This is going to be short and sweet as I will be revamping my blogs. Yes, again. :) At any rate, I will be moving everything to WordPress, I believe. And I am now planning to start from scratch with past blogs which haven't been read anyway, posted if they are relevant and if I enjoy re-editing them. So, all this stuff will disappear.
So, short and sweet. Here are two charts that tell the story. How well are we doing? I have been obsessed with economics from the beginning of this awful thing. But one thing I can truly be proud of saying long ago, this is a paradigm shift.
Look, the economy is back, well, to what it was just before we had those minor problems with bank malfeasance.
However, this rebound in GDP comes with a figure of 8 million people still unemployed. We are outputting goods and services at the rate of 2007, after 4 lost years, and we are putting out all this production with 8 million fewer people. Actually, that is wrong 8 million fewer Americans. Job outsourcing continues.
And THE chart, the real chart, that deserves to be emblazoned on every billboard that is blank from lack of advertisers is this one:
Jobless recovery. Them: doing fine. Us: not so good.