Thursday, October 29, 2009

Recovery at long last

Labor department is spinning the latest unemployment figures with the strangest language possible. "The number of people claiming jobless benefits for the first time dropped less than expected last week, evidence that the labor market remains weak even as the economy is recovering."

Dropped less than expected? So, experts expected more people to file for unemployment, but fewer did, and that is a signt he economy is turning around? "I was a little less pregnant than you may have expected, otherwise, I remain pregnant."

This jobless recovery every economist seemed to be yammering about is interesting. The economy is showing signs of life after months of record breaking foreclosures and a hardly breathing GNP. Here is what I think the economists from the ivory towers of New York City may not be aware of, a jobless recovery is no recovery at all. Sure, the people investing after the market fell below 6000 may be raking in profits, but the people who lost their homes and their jobs and are finding a jobless recovery means just that are not celebrating the billions in profit reported by Bank of America.

Jobless means all sorts of things, but if you describe yourself as jobless the very last thing you want to hear is that the national economy is celebrating you. These are getting to be desperate times for many people. The experts looking at real unemployment nationwide hovering around 10 percent and reporting that the economy is getting stronger are not living in the real world. You can not report one week that more people are homeless and going without meals and have no healthcare and then try to spin that story about how as long as bonuses are being dolled out on Wall Street, people just barely surviving should be smiling.




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