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Suddenly, a Sharp Deterioration in the Job Market
Wolf Richter www.testosteronepit.com
A hullabaloo broke out on February 3 after the BLS released its jobs report that indicated that a surprisingly robust 243,000 jobs were created in January, and that the unemployment rate had dropped to an even more surprising 8.3%. Cynics, academics, BLS heretics, BLS true believers, hype mongers, and politicians of all stripes waged a veritable media battle over these numbers that President Obama serenely trotted out as validation of his policies. Even Rush Limbaugh jumped into the fray. Rarely, if ever, had BLS numbers caused so much public disagreement—and scorn. But that’s history. Now we're in February, and unemployment, after a year of fairly consistent improvement, is suddenly showing a sharp deterioration.
On Friday, Gallup’s mid-month unemployment reading, which covers the preceding 30 days, jumped from 8.3% in mid-January, the low point since the financial crisis, to 9.0%. An astounding increase. And its Job Creation Index confirmed that trend, dropping from +16 in January to +13 in February.
Worse, 10% of the employees in mid-February were part timers in search of full-time jobs, though down a tad from January's of 10.1%, the all-time worst level in Gallup's history! Underemployment—a combination of the unemployed and part-timers who are looking for a full-time job—jumped to 19% from the mid-January reading of 18.1%. While Gallup’s unemployment reading has improved steadily over the course of 2011, the underemployment reading has simply gotten worse.
Gallup's mid-month reading has been a good predictor of the non-farm payrolls report that the BLS releases two weeks later on the first Friday of the following month. For example, Gallup’s mid-January reading improved to 8.3%, in line with what the BLS would report two weeks later (causing the above hullabaloo). Unlike the BLS, Gallup, does not seasonally adjust its unemployment reading, so some uptick during this time of the year is normal. But that kind of jump is far beyond normal.
Of course, the BLS might tweak its formula to further decrease its utterly confounding workforce participation rate to the point where the resulting unemployment rate will actually, and once again, surprise on the upside, despite the hue and cry that may cause.
And there was another indicator: the Philly Fed employment index collapsed from 11.6 in January to 1.1 in February—a warning shot for Jack Ablin of Harris Private Bank whose concerns on this were published by Politico's Morning Money on Friday. The index reflects hiring plans by employers, and they have pulled in their horns. They're now adequately staffed, though they might add a few people here and there, while they’re waiting for demand to show signs of life. That wait may tax their patience, however: gasoline prices are at an all-time high for this time of the year, and other debacles are tearing into the toughest creature out there that no one has been able to subdue yet. But even that tough creature may have reached its limit. Read.... The Inexplicable American Consumer Takes an Unexpected Breath.
Over the years, the Philly Fed employment index has shown a strong correlation with the BLS jobs report, and Ablin estimated that based on it, only 50,000 new jobs were created, a far cry from the 243,000 in January—fictual or not. This and the nasty mid-month unemployment number from Gallup revive an odd idea: has the ECRI’s much ridiculed recession call been right all along?
Unless the BLS can figure out how to statistically adjust its next set of data and estimates to relegate any negative elements to blissful oblivion, there will be disappointment. And it will slam into lofty expectations—which may cause the stock market to, well, spike because, in these crazy times of ours, QE3 with all its wondrous, illusory, and ineffectual magic will suddenly reappear on the table. Read.... Bernanke’s Rain Dance at the Bottom of the Stairs.
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Maybe two years ago the raggedy guys with signs started showing up at the bottom of the freeway exits to the suburban mall near where I live in the Twin Cities It is the exit I use when I visit my mother, so I am there often and someone with a sign claiming to be a veteran is always there during the day. I was annoyed and surprised the cops didn't chase them away. I wondered how they communted from their natural habitat, our version of skid row downtown, to the suburbs. I still wonder about that. Once, when I took my young granddaughter to lunch at a buffet across the street from the mall, I noticed that the guy standing in front of us had dried vomit on the back of his jacket. This is a middle class area of Twin Cities. I have been told the city licences them, which would explain a lot. I'm sure they have assigned shifts because there doesn't seem to be any fighting among competitors for a particularly valuable locatione. If I were a merchant there I would be having a fit.
