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The Lost Decade For Jobs
By now everyone knows about the Rip Van Winkle effect in stocks: the "noughties" were a snoozer, with the stock market lower on December 31, 2009 than on January 1, 2000. Yet what may have escaped most people is that the decade was also a scratch in terms of employment: the country now has essentially the same number of employed people as it did 10 years ago.
The problem, of course, is that both the total population, and the size of the workforce have not stayed flat over the past 10 years. The charts below demonstrate the Employment-To-Population ratio for all time, and, more disturbingly, for the past 3 years. This ratio is now the lowest it has been in almost 30 years.
David Rosenberg, who made the observation, had this to say about this very troubling trend:
We started the decade with a national payroll level of 130.8 million. We finished the decade practically unchanged at 130.9 million. Meanwhile, the total pool of available labour rose from 146 million to 159 million. In other words, we have the same number of jobs today as we did a decade ago, and yet we also have 13 million more people competing for them. It was more than just a lost decade for the equity market. It was a lost decade for the labour market. Today’s report validated the Fed’s concern over the outlook for employment, which dominated the FOMC minutes released earlier in the week. Those pundits calling for an early exit from the central bank’s accommodative stance may have some reconsidering to do.
An even better way to visualize this, is the difference between the total number of civilians employed and the total US population (308.3 million). The number in December is a record 170.5 million. Keep in mind only 137.8 million are currently employed according to the BLS.
There isn't much spinability here. The employment picture in America is horrendous and getting worse. In the worlds of Rosenberg again:
The so-called ‘employment rate’ — the ratio of employment to population
— fell 58.2% from 58.5% in November and the cycle peak of 63.4% in
2007. This is extremely significant because what it means is that
it would take an expansion in employment of 20 million over the next
five years just to get back to those old cycle highs. But here’s
the problem — the country has never before managed to come close to
creating that number of jobs over a half-decade period, so what the
future holds is one of ongoing deflationary labour market pressure as
far as the eye can see.
Yet so long as the upper 5% of society keep spending (and keeping their jobs), all should be well - after all it is them, and their Wall Street connections, that keep the consumer economy humming. However, there is only so much the mega-wealthy can do to sustain the economy. And with an ever smaller participation by the the middle class in the US economy, the outcome can be only one - a slow, gradual decline to irrelevance: both for America and the 300+ million people who inhabit it.
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'The truth is incontrovertible, malice may attack it, ignorance may deride it, but in the end; there it is.'
-Winston Churchill
'If you look for truth, you may find comfort in the end; if you look for comfort you will not get either comfort or truth only soft soap and wishful thinking to begin, and in the end, despair.'
-C.S. Lewis
'The truth, of course, is that a billion falsehoods told a billion times by a billion people are still false.'
-Travis Walton
'Whenever you have truth it must be given with love, or the message and the messenger will be rejected.'
-Mahatma Gandhi
'The first reaction to truth is hatred.'
-Quintus Septimius Florens Tertullianus
Posted previously, a top ten list as to why this ends in tears or (hopefully not) fireworks:
10. Nancy Capitalists in a Sovereign Democracy that are Hell Bent to Seek Rent.
9. Although we walk through the Valley of Debt we fear 'No Easing'.
8. Socialized Guts will lead to diminished glories.
7. Failure to liquidate the insolvent banksters has led to the liquidation of a large part of the productive economy.A taxpayer financed bailout of rich folks' bad speculative bets has resulted in zombie banks and zombie customers... a fiscal tide that lifts no boats.
6. The cold hard fact of our age is that the bankrupt ideology of the rich that had greatly succeeded in drafting the inner monologue of regular folks so that they would vote against their self-interests is colliding head-on with a Mr. Market that is a bit pissed off that we've inflated it out of the business cycle for the last quarter century.
5. Mr. Hand's strong dollar policy is the chimera of currency debasement masquerading as America's wealth exporting machine that is regularly promulgated by our leaders as an exceptional example of America's resiliency.
4. Yes Virginia, there is no collateral.
3. The government is 'all in' and can't pull out.
2. Employment, inflation, productivity, GDP, and other sundry stats are massaged into irrelevance ... the markets are rigged.
1. After World War 2, our blessed leaders, impressed by German 'organizational' skills crafted a policy of manufacture of consent.Over time these techniques moved to the economic realm in an attempt to manufacture content.Federales now risk the manufacture of contempt, for it is only a Great Depression if they say it is.
Will reference these as 'AM rules' as the next few years unfold.
