Wednesday, June 17, 2009

The Worst Is Over?

Hand it to the economists, business reporters and Wall Street talking heads to heave up a massive sigh of relief that "only" 345,000 people lost their jobs last month. The average Josephine on the street doesn't share the feeling because neither she nor her mate, Joe, ever see the money from profits during the booms and they always feel the pinch in the busts.

They only see the unemployment line, the cutoff notices when money begins to get tight and eventually more and more losses. Is it getting better at the home of J&J?

Let's see ... there are 14.5 million Americans unemployed. That's double the number of people who were jobless before the recession started.

This just like saying that in 2004 there was a great recovery, or that it was "morning in America" under Ronald Reagan, whose sharp rightward economic shift in 1981 brought us 9.4% unemployment precisely 27 years ago last month.

So, no, the gross domestic product may be poised to post a positive growth number. To you and me, that means nothing.
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