walmart store growth is not coming back to anything approaching the levels we have seen recently.
Where's the opportunities going to be? I know - Sell bonds at Goldman Sachs. |
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The things that will destroy America are prosperity-at-any-price, peace-at-any-price, safety-first instead of duty-first, the love of soft living, and the get-rich-quick theory of life.
– Theodore Roosevelt
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Ant
Penny Hoarding Member
USA
894 Posts |
Posted - 07/20/2009 : 12:11:44
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This recovery, when it comes (much later than the financial talking heads are willing to admit that it will), will be a jobless one.
Think about it -- there aren't that many "good" jobs in the U.S. anymore now that so much of our manufacturing is gone. No plants that make the equipment, no plants that use the equipment, so no jobs for folks who sell it and service it, and no jobs for actually using the equipment to manufacture things.
Check out this graphic showing jobs lost and gained during the recession:
So yay for globalization! 
Sure, the stock market might bounce back, but the average person won't see the effects of those gains. Higher profits won't mean more capitalization --> more jobs. It will just mean more $$$ in the wallets of upper management. Trickle down economics has never been viable, and this is an obvious example.
Oh, one more thing -- if all these economic forecasters think that once the recession starts to ease, people will start spending more, they're wrong. We're like people who lived through the Great Depression -- this mess has everyone shook up and distrustful. We will be afraid to spend without abandon because now everyone knows that the rug can be pulled out from under us at any second. I think even the most foolhardy person realizes that now. The retail sector and all the low wage service jobs that go with it will not return for a good, long while.
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Lovely dimes, the liveliest coin, the one that really jingles. --Truman Capote
Coins are the metallic footprints of the history of nations. --William H. Woodin |
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Seven Years of Subpar Growth and High Unemployment
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