Rule#2 was on display with the latest unemployment pablum. All you really need to know is that the labor force declined by over 660,000. To provide the proper scale that is about the population of Alaska. The latest disappearance of folks being counted that started with the Clinton Administration. Without this blue pill stat the U3 measure would have been 10.4%.
Unemployment is of course not 10%. If we were to measure unemployment utilizing the same metric as we did during the Great Depression we would surpass the high water marks of 23.53% in 1932, 24.75% in 1933 and 21.6% in 1934.
That is empirical and irrefutable.
The debate is not inflation versus deflation it is debasement versus deflation. Your money Mr. Federales has no velocity here for the band of The Hand can only conjure a Potemkin demand. Organic wage growth, absent for the last decade, comes from ... wait for it ... the productive allocation of capital when a free market pins winners and chooses losers. See Rule #8.
We have doubled down on a lost decade in order to, hopefully, achieve a generational workout. The banksters are too bankrupt to go broke, the rot is deep and pervasive. The Big Lie which is always in plain sight, is institutionalized, and needs to be perpetuated ad infinitum lest the foundation is found to be sand not rock.
Outrage may coalesce into a third party, yet history shows, that such a movement will quickly be co-opted into one of the majors. A new election, a new page being turned, a new burst of optimism ... cyclical bravado without secular substance.
Truth be told, this time is the same. The story is that of empire. Empire stretched by foreign adventurism and debt. The decline is inevitable.
As a red-blooded American cognizant of how the financial freedom afforded to me is a function of receiving the blessings of being born in a country where with guts and sweat one can create whatever life one desires, there is still optimism that great opportunities await our children. Yet we are making it so much harder on ourselves than it need be. Success teaches one little, failure displays true character. The collective failure of our Amerikantura to realize that with great power and wealth comes great responsibility has shown our solons to be weak, greedy, and venal.
According to quantum mechanics somewhere in the multiverse there is a reality where the upcoming State of the Union would go like this :
'Mr. & Mrs. America the greatest war we face today is a war with the future. To secure victory I hereby announce a 20% across the board cut on the federal budget and ask you to mobilize behind me to inform your representatives that unless they support this initiative you will fire them. Furthermore, we will break up any bank too big too fail, institute financial reform that is clear, unambiguous and without loophole, remove all American troops save from current theaters of war, and bulldoze K street. In other words, long Constantine and short Nero. For those that feel these measures are too tough, may I remind you that two billion folks live on less than 2 bucks a day in this world and one billion folks live on less than a buck a day... so please spare me the tales of woe. 'Tis time to cowboy up lest this great nation of ours rides into the sunset in the manner that all empires before us have done. We will make this coming century the greatest American century because we can and because we must. Make no mistake that in this war with the future we will be victorious.'
I had a dream that a progressive liberal intellectual would institute reform. Either Barry finds it within himself to be a hero, or it is generation zero.
Mah money is on the latter.
remove all American troops save from current theaters of war=error
If we could just press a button and teleport them all out would agree.
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if you thought kenyan born indonesian citizen barry soetoro was a progressive liberal intellectual i can only laugh in your face. the indonesian is a sock puppet of the plutocrats who was selected to be president in 1991....
he no more gives a fuck about amerika than adolph hitler did about germany or pol pot about cambodia...
and this is sad - most of your post contains excellent points....but salvation will not come from plutocratically selected officials....
in fact the government of the usa is not in the hands of elected officials....that is a mirage....and the plutocrats laugh in our face when we believe that drivel....
until the angel of death touches the fed-cia amerika is firmly in the grip of the plutocrats...
Am from Chicago, followed Barry Dunham for years, as well as his voting record.
When Soros made him knew he had a shot at it.
The ubiquity of his bankster approach with Bush ... well let's just call it Paulson's since Bush gave him the reins ... was a failure of the tough over the easy and the truth over the specious ...and will most probably cost him re-election.
I like your ideas and thoughts. While chat and sohbet with my friends talking about it.
Beautiful post and statements, AM -- poetically put. I enjoy your writing considerably.
Something tells me that you'll appreciate the following post as much as I:
http://www.zerohedge.com/article/government-misrepresenting-unemployment...
[T]he country now has essentially the same number of employed people as it did 10 years ago.
Heck of job there Dubya.
January 8, 2010
MOTHER JONES journalists David Corn and Kevin Drum offer a hard look at the obstacles to real reform of the financial industry.