I worked in the Tampa construction market for ten years but had to relocate out-of-state last summer because the work volume is just still too low. Maybe Bonita Springs has a nice surge in activity however construction spending in most locations of the state are still in the dumpster. A few of my coworkers are from Orlando and Ft. Myers.... its the same story in most regional markets in Florida.
You are dreaming to think Florida will return to the 2005 bubble mania this year. Home prices are not going to rocket up 50-60% because you see more people at Home Depot or McDonalds. The mania period was not a healthy market, most of the speculators were burned as a result and many Florida residences have lost their wealth in the real-estate bust whether they speculated or not. Who exactly is going to fuel this new mania bubble you expect to return this year? The only offers I have gotten on my 2003 home is at the foreclosure/bank fire sale prices which is below the phyiscal construction cost. The banks will not secure loans for anything highers then foreclosure pricing (aka the current market price), so who exactly is going to swoop in a pay cash for houses above the current market value and drive the prices back to the 2005 mania levels?
Here is a link to 10-year house pricing in Bonita Springs. The bottem may be in, but there is no rocket north...
http://www.zillow.com/homedetails/26961-Villanova-Ct-Bonita-Springs-FL-34135/45504626_zpid/
I live in Florida too. It is true that I don't see as many for sale signs as before. However, my house has been tanking and leveled in 2nd half of 2010. Right now it is at the same price as when I bought in 2003. My only comfort is that at least the price is supported by rental income as opposed to comparable sales.
I have been looking to the Sarasota area down to Napels for possible relocation (winter UGH) and there are thousands of pool homes on the market under 135k and many under 100k. As long as they have that glut the only thing that will get built is low income subsidized housing.
Sarasota is very pretty, and it has the small town charm to it. Naples is more vacation homes for the rich. I have been looking at some property in the outskirts of Naples for an RV park project. There are a lot of people trying to sell in the area. Furthermore, the city seems to be offering some sort of credit in some of those properties.
It doesn't matter if the BLS is cooking the books or not. Most folks on the street don't even know what the employment numbers look like. They just look at their own situation and that of their relatives and friends and behave accordingly. If the BLS is fudging the numbers, reality will eventually bleed through.
Repubs aren't much better but they are better.
Deleted double post...
No, they're not. This Republican vs. Democrat, Conservative vs. Liberal, US vs. THEM paradigm is wearing pretty thin for those who have actually paid attention to what's been happening in America the past 30 years. The system is broke, and electing Republican _________ to fix it is NOT the answer...
Would love to find out what your solution would be. But I already have figured out that most of the agenda's described by this line of thinking are left leaning socialist or marxist. If you don't like our system go live somewhere else and tell me then which you would prefer. We have alot to fix but it is fixable. Sorry the yes we can president misled you.
Non mon ami. America isn't fixable. Get it through your stupid fucking republican head and just because someone doesnt like the American government doesn't mean he/she should leave the country either. In contemporary America, we can say whatever the fuck we want. Sounds like you want to live in Nazi Germany. Is your presence additive? Didn't think so. Do you think the answers to America's malaise are going to be expressed in the comments on Zero Hedge? You dumb motherfucker. Just because someone doesnt have answers doesnt make them a marxist or socialist either. Did you know that?? Go fight communism on your own time, it proved pretty fucking fruitless but maybe you can "contain" or kill some "gooks" to send a message. Can you perform auto-filatio? If yes, you seem like the kind of person who really enjoys ejaculating on your own face and mouth.
Every day a new ZH article telling me things are bad and are about to collapse. Every day I fight traffic, wait in line to eat out and wait in line to buy $4 gas.
I'll go way out on a limb and pass by the thousand cuts of all these articles.
