Judge Judy had a little saying which I’m sure wasn’t original: “Don’t pee on my leg and tell me it’s raining.” Well, by my way of thinking, The Experts who compile and release data have been peeing on our heads and telling us what a good thing golden rain is!
When Wal-Mart’s CEO says their shoppers are running out of money, things are bad. Seriously. Wal-Mart, for pity sake.
Unemployment is a serious problem. In fact, there’s one job for every 4 unemployed job seekers. That means that even if by some miracle we were able to fill every job vacancy with someone currently unemployed, we still couldn’t get unemployment down below 7%. And more people file for unemployment every week. Nevertheless, instead of doing anything that might create desperately needed jobs, Congress is hell-bent on slashing the deficit created by the Bush tax cuts. Never mind that creating jobs would be creating employees who earn an income and pay income tax.
Over a quarter of renters are paying more than half their income on housing — a number that should alarm anyone with a passing familiarity with the rental industry. This is despite the fact that “multi-generational housing” — double-speak for “I had to move in with the kids/parents” — is “hot.”
So now GDP growth has “slowed.” I still contend that if inflation were calculated fairly, we wouldn’t have had much in the way of “growth” in a decade. How can we have “growth” when so many people are jobless, underemployed, not even looking for work anymore, losing their homes, losing their savings, losing their retirement plans, not even having enough money to shop at Wal-Mart anymore? I bet it has a lot to do with companies like Exxon, Pepsi, and Microsoft having great earnings. These are large, multi-national businesses that earn money — and have workers — in many countries. Offshoring jobs is only part of the story. Remember, earnings season is just starting, so expect a lot more of these happy-Wall-Street stories.
I would be remiss if I didn’t mention the trade deficit. Granted, that’s already figured into GDP, so you can’t blame it for manipulating GDP, only causing a decline. That $45 thousand million dollars represents money that used to be in America, that is now in other nations, raising their standard of living. In one month! And do not forget that this number is as high as it is because here in America, we no longer make many things more durable than a latte.
So sure, the economy is great if you are a large corporation, or wealthy. To the rest of us, that golden rain is just someone else’s pee.
In closing: taking personal responsibility to it’s illogical extreme; better apply for that passport now; amen, CSM; on nutrition; Ezra comes >< this close to blaming the media for the Birthers; how come if ObamaCare is so bad, Republicans want to dismantle Medicare in favor of something just like it?; being poor is hazardous to your lifespan; you never know when you might spot something new; let me save you some time; more on student loans; and yeah, that will help.