Thanks to taxpayers like you who generously bailed banking from the financial shipwreck it created for itself and for us, by the end of 2009 the industry's compensation pool reached nearly $200 billion. And despite windfall profits, the banks will claim almost $80 billion in tax deductions. And nearly $20 billion of those deductions will go to just three institutions — Morgan Stanley, JP Morgan Chase, and Goldman Sachs.
Ah, yes — Goldman Sachs, that paragon of profit and probity — which bet big on the housing bubble and when it popped — presto! — converted itself from an investment firm into a bank so it could get your bailout money. Now consider this: in 2008, Goldman Sachs paid an effective tax rate of just one percent. I'm not making that up — one percent! — while their CEO Lloyd Blankfein pulled down over $40 million. That's God's work, if you can get it. And, believe me, Wall Street bankers know how to get it.
http://tinyurl.com/ycpgblg
Essentially it is a Salinsky-Marxist Jew Problem at root. Open the Borders to flood America... now it is ruined with Half-Nig Obama and the Jew'd Left-Right Spend to Bankruptcy divide....
One could look at the other side of this argument that systems have become more efficient and thereby eliminate redundancy. Co are making more money now so whats the problem?
It would be interesting to add two dimensions to the employment to population ratio,and then compare the 1980 with present scenario.1-Based on a hunch and not statistical evidence, I asume that children under the age of employment was higher in the eighties as a percentage of poulation than it is now. 2-Percentage of household with one working head was also higher in the eighties,due to change in life style(higher divorce rate,single life style,etc).If those two points could be proven statistically,then allowing for the higher "need to work vs part time housewife work",would make the employment to population ratio looks a lot worse.
The graphs of employment to population don't reflect the fact that back in the 50's, 60's & 70's only one parent had to work to support a family. Today it takes both people working full time at the median income level to support a family - and now this may not be enough. This is of course courtesy of all the inflation created by the Fed.
If the graphs were corrected for these changing workplace demographics, the graph would look much worse and the we would be at levels seen only since the Great Depression.
i had the same thought when i looked at the graphs but then realized it doesn't matter because the two graphs
show ratios....
your issue is more about real wages and quality of
life than employment ratios...
Spot on. With the rise in house prices (which the Fed is actively seeking to support), fuel prices, college debts (for those "lucky" enough) etc etc, the 50s concept of the homemaker/ breadwinner partnership is dead. Apart from the "elite", the vast majority need two wage earners to survive. Added to that, the government desperately needs the income tax receipts from every able bodied adult to cover the ever growing sovereign debt.
Also include the increase in TAXES.
Excellent comment msorense!
Amazing how the feminism ethic makes points like that vanish into the nether zone. Perhaps there is such a thing as strategic moralizing.
If y'all are interested: as early as the 1970s, George Gilder pegged feminism as an upper middle class movement.
Surefire recipe for the destruction of the US tax base:
(1) Offshore financial centers as tax havens, allowing for transfer pricing, parking of profits offshore, corporate intra-trade, and SIVs, SPVs, SPEs, SPREs, etc.
(2) Offshoring of as many American jobs as possible; thereby reducing personal federal income tax, as fed withholding drops down and down and down.
(3) Destruction of American manufacturing and production base by the private equity firms and their leveraged buyout strategies, which are poorly taxed, 'natch!
(4) Super levels of debt on country, due to corporate nonpayment of fed taxes (GAO-08-957), offshored jobs and lowered tax collection, and non-amortization by American-based transnationals which only do FDI (foreign direct investments).
Highly recommend Robert Downey's Sherlock Holmes. Loved it...loved it....loved it....
sgt_doom - is that the name of a book? If so, do you have the author correct, I can't find a thing other than the actor and the sleuth. Thanks in advance.
The feminist movement was a huge boon for the industrialists. The two worker family gave them the excuse that pay raises were no longer important to keep up with cost of living as families were now bringing in 2x the income. The industrialists gladly adjusted to the "new normal" and if you look at a graph of Productivity and Inflation Adjusted Wages, you'll see that productivity has nearly doubled since the 60s while wages are flat. And that is according to the official inflation numbers, which we all know are understated.
The net result of the feminist movement was to further enslave the middle class and enrich the wealthy. Kind of ironic for a movement that was supposedly about "freeing" women, I'd say...
we have the same number of jobs today as we did a decade ago, and yet we also have 13 million more people competing for them.
Yes, but we now have 11 million unemployed on the govt payrolls effectively"working" for the fed.
WTF do you mean "on the govt payrolls"???
You a yang-zway? You certainly don't sound too bright.....