Obama will win by a greater than 50% popular vote margin. The U3 rate will be under 7.5% by 10/12. The U6 rate is not understood by 99% of the US population so it doesn't matter if they take it to 40%.
Here in the US, we have food stamps, section 8 assistance, welfare and governemnt jobs. But most importantly, we have entertainment. There will be DWTS, AI, basketball (MARCH MADNESS!!!!!!!) and as many new sitcoms as can be written.
8 of 10 folks are working. All of this Gallup vs BLS talk means less than nothing to 7 of 10 of that 8 of 10. Fat, dumb and happy. Ring a bell?
By the way, by the end of 2014, the republicans will lose their house majority and the dems will increase their count in the senate. There will be more federal agencies, more federal employees and americans will, by and large, be quite happy about it. And no, no one outside of the ZH faithful understand or care anything about deficits, fiat currency or federal debt. They care about being entertained.
I for one have given up on the meme of ZH. The more things change, the more they stay the same.
Wow, another one who sees everything and understands little. You are sort of right about the crash, as it's so slow motion in nature that people don't understand that this is it. They are looking for total overnight collapse, which is unlikely. Other than that, I think you have some big surprises coming. Kind of like the ones Nancy Pelosi got in 2010.
Not that the outcome will make any difference. The House and Senate legislate mainly by consensus, and the consensus is to keep kicking the can down the road.
Oh, and are you familiar with the Bradley effect? I predict it's about to make a comeback.
8 of 10 people are not working. In reality, after you factor in fixed income and teens, it's far lower. Still, you're correct to say a majority of people are working.
The meme, however, which Obama will use to win is that "things are getting better" when the reality is "things are not getting much worse YET".
It's a useful meme. My wife believes it, though she despises Obama. She found a job recently, as did I. So things must be getting better if 2 50+ folk are working again, right? I think not, I know we found our jobs due to persistence and good contacts. Most people have neither. Most out of work people rely on a good job market to carry them. Hell, most working people require a strong market to carry them.
But I understand where you're coming from. It's difficult to explain to people who have little understanding of these things, and little time to try to understand, how things really are. I can tell people all day long that the Giants were actually a pretty lousy football team this year, and they got on a hot streak at the right moment. The only thing people care about is that they won the Super Bowl. Me, I care about a body of work. Winning one game at the end of the season means you did barely enough during the season to slip in, then figured out a way to win.
Obama is the Giants. He is doing barely enough to survive. That's all people care about. They are stupid when it comes to realizing how he and Bush have essentially hamstrung their opportunity and stolen their money, or their kids money, or their grandkids money. It won't matter to them, either, when they pull the lever for this idiot, because when he wins they will feel good about themselves for electing this douche again. "hey, he won, that's all that matters."
Not really. Not in 4 years, not in 5 years, not in 20 years. In that time, the fact he so solidly fucked things up will be meaningful, though. But we won't be able to do anything about it by then. Don't worry, though, he won. That's all that matters in America.
8 of 10 folks are working.
S&C, eight out of ten people working? Maybe 8 of 10 are full-time employed if you count only those in the BS (I mean BLS) labor pool. In fact of the 312,000,000 American they know about (and another 10-15 million illegals they refuse to acknowledge) total non farm employment was 131,900,000. Labor participation rate has dropped from the mid 60% to nearing 50%, and of those at least 19% are un or under employed. Of the working full-time fully 25% of those are working for minimum wages, and have few if any benefits, and can't afford to access those benefits they do have. Wages as a share of national income is at the lowest point since Teddy Roosevelt was in office.
