From David Stockman's "The Great Deformation: The Corruption of Capitalism

[sonofdaxjones]

in the United States"

By September 2012, the S&P 500 was up by 115 percent from its recession lows and had recovered all of its losses from the peak of the second Greenspan bubble. By contrast, only 200,000 of the 5.6 million lost breadwinner jobs had been recovered by that same point in time. To be sure, the Fed’s Wall Street shills breathlessly reported the improved jobs “print” every month, picking and choosing starting and ending points and using continuously revised and seasonally maladjusted data to support that illusion. Yet the fundamentals with respect to breadwinner jobs could not be obfuscated.

On the eve of the 2012 election, for example, there were 18.3 million jobs in the goods-producing sectors: manufacturing, mining, and construction. These core sectors of the productive economy had taken a beating during the Great Recession, shedding 3.5 million jobs, or 15 percent. Yet after three and a half years of so-called recovery, the jobs count in the goods-producing sectors had not rebounded in the slightest; it had actually declined slightly from the 18.5 million jobs recorded at the end of the recession in June 2009.

Likewise, there were 7.8 million jobs in finance, insurance, and real estate, meaning virtually no gain from the 7.7 million jobs at the end of the recession. As to lawyers, accountants, engineers, architects, and computer designers, there was no pick-up there, either: the 5 million jobs counted by the BLS in September 2012 barely exceeded the 4.8 million recorded in June 2009; and in the information industries—publishing, broadcasting, telecommunications, motion pictures, and music—the data had slightly deteriorated, with the 2.8 million jobs posted in June 2009 slipping to 2.6 million in the month before the 2012 election.

Similarly, the 10 million jobs in transportation and wholesale distribution in September 2012 had changed hardly a tad from June 2009. Finally, the other heavy-duty category of breadwinner jobs—that is, government employment (outside of education) where average compensation exceeds $65,000 annually—had actually gone south. The 11 million of these high-paying jobs on the eve of the 2012 election had shrunk by more than 4 percent since the recession ended in June 2009.

Kelly Services:  Now the second largest employer in the United States.



http://www.shadowstats.com/alternate_data/unemployment-charts

[steve dave]

the US economy is currently whipping ass relative to almost every other developed country in the world. just a fwiw. no shadowstats link or anything to back me up on this.

[bubbles4ksu]

I thought everyone was already aware that it's been a jobless recovery. But props to ShadowStats for keeping Barry honest. Do you subscribe to their 1-year package for $175.00 or their six-month for $89.00?

[8manpick]

Pretty great that technology has improved productivity to the point that we don't need all those other workers and those of us that are employed still have time to bbs our asses off.

[michigancat]

ShadowStats

[Emo EMAW]

the US economy is currently whipping ass relative to almost every other developed country in the world. just a fwiw. no shadowstats link or anything to back me up on this.

That's because everyone else is doing really poorly.  "Whipping ass" is a big stretch.

[sonofdaxjones]

Yes, we're doing okay relative to other economies (which really isn't saying much), but that still doesn't change the fact that we have a decreasing set of full time employees supporting an expanding population of part-time, gov't assistance eligible people, and supporting a growing pool of non working gov't assistance eligible people.

[bubbles4ksu]

the US economy is currently whipping ass relative to almost every other developed country in the world. just a fwiw. no shadowstats link or anything to back me up on this.

That's because everyone else is doing really poorly.  "Whipping ass" is a big stretch.

[Emo EMAW]

Ya, I saw it.  But if someone else is drowning and you're treading water, are you flexing muscles and winking at babes?  It's like sd is ari fleischer or something.

[bubbles4ksu]

Yes, we're doing okay relative to other economies (which really isn't saying much), but that still doesn't change the fact that we have a decreasing set of full time employees supporting an expanding population of part-time, gov't assistance eligible people, and supporting a growing pool of non working gov't assistance eligible people.