Do you actually know ANYTHING about the US tax structure???
wow. every single sentence in your response contained an insult and zero insight. you're above this, sd.
"Yet so long as the upper 5% of society keep spending (and keeping their jobs), all should be well - after all it is them, and their Wall Street connections, that keep the consumer economy humming."
case in point:
http://www.naplesnews.com/news/2010/jan/08/naples-real-estate-sales-port...
It's the new southern command headquarters for ZH.
Spot on is right, Man w/out a Q. I believe in debt repudiation, tax revolt (failure to pay taxes at all) and speaking the truth to power any time you get the chance. Scream, rant and rave; it's time for some real change from this shadow government/corporate cabal and I haven't any more ideas on how to accomplish this other than to deprive these thieves of capital in every and any way that you can.
I didn't see a place to "send a comment" or email to you guys, but I was just wondering what your perspective on China's economy was.
I saw this article today on the NY Times - "Contrarian Investor Sees Economic Crash in China" / http://www.nytimes.com/2010/01/08/business/global/08chanos.html
Comments on things like what you thought about this Chanos character, etc. Know you guys have a bajillion things to write about, but if you get the time/chance, I'd love to read a post on it!
Here's some comments by someone else that you might find interesting... Incidentally, they are in the "Zero Hedge Reads" column. :)
http://www.fundmymutualfund.com/2010/01/hedge-fund-manager-jim-chanos-co...
There is this neat thing on this site called "search the site". Type in Jim Chanos and China and you will not be disappointed.
http://www.businessinsider.com/jim-rogers-jim-chanos-couldnt-spell-china...
http://www.businessinsider.com/correction-jim-rogers-never-said-that-cha...
If you are interested in China - suggest you read Michael Pettis' blog - he is without rival on all things China economic
http://mpettis.com/
Honestly, I hope he's right and China does go the way of Japan. While not the best thing to have, it would certainly help with bringing work back home while the nation has a huge slice of humble pie - in the form of unrest. They'll have to learn the hard way that economic freedoms don't trump the non-economic ones (and vice versa).
While a slightly deeper GDII might hit us, we don't have the problem of a 100m+ unrest caused by an economic collapse. That, and we can start pointing towards the other developing economies to why you should clean up your act.
Sarah Palin is the intellectual power house to save us from all of this.
I bet that's what some of you bozo's on here believe.
Looks like I'm the first "Bozo" to respond. I'm not going to speak for all of the "Bozos" here on zh, but i'd wager my last gold coin that the majority here are not interested in being pom-pom shaking, party-line cheerleaders. Truth reigns supreme here be it Blue-truth, Red-truth or whichever other color is the fad of the day.
My greatest wish for the new decade is that folks like yourself, and the equally brainless dittoheads on the other side YOUR battlefield would wake the #$%@ up and smell what is REALLY cooking in the kitchen.....Bozo!
And yes, I freely admit to junking your post.
Thank you, well said.
Brillant post, colorfulb.
I've been on zh a ways now... Looking back, I've may sometimes get a little annoyed at maybe a goldbug too extreme, an inflationist a little too unread, or a deflationist a little too stubborn, or a trader a little too dickish, but I can honestly say all the posts here are essentially apolitical. So it's cool to see other folks here on the same wavelength.
"And yes, I freely admit to junking your post." -- lol
Don't we have about 13 million illegals in this country? Just saying, no opinion one way or another. Are they included in the population?
Negative, they aren't included in the population.
Also, keep in mind that one of the principal driving forces behind the Mexican category of illegals was that NAFTA, where their country was privatized, pushing 2 million farmers off their land, and allowing the purchase of 90% of their banking system by North Am banks (what today correspond to JPMorgan Chase, Citigroup, B of A, Goldman Sachs, Morgan Stanley, and Credit Suisse (Boston).
Ok with the employment is out of the ay can we move on to the canard that low rates spur economic (excluding derivatives) growth and job creation. Or does this post count for that considering we ave had nothing but low rates. hopefully this chart puts the nail in the coffin on Bernanke and his lying cohorts talk about how low rates will spur job creation.
A short and sweet question: What is the economic engine of America?
What is the economic engine which will revitalize this country's economy and employment levels?
What, more derivatives? 'Fraid that's not going to help any workers in this country.
Now, as to that economic engine thingy.....
I still recall george bush opining how our economic fundamentals were sound.Haha, it was funny when he said it, so did paulson.
At that time tourism wasnt so great what with diseases on cruise ships , hini and hijacker fears along with fuel prices.