You should not give up just yet, because as you say the more things change the more they stay the same.... until a tipping point is reached, and we are almost there. If what you say is true then there would never have been an American (or French, or Russian, or Cuban, or Mexican, or any other) revolution that freed it's people from the shackles of a moribund plutocracy. Not all have been violent (India) and the number of examples of nations and peoples that have freed themselves far outnumber those that have not.
yep, like how Ron Paul was saying in 2002 that there was going to be a severe housing crises. I mean 2003, 2004, 2005, 2006 there was no crises, hell the dow hit a record in 2007, nothing to see move along?
clearly you don't understand the predicament we're in. The Fed and the Federal government have boxed themselves into an inescapable corner (money printing and spending being the only tool they have). The only argument we all have here is how long the system can stay afloat now. It took roughly 6 years for the housing crises to come to fruition (and this is excluding the buildup to the scale of the crises due to the existence of fannie mae and freddie mac), the dot com crises had taken 8 years or so to get there.
Little by little we see each crises happens sooner and takes longer to resolve.
We are at the point now where the only thing left is to print money, every form USD, EUR, CNY, JPY, CHF. The question is how long until a developed country suffers a currency crises. It is happening, it will happen, and the consequences will be severe. Sure the high speed train we're on looks fine now ($15trillion notional economy), so you want to ignore the fact that the bridge is out right? I mean the train's running full speed now, what could possibly go wrong?
Clueless people like you are why we are in the mess we're in.
Tbh I reckon you're being a bit unfair there, there's a sub text/reality check to his post..
Yes, fools can indeed be fooled for quite some time by smoke and mirrors. However, eventually a system that is based upon lies and fantasy breaks down. It breaks down because people consume "real stuff", not fantasies. The population will not enjoy free movies 24/7 unless they can eat a meal now and then. That's a simple fact. Which means, when the rest of the world stops exchanging their real, physical goods for the fiat, fake, fraud, fiction, fantasy, fractional-reserve pieces of toilet-paper printed by predatory fraudsters, the goods will stop flowing and everyone not producing real, physical goods will starve. They will starve because stores will no longer exchange their real, physical products for the crumpled presidential baseball cards they offer in exchange.
And when that happens, things will no longer "be the same"... for non-producers.
Long way to go until November.
You sound like an Obama campaign zombie, spouting all sorts of Nostradamus predictions. Most Americans that you claim will be "quite happy" with a largesse federal government are as sharp as a sack full of wet mice.
You highly underestimate the power of many of the people who do NOT participate in the online blogosphere. MANY people are angry and fed up, and are just WAITING for November. They could care less about polls, DTWS or "entertainment" - or any of this misdirection/misinformation.
Long way to go until November.
Try not to step in any Santorum before then eh? I do not support Barry and never have, but leave it to the barking moonbats in the GOP to support the one (or two) most slobbering theocrats in their party to nominate as their offering for the general election, thus assuring a hold the nose win for the teleprompter. I don't like Romney any more than Obama but given a choice between the two I would have voted for him till he started pandering to the religious fuck twats on the lunatic fringe far right last week. And Santorum? He should run for president of a SANITORIUM if he thinks he is going to turn the USA into a Baptist version of Iran.
...ummm Santorum is catholic not baptist... there's a HUGE difference... theology-wise... (not that you'd know or anything) starting with the difference in "Protestantism" vs. "Catholacism". Both are anti-abortion... but baptists aren't anti-contraception...
Most people vote party not religion. Otherwise some of us wouldn't have anyone to vote for in either party. Not many Protestants running these days. Fundamental Christians are Protestants who don't recognize the Bible is part allegory, part history and part revelation. At least they have a moral compass -- which is good during times of instability.
Obama is trying desperately to make the debate about "womens rights" or "anti-contreception" versus "constitutional rights". That "chip, chip, chipping away" sound is the dismantling of the US Constitution. Be careful. You'll miss it when its gone.
