Tea Time With Jesse

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Posts Tagged ‘mortgage securities’

It’s the Uncounted Possums, Stupid!

Posted by middlerage on July 24, 2013

Lotta media attention today about Obama’s upcoming press conference on the economy. Meanwhile the media is humming along talking about the hopeful yet anemic job growth (200,000 jobs added this month!), the hopeful yet anemic consumer sentiment, the hopeful yet anemic drop from 8-something % unemployment to 7-something % unemployment, and the hopeful yet anemic new-housing starts. Oh and Wall Street is having a stellar summer.

[Side Note: “possums”? Why the heck does the post title mention possums? Go here.]

But I call bullshit on all that. Let me say emphatically: We. Don’t. Count. People. Who. Have. Given-Up. Job. Hunting.

When you count folks who want to work but haven’t looked for work in weeks because the answer IS FUCKING OBVIOUS – there are NO JOBS – then we get an unemployment rate more like Seventeen fucking percent. But those too discouraged to look for work (read: the long-term unemployed) and those who accept partial employment beneath their former situation ARE NOT COUNTED.

This is a jobless recovery. This is a non-recovery recovery. Corporations are sitting on piles of cash. McDonalds gives appallingly tone-deaf budget advise to its low-wage workers.  Congress is cutting SNAP (i.e. food stamps) benefits. Companies are outsourcing. The wages of those lucky enough to have jobs are stagnant. CEOs reap disgusting pay. WalMart bitches about living wage laws. The middle class is disappearing. Detroit is bankrupt. Nobody important in the mortgage securities debacle that led to all this HAS GONE TO JAIL. And Texas needs rain.

Posted in observations, wtf | Tagged: , , , , | 1 Comment »

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