Farming, depending on an unfriendly climate.
logging and fishing have sucked even before all this.
Auto manufacturing was dying slowly.
Other manufacturing is overseas
Housing creation, a huge supplier of jobs, all gone too.
The financials were all built originally on the foundation of products created in the us. Since we no longer create product, the financials are redundant, an elephant standing tiptoe on the mouse of industry.
That certainly brings things into perspective. That would be interesting to see the same comparison worldwide, but my feeling is that in absolute terms we have never seen so many unemployed people in history.
And the Terminator hasn't even gotten started with head chopping in the CA State employee ranks.
Word on the street is that the budget hole for Cali is bigger than the $ 20 billion he announced yesterday......much bigger.
The Cali mess unfolding is going to be incredibly interesting to watch.
If the Feds bail out Cali (obama did say "no" the first time and, yes, we are aware that the stimulus bill did provide bailout money to all states, including Cali), it will advance the doomsday time line scenario significantly. Chuck Schumer will be in the Oval Office within 3 seconds demanding that New York (out of cash, technically in "default" per Governor Patterson) get billions and the floodgates from the other states and municipalities will open for the deluge of bailout requests.
If Barney or anyone else brings up the Federal guarantee for municipal bonds, the Mayans et.al. will need to be contacted immediately to move up the date big time for the 12-21-12 matter.
The 3 Witches of Westwick....San Fran Nan, Boxer, and Feinstein ....will do anything to blow up the Terminator in his last year. Even if they have to blow up the Republik of Cali in the process. They are totally and successfully distanced from the Cali budget issue, at least for now. Look for a last-hour Feinstein move into the governor race.
And no need for a Fed guarantee on Muni bond issues. Insolvent CalPers has been " guaranteeing " munis everywhere in the U.S. to hold ratings and reduce interest costs for the issuers. Just like AIG and the derivatives. Bagging the premiums. What could possibly go wrong with that scheme ??
The whole mess would be more amusing and interesting from anywhere but ground zero. UGH !!
thanks for the insight Rainman. I'll keep watching closely.
Governor Feinstein? Good riddance to Kali -- they deserve her
san francisco gov. car washers, make $150,000 year, with bennies. why did I go to college?
My, my... whatever are we going to do with all these extra people laying around?
Perhaps it's time for another casualty-heavy war (ala WWI/II, or the Civil War)?
Hmmm, how about an infectious mortal disease?
Think, people -- think!
Not likely, but if there will be one, it will be the (for the most part) the First World fighting the larger Third World countries.
Who? I don't see that anyone other than the US every sends relevant troops into the Third World hellhole -- slight exception for Britain/Australia, but even those numbers are light and they get pulled back pretty quickly.
Only way 1stW fights 3rdW is in each individual country as the fundies gain enough confidence to begin doing real damage to their hosts. No way is a coalition formed again -- WW2 Allied v. Axis was the last of its kind. Once the fundies get their shiny little nukes all bets are off.
Legalize Mary Jane and see how it calms the populace. SSRI's do great for that as well, but you have to get a script...
If everyone could have a $5 MJ cigarrette and a 40 when they start to feel restless...well, pass the potato chips, Bro.
Fat, dumb, and stupid is no way to go through life , son.
Selling drugs, selling crap on eBay, scamming Social Security disability... there are a *ton* of ways that people get by just fine without "being employed"....
So whats the employment intensive solution that will put America back on top, keep Washington and Finance royalty awash in cash and help the middle class pay for their McMansions?
"the outcome can be only one - a slow, gradual decline to irrelevance: both for America and the 300+ million people who inhabit it."
If the outcome is a currency crisis - it will be an overnight decline to irrlevance!!
If we just rounded up all illegals & their family members and deported them that would reduce that 308 million total by 12 million or so which would improve the stats.
To execute this plan the gov't would need to hire a bunch of J6P's to round 'em up & then protect our border from more illegals coming across.
Think of the tax dollars gov't would save from not having to provide illegals with free health care, free housing, free education, free food stamps, and whatever other freebies they milk the system for.
I an able-bodied guy is capable of pulling guard duty the gov't cuts him off of Extended Unemployment Benefits and put him to work. He would be doing a worthwhile job --- rounding up illegals and making sure they don't come back across.
Someone needs to write the White House. Rahm & the Inept One can gin up a plan before the next election cycle.