Fuck Santorum. Dude brought a dead fetus home and slept with it. Fuck all the republicans. Is the current Democratic regime mismanging america with wanton disregard for the nation's wellbeing? Oh yes. Would I take Obama shitting the bed over Bush or any current republican nutjob (Romeny, Paul, Gingrich, Santorum)? Affirmative. People are going to have to accept that America is irrevocably heading for tough times and no politician can alter the course or right the basically capsizing ship we know as government (a way of syphoning money from poor to rich in exchange for some "protection"). Basically you have to view contemporary politics as palliative. Do you want America to die with assholes talking about the sanctity or sperm or school prayer, lower estate taxes for billonaires, or do you want America to expire with people getting laid, going to college, and blazing some fucking chronic? I much prefer the latter and I want to give America some dignity as it withers dies. I want to see black happy after getting sprayed with hoses and lynched and I want to see rich white assholes lose everything during a financial collapse. Let America return to an agrarian way of life. Society existed for thousands of years before CEO's gave masturbatory speeches on CNBC.
It is true that society existed before all this mess, and it will continue after. What is scary is that never before in history it has been at this level. Imagine the dark ages but all over the world. We have a global economy and weapons that make anything before look like pea shooters. A collapse in this system will be something never seen before and as such it is very unpredictable. After which, scarcity will be the theme for the next century.
As the Goths sacked Rome dipshits like you guys were probably talking about some asshole politician who could get Rome back on track like the good old days of Cesar Augustus. Sorry there were too many orgies, wars, closet fags, caligulas, etc. History repeats itself.
Actually, closet fags was not one of the vises of Rome. They were pretty much accepted. Until, Christians came along that is.
Pointing out the difference between he being a baptist and a catholic to a gay man is like pointing out the difference between Lord Voldemort and Darth Vader, either way the dude is a slobbering theocratic bible thumper that wants to force his christian religion on the national legal system. And Newty and Mitt are no fucking better in that they pander to that scary crazy GOP base that accounts for no more than 20 million voters, but they are 20 million voters without which no GOP contender can be nominated. But that same pandering is what turns off the independent and middle of the road voters, they stay home and Barry O. gets a second term, I do not like it but you should start preparing now for the inevitable. BO will win not with the religion-like zeal he did in 2008, but he will eek out a win anyway.
Santorum says Obama agenda not "based on Bible"Obama's agenda is "not about you. It's not about your quality of life. It's not about your jobs. It's about some phony ideal. Some phony theology. Oh, not a theology based on the Bible. A different theology," Santorum told supporters of the conservative Tea Party movement at a Columbus hotel.
When asked about the statement at a news conference later, Santorum said, "If the president says he's a Christian, he's a Christian."
But Santorum did not back down from the assertion that Obama's values run against those of Christianity.
"He is imposing his values on the Christian church. He can categorize those values anyway he wants. I'm not going to," Santorum told reporters.
A social conservative, Santorum is increasingly seen as a champion for evangelical Christians in fights with Democrats over contraception and gay marriage.
http://www.newsdaily.com/stories/tre81h0m2-us-usa-campaign-santorum/
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Dude has some very serious psychological issues when it comes to gay citizens in particular, smacks of closet case if you ask me and I have a lot of experience with those.
By the way Giddy, fuck you, I was an alterboy and went to catholic school prior to middle school. And I know batshit crazy when I see it and all organized religion is based on magical thinking and batshit crazy beliefs. None of which override my rights as a citizen of the USA.
I belong to the church of the flying spaghetti monster. Stop global warming by becoming a pirate.
http://www.venganza.org/
+1 for the Foghorn Leghorn reference!
http://www.youtube.com/watch?v=-LCsiWL6gn0
Beetle best you crawl out of where ever it is you lurk and take a look around, in my travels (anecdotally) there is a noticeable lift in economic activity and not just here in S FL and make no mistake if the trend continues we are heading to 4 mo yrs of O - I think much of the anger you are referencing is morphing into apathy and that maybe he green shoots are for real this time around - but you can go on if you want like the spinner wearing the sandwich board waring people that The End is Near
ANONYMOUS, here is something for you to answer - if times are truly getting better why is gasoline usage in the U.S. down 20% from its peak. Current monthly gasoline usage is down to something like 2004 levels when the population of the U.S. was 10's of millions less. Fuel economy improvements account for only a small percentage of that decrease. Are people switching to public transit because of noble green reasons? I doubt it.
