Hard-hit worker wonders where the economic resurgence is

[Svnla]

Look like things are not as rosy as BO claimed. Don't forget the labor participation rate is lowest ever for years (since 1978) = http://www.businessinsider.com/labor-force-participation-rate-september-2014-2014-10

Ask Joshua Thevenin — who since last month has been a newspaper salesman, fireworks vendor and tele-marketer — what he thinks about assertions the economy is roaring toward recovery and you'll get a sigh and a shake of his head.

"I don't see it. If it is, I don't know where," he said. But those like Thevenin, who live in the economy's shadows, know that it's difficult to turn the page, much less begin a new chapter when you can't find full-time work.

Seasonal and temporary workers are typically counted as employed if they have been paid for work in the past month — even if they are out of work just a few weeks later. That can make the unemployment rate, currently a nearly healthy 5.6 percent, look a bit rosy.

An alternative measure of unemployment, which includes people who work part-time but want full-time work, and those who recently stopped searching for jobs, is at 11.2 percent. That is down from a peak of 17.1 percent in late 2009, but is still far above the 8.8 percent reading just before the Great Recession.

Thevenin recalls when he was 16-year-old fry cook at a buffet restaurant near Tampa, some 13 years ago. "I was making $9 an hour," he said. "Now the same job has the same pay."

When he arrived home from work Tuesday, he turned on the State of the Union, but quickly turned it off.

http://news.yahoo.com/hard-hit-worker-wonders-where-economic-resurgence-155926104.html

 

[maddogchen]

Its in the Silicon Valley. This place is booming!

 

[Genx87]

I'm pretty sure our govt reports seasonally adjusted numbers.

 

[dank69]

I'm pretty sure our govt reports seasonally adjusted numbers.

You are talking WAY over Svnla's head.

 

[Jhhnn]

Where's the economic resurgence? In the bank accounts of the financial elite, your heroes.

They won the class warfare they've been waging for 30 years.

 

[Svnla]

You are talking WAY over Svnla's head.

Ah, another day, another pathetic post of the troll, with nothing to contribute to the thread. Shoo shoo, be gone troll. Get lost.

 

[theeedude]

He, as a Florida voter, gave it away, now he wonders. Too bad, so sad.

 

[unokitty]

Look like things are not as rosy as BO claimed. Don't forget the labor participation rate is lowest ever for years (since 1978) = ...l

There has been a recovery. Isn't it obvious that for the upper class there has been a recovery?

Is it Obama's fault that some insist on bitterly clinging to their middle and lower classiness?

Uno
:whiste:

 

[BoberFett]

Where's the economic resurgence? In the bank accounts of the financial elite, your heroes.

They won the class warfare they've been waging for 30 years.

Which is why it's so funny to hear Democrat's crow about how Obama single-handedly saved the economy and stock market. Saved it for who? The rich lost a lot more during the collapse than the poor did. The poor had nothing to lose, while the rich lost billions upon billions. Thank god for Obama, he restored the wealthy to their rightful place.

 

[theeedude]

Which is why it's so funny to hear Democrat's crow about how Obama single-handedly saved the economy and stock market. Saved it for who? The rich lost a lot more during the collapse than the poor did. The poor had nothing to lose, while the rich lost billions upon billions. Thank god for Obama, he restored the wealthy to their rightful place.

What are you going to do about it?

 

[BoberFett]

What are you going to do about it?

Laugh at you. It's great schadenfreude to hear Democrats cry about the plight of the common man, all the while cheering on that same common man's destruction.

As long as I get my cheap lettuce, fuck everyone else. Right senseamp?

 

[theeedude]

Laugh at you. It's great schadenfreude to hear Democrats cry about the plight of the common man, all the while cheering on that same common man's destruction.

As long as I get my cheap lettuce, fuck everyone else. Right senseamp?

So you got no ideas. As expected.

 

[BoberFett]

So you got no ideas. As expected.

I have exactly the same number of ideas as you do.

 

[theeedude]

I have exactly the same number of ideas as you do.

You are just very shy about posting them because trickle down isn't selling.

 

[rudder]

Where's the economic resurgence? In the bank accounts of the financial elite, your heroes.

They won the class warfare they've been waging for 30 years.

Who is your hero? The ones who allowed QE infinity to happen which pretty much benefited the Wall Street fat cats.... Or is your hero the one who has introduced mountains of new regulations in the last few years?

The U.S. now ranks 12th in the world for new business startups. There are now more small businesses failing than there are new one starting. In 2008 there were 100,000 more business startups that business closings. This is a big freaking problem. That is the legacy of your hero.

 

[theeedude]

Who is your hero? The ones who allowed QE infinity to happen which pretty much benefited the Wall Street fat cats.... Or is your hero the one who has introduced mountains of new regulations in the last few years?