Problem is that doing something with some common sense like that offends the:
Republicans: They need disposable non-citizens that can get around wage & labor laws. When the soul-and-sovereignty selling South is not enough, a few undocumented people is what they support. What H1-b's are to the higher tier, undocumented workers are the low-wage equivalent. If you object, you're called anti-business (and sometimes xenophobic as well).
Democrats: They think you're some inhumane xenophobe. QED.
I'd be glad to go through that if it meant steady employment, allowed me to defend the country, and encourage Mexico to solve its own problems.
You get the repuke angle, but you forgot hispanic american voting blocks allied with Dems to grow the welfare state constituency.
You know, it is thoughtless stupid simplistic pseudo-solutions like this that move your country ever closer to edge. I won't waste my time on presenting all the obvious responses.
What you are suggesting is a police state. LESS freedom, more oppression for everyone. And a gigantic waste of time and resources, and managing to completely not even begin to address the real problems.
That's quite a solution you've presented here, sunshine. Why don't you run for political office?
NONE of the real problems will be solved with simple easy solutions.
Shit, why do I even bother responding to idiots like you.
I wonder, Do you already work for the government?
One minor correction but an important one - the final tally for the naughts isn't quite in yet - the Jan revisions of -800K or so for '09 will push the total more than a half mil below where we started in Jan 2000
Um - u need to overlay a graph of GDP to get a better picture of what has happened. Productivity gains have put a big downward push on the population needed to generate a given level of output....
I keep hearing this productivity canard... yet when I need to build a product I still find myself working with Engineers, Factory Staff and Logistics people in Taiwan and China.
So what exactly are USAians "productive" at? Other than Financial Innovation which has turned out to be rather efficient only at creating bubbles it would seem. Generating value (the definition of productivity), not so much. That accounts for about 30% of GDP, the consumer (and consumption isn't productive, that's why it's called consumption) is about 70%. The remaining de minimis (cough, about 0%, cough) sure is great, though. Let's hear it for The Big Zer0!
from Ritholtz
Moyers: GS Corporate Tax Rate = 1%The total jobs numbers include public jobs. If just private sector jobs were counted, the situation would be even worse. There would less jobs now than in June 1999.
Magnitude 6.5 - OFFSHORE NORTHERN CALIFORNIA
Sunday, January 10, 2010 at 00:27:39 UTC (4:27pm PST)
http://earthquake.usgs.gov/earthquakes/recenteqsww/Quakes/nc71338066.php...
Not my Humboldt weed patch man, its my nature backstopped 401K.
Thank you, wang
Babylon iz burn. Make ur plans, Exodus II is upon us.
WWIII?
Where is it stated in any form logic that once of age a job awaits thee, lol.
The master plan must be hole digging and filling...rofl! Ex-military so been there done that, don't recomend it either, better to stay in selter and eat grass soup all day and call it noddles...sound_app_(mister burns)_*were screwed!* ROFLMAO
From Bloomberg?
Shrinking U.S. Labor Force Keeps Unemployment Rate From Rising
http://www.bloomberg.com/apps/news?pid=20601087&sid=aHA4PMI1G2ks&pos=1
The fed keeps insisting that low interest rates will spur growth and add jobs. For the past 10 years interest rates have been low and may have resulted in housing bubble. We should add interest rates to the charts and verify the theory being followed.
Anonymous
Question; what is the net population add from 2000 to now?
See who's working from h1 visas ect and you can see where wash will focus bandaids.
We are so screwed
max2205, I think we gained 28 million people from 2000 to the end of 2009 that is why that 13 million more in the available workforce appears to be artificially low to me unless it is due to so many people retiring recently.
I remember reading an article that said for the decade we were at zero job growth for the private sector back in August so it has to be negative now I would think.
This isn't good, and I'm not an optimist, but if some of the downward spiral is dealt with through earlier baby boomer retirements and self-deportation of low skill foreigners, that would be best. Sadly, I know many MBAs, lawyers, sales folks, and all kinds of other hard-working high skill people out of work.
yes people will be out of work, but the point is absolute GDP increased meaning the economy is still putting out more product because of prudctivity increases.
the uemployement is structural and frictional. eventually people will retrain and others will find work when economy turns up.
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If we just brought together all the illegal immigrants and their family members and deport them, which will reduce the 308 million total of 1.2 million, so this will improve the statistics.
In order to implement the plan of government will need to hire more illegal immigrants from a J6P the search 'time, and with the protection of our future cross-border group.
Think of the tax savings from the public sector does not provide free medical care, free housing, free education, free food stamps, and any other gifts they milk the system of illegal immigrants.
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