Technology has grown the percentage of structurally unemployed. American productivity is the best in the world, but there is nothing for the most unskilled 6-10% to do. This number used to be under 5%. It sucks, but it's the new reality. We need to find something for the dumbos to do.

[john "teach me how to" dougie]

In the Obama economy, the rich are getting obscenely rich, and the poor are losing everything they have. Good for you libtard elites.

[michigancat]

I liked the part where the guy said the employment numbers released select random dates and employ tricks to make things sound better and then, BOOM. Picked select industries and dates to make things sound worse.

(FWIW, this is completely unrelated to whether or not his book is valid, I just enjoyed his strategy a lot.)

[sonofdaxjones]

I liked the part where the guy said the employment numbers released select random dates and employ tricks to make things sound better and then, BOOM. Picked select industries and dates to make things sound worse.

(FWIW, this is completely unrelated to whether or not his book is valid, I just enjoyed his strategy a lot.)

I believe what Stockman is pointing out that the numbers when measured over the course of years don't look nearly as good as the numbers that politicians jump all over that are typcially monthly or quarterly.

 

[Tobias]

the US economy is currently whipping ass relative to almost every other developed country in the world. just a fwiw. no shadowstats link or anything to back me up on this.

That's because everyone else is doing really poorly.  "Whipping ass" is a big stretch.

down big 12, etc

[8manpick]

the US economy is currently whipping ass relative to almost every other developed country in the world. just a fwiw. no shadowstats link or anything to back me up on this.

That's because everyone else is doing really poorly.  "Whipping ass" is a big stretch.

down big 12, etc

#titletown tho

[Tobias]

[michigancat]

I liked the part where the guy said the employment numbers released select random dates and employ tricks to make things sound better and then, BOOM. Picked select industries and dates to make things sound worse.

(FWIW, this is completely unrelated to whether or not his book is valid, I just enjoyed his strategy a lot.)

I believe what Stockman is pointing out that the numbers when measured over the course of years don't look nearly as good as the numbers that politicians jump all over that are typcially monthly or quarterly.

I know what he was trying to do

[star seed 7]

In the Obama economy, the rich are getting obscenely rich, and the poor are losing everything they have. Good for you libtard elites.

 

[p1k3]

In the Obama economy, the rich are getting obscenely rich, and the poor are losing everything they have. Good for you libtard elites.

 

The only person that gets a bigger free pass around here other than Barry is Frank Martin.

The economy only "looks" like it's better right now, when it still is complete crap. Instead of building an economy around savings and investment, we've built it around debt and spending. Again. It will likely crash again and hopefully under Barry so this time the Democrats take the blame for Mr. Bubble Blowing Ben

[sys]

Technology has grown the percentage of structurally unemployed. American productivity is the best in the world, but there is nothing for the most unskilled 6-10% to do. This number used to be under 5%. It sucks, but it's the new reality. We need to find something for the dumbos to do.

i wouldn't call them dumbos, but i agree that finding a way to provide a living income for excess labor is going to be a huge problem in all developed countries.  it's a huge problem in less developed countries too, but a smaller % of those countries expect living incomes.

[steve dave]

Ya, I saw it.  But if someone else is drowning and you're treading water, are you flexing muscles and winking at babes?  It's like sd is ari fleischer or something.

I'm not 100% certain you have a strong grasp on what relative means

[Benja]

People who are adamantly Democrat or adamantly Republican have to be some of the dumbest fuckfaces in the world.

[bubbles4ksu]

People who are adamantly Democrat or adamantly Republican have to be some of the biggest morons in the world.

thanks for the relevant comment?

[Benja]

People who are adamantly Democrat or adamantly Republican have to be some of the biggest morons in the world.

thanks for the relevant comment?

It was kinda directed at a couple people in this thread.

[8manpick]

People who are adamantly Democrat or adamantly Republican have to be some of the biggest morons in the world.

thanks for the relevant comment?

It was kinda directed at a couple people in this thread.

Brown