I'm listnening to the talking heads in the MSM discuss whether wel added 75,000 jobs (the low estimate) or 150,000 jobs (the high, espoused by GS to rally us yesterday) for the month of June and I'm thinking about the 12M people in this country who are officially unemployed and the 25M additional who are unofficialy unemployed or underemployed and I'm wondering how we can celebrate any number that puts us on a path to full employment in about 10 years – providing we don't let any new people in the country or have any babies that add to the current population, of course.
While yes, 10 years is better than 20 years – we discussed the consumer trends in yesterday's post and there's just no way we can be bullish on the economy with this many people unemployed unless we are adding MILLIONS of jobs each month – not tens of thousands!
Even if we are adding jobs – the chart on the left clearly indicates that the quality of those jobs has gone way down hill over the past few years. Even if we had full employment, consumer spending would still be shrinking as wages fail to keep up with inflation. You KNOW this is true – very few of us are so rich that we don't notice how expensive things have gotten. What do you think people who live from paycheck to paycheck (most of our fellow Americans) are doing?
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