I think the answer is that it is expensive to own and operate a car and many in the bottom 60% just can't afford to drive as much. Gasoline is one thing that the government doesn't subsidize (no gas stamps). So, I would suggest that you are the one who is out of touch. Your peers are probably in the top 10% for whom $4 gas and $1200/year insurance is no big deal.
Elvis you're playin fast and loose with stats to support your case
repeat after me "maize"
Never said the end is near. Noticable lift? In some small pockets, indeed, but overall? Hardly.
I agree; the trend is getting dumber all the time. I take "looks" around frequently. Travel much, and see things as unbiased as I can.
I routinely ask the common man questions; about the economy, data, and how they themselves are doing. The answers I get are a combination of frightening, laughable and sad. This is why you you say the "trend" is for 4 more of Obama; the fact that he has even a chance speaks to people that are seriously ignorant. I mean, off the charts stupid. This is due to decades of indoctrination and non-education of the youth of America, by liberal arts "teachers", bent on socialsit dogma that never has worked - nor ever will.
The apathy you speak of is more prevalent on the Obama side. People will stay home this time, thinking he's already "won".
Much like Carter/Reagan in 1980, the silent majority will opt for no more give-aways, cop-outs and the very thing Obama talks about; HIS policies.
Try walking around with your own sandwich board of "green shoots - they are everywhere!", and you'll get strange stares (from the the Obama-zombies) and ugly looks from people out of work since - forever.
The takers are over-taking the makers - and the tipping point is getting closer to the edge. Once they over-take, then watch the hell break loose.
What if that silent majority decide that whatever Republican candidate is offered up looks worse than 4 more years of Obama?
IMO? That would have to be one awful looking candidate!
Borrowing Anonymous' crystal ball (albeit, more short term), I see a brokered convention.
I believe it might be good for the party to convene, get pissed off, fight, and come up with a fighter; someone as to now not in the spotlight, and therefore, out of the line of fire of the liberal press.
Ron Paul - to me - is the only honest candidate out there - which is why he won't win.
To amuse some, here is some of the questions I "pop-quiz" people with. Total strangers I strike up a conversation with at supermarket checkouts, malls, airports, etc.;
"What percentage of the US population is black, or considered "African-American" - do you know?" (according to the 2000 census, it was 12.7%)
I get all sorts of answers. "ummm 40%?" 50%?....35%?....... Few even come close to the correct answer. "Well, you see them all the time" say a couple - every time I haul out the question to ask.
"Has President Obama raised any sort of tax since he took office - do you know?" (yes, 9 times he has raised taxes to take affect during his term, according to the Tax Foundation)
Most all say yes, but few know what he raised them on. Some emphatically say no. Smokers that say no are shocked to learn he raised the cigarette tax immediately; most think the tobacco companies raised prices. Smokers though, are the "smartest" on this question.
"What's your share of the US debt; each man woman and child in this country - their share of the debt the country owes - do you know?" (according to USDebtClock.org, it's just rolled over 49k)
I get answers ranging from "Well, I ain't gonna pay it LOLOL!" to, "ummmm...does it effect my credit score?"
Not one person I've asked gets this question correct. Not one. I ask all sorts of demographics; old, young, well heeled (looking), to Moms with kids, Truck driver looking dudes. The heavily pierced an tatted to the "Up with People" looking teens....no discrimination. Whites, blacks, latinos, etc.....
I like the election day interviews with the folks in line who can not name their representative, either Senator, the VP of the US or define the Bill of Rights yet are indignant when asked, "Do you feel qualified to vote?"
I am comforted that historically, few have paid much attention to the federal government. They've been rightly focused on local entities. We are not yet a nation where every single human action has been politicized although we are well on our way.
things that go bump...