The U.S. now ranks 12th in the world for new business startups. There are now more small businesses failing than there are new one starting. In 2008 there were 100,000 more business startups that business closings. This is a big freaking problem. That is the legacy of your hero.

Bernanke?

 

[Blanky]

Seasonal and temporary workers are typically counted as employed if they have been paid for work in the past month — even if they are out of work just a few weeks later. That can make the unemployment rate, currently a nearly healthy 5.6 percent, look a bit rosy.

Nope. It's been this way for a while.

Anyway, only a few diehards still think trickle down is a real thing.

 

[BoberFett]

You are just very shy about posting them because trickle down isn't selling.

Really? If trickle down isn't selling, why do Democrats brag about pumping up the stock market under Obama?

Is it all the stock portfolios held by the bottom 50% that benefit from a booming stock market?

 

[First]

^ Asset prices going up is good for everyone, including the middle class. It just also happens to benefit Wall Street and 1%'ers more, proportionally. But if the stock markets hadn't recovered, whose 401k retirements and investments do you think would hurt more, the middle class family who depends on it for retirement or the 1%er who uses his 401k for a down payment on a vacation home?

It's pretty clear at this point the alternative of not doing QE (i.e. forgoing smoothing/inflating stock markets post-2009) would have been worse than QE1/2/3. Hell, the dollar is much stronger "despite" QE since 2009, so it definitely hasn't hurt savers.

 

[theeedude]

Republicans are still making doomsday QE inflation predictions, in same breath as they complain about wages not rising

 

[theeedude]

Really? If trickle down isn't selling, why do Democrats brag about pumping up the stock market under Obama?

Is it all the stock portfolios held by the bottom 50% that benefit from a booming stock market?

I am truly touched by your concern that too much of the economic benefit of the recovery is going to corporate earnings and capital gains. I share it.

 

[BoberFett]

^ Asset prices going up is good for everyone, including the middle class. It just also happens to benefit Wall Street and 1%'ers more, proportionally. But if the stock markets hadn't recovered, whose 401k retirements and investments do you think would hurt more, the middle class family who depends on it for retirement or the 1%er who uses his 401k for a down payment on a vacation home?

It's pretty clear at this point the alternative of not doing QE (i.e. forgoing smoothing/inflating stock markets post-2009) would have been worse than QE1/2/3. Hell, the dollar is much stronger "despite" QE since 2009, so it definitely hasn't hurt savers.

By savers, you mean billionaires. The ultimate savers. That disproportional benefit is exactly what I'm talking about. As I said, Democrats bemoan equality all the while cheering it on. It's amusing to watch to watch that whole party talk out of both sides of it's mouth like a bad ventriloquist.

 

[BoberFett]

Republicans are still making doomsday QE inflation predictions, in same breath as they complain about wages not rising

So you believe there are no downsides to QE? Average home prices heading back to where they were during the bubble with no corresponding increase in average income isn't a concern for you?

I'm not surprised that doesn't occur to you. You really aren't very smart.

 

[First]

By savers, you mean billionaires. The ultimate savers. That disproportional benefit is exactly what I'm talking about. As I said, Democrats bemoan equality all the while cheering it on. It's amusing to watch to watch that whole party talk out of both sides of it's mouth like a bad ventriloquist.

Billionaires win all the time, though. Weak stock markets are worse for billionaires, but they're billionaires so they survive. Weak stock markets are essentially almost never good for the middle class, they rely on it for their pensions and 401k retirement. So not only has QE clearly been a massive success for pensions/401k's, but if we believe that Americans should stop going into debt and save more, than QE has been a boon to them given the dollar has significantly strengthened against all major currencies without exception since 2009, meaning the rapid deleveraging and saving middle Americans have gone through the last 6 years has been aided by QE. Assuming, of course, you believe QE "caused" the current strong dollar scenario, which we could argue over. But certainly, I can't imagine any scenario where Americans would be better off without QE. On the other hand, I can imagine plenty of scenarios where billionaires are fine without QE.

 

[First]

So you believe there are no downsides to QE? Average home prices heading back to where they were during the bubble with no corresponding increase in average income isn't a concern for you?

Average home prices aren't bubbly except in the usual bubbly markets (NY, SF, LA). Home prices and housing starts are pretty middling, starting to pick up but we're nowhere near 2006/7 mania.

If there are any downsides to QE (billed by detractors as growth-inhibiting inflation), it certainly hasn't materialized yet. But it may. It'll be moral hazard type of stuff, but I'm not sure there was any scenario where moral hazard was avoidable in 2009 other than a scenario where everyone becomes poorer unnecessarily (i.e. forgoing QE based on "principle").