All certainly look like more of the same except RP but with any candidate one must be very suspicious. The only known entity is Obama; would more of the same managed by someone else be better?
Hollywood prophecy becoming reality
http://www.youtube.com/watch?v=BXRjmyJFzrU
"Wisdom is the principal thing: therefore get wisdom: and with all thy getting get understanding." Proverbs
This for me is the meme of ZH.
Please tell us what part of the country you are in. You're prob near dc or sf....
I am in one of two places during the year; Chicago and Bonita Springs Fl. And no, I am not talking about McD's when I talk of going out to eat.
Last night, we walked over to a local marina where we keep our boat. Four places to eat on the water and without a reservation, you will not get a seat after 4pm or so. It is like this everywhere. In Chicagoland, the traffic has gone from bad to absolutely horrific.
I am not saying thngs are not bad or that the fed isn't propping it all up. What I am saying is that this BLS BS and the Fed's printing is working well for Obama and will see him re-elected. People in general know only what they see and what they see isn't all that bad for 8 out of the 10 who have an income. As for the rest, I see no evidence anyone (well ZH perhaps) gives a rat's furry ass.
Obama will win in 2012. A democrat will follow him in 2016. Any party that promotes smaller government and lower deficits will not win another election until a large inflationary event. And that will not occur within the next 50 years.
I am resigned to this probability, that's all.
Dear SimpleandConfused, you should stick with the facts because some zh members LIVE in northern Illinois. Back in the early 00's, if I didn't get on my way to work from my home in the far northern part of the state by 05:45 I would be stuck in traffic that would crawl from the tollway spur on the Edens all the way to my North Ave. exit downtown. Today, I can leave home at 06:30 and arrive at Michigan Ave. and Oak Street with time to spare for a takeout roll and coffee at the Hancock bldg. before my 08:00 start time. The traffic patterns today allow me to drive 80 mph+ for most of my commute. Put that in your pipe and smoke it.
A lot of People eat out becuase they are to lazy to cook.
ifishivote: A lot of people eat out because they don't know how to cook.
BTR: If you cook something like spaghetti or lasagna, you can freeze part of it and it'll be just as good a week from now. You'll save lots of time and money. Having the right container is important but you can use them for other uses, too.
Look up 'foods that freeze well'
I don't vouch for any of the recipes here, just the concept:
http://www.favoritefreezerfoods.com/foods-that-can-freeze-well.html
http://www.recipelink.com/rcpmenus.html
boiltherich
Find someone who also needs to share groceries and split up the stuff.
SimpleandConfused
Maybe not so much:
You bring up an important point. The correlation between economic conditions and social change is not straightforward. The majority of people do not have to be starving and homeless for there to be a desire for change.
The colonists, for example, did not struggle to break free from England because they were literally starving , or were living in miserable conditions for their times.
The question resides in the perceived difference between what is, and what could be.
Satisfaction of sorts comes with believing there is no better alternative.
Will many of the 7/10ths employed ever think they would be better off without endless wars, continuing erosion of liberties, increasing planetary destruction, pollution, unhealthy foods, etc.?
Or will the entertainment industry, the warfare industry, and the consumer industry be sufficient to keep them in thrall to their political and financial overlords?
You are correct in that he brings up a very good point....he owns a boat and lives in two places. The non-boat owning public would probably disagree with your assessment of what is going on, unless of course you live in DC where federal and lobbying jobs abound, and SF Bay Area where things are on fire.
The fundamental problem is that ZIRP is set at the national level. Unfortunately, ZIRP is not something that is needed in certain MSA's, so the divide in this country will only be exacerbated in places like DC and SF...but only to start. This is why you are experiencing unbelievable rent growth in the SF Bay Area, and real estate prices which have re-inflated to peak levels in some markets. Commercial property rents and prices are also at historic levels in some markets in SF Bay Area.
Eventually the inequality that I see being created in these "microclimates" will spread because our Federal Reserve is a broken system that is designed to create instability because that is what great transfers of wealth need.