Here on the Economic Populist, dueling posts of green shoots, i.e. the recession is at a bottom and recovery will happen and brown weeds, i.e. it's getting worse and is most assuredly not a recovery, has been going on for some time.
Well, the Wall Street Journal, that holy bible of finance readers everywhere has stepped in and pronounced the ground salted and barren.
In the article, WSJ points out the average length of unemployment is higher than it's been since government began tracking the data in 1948.. The article then goes through the jobs numbers and shows why the real rate is much worse than what is being reported.
So, it's about the jobs man. WSJ also points out what we have been writing about for months, the Stimulus does not focus enough funds to actually create jobs. Of course WSJ doesn't mention of the funds devoted to jobs, many are being offshore outsourced or contracts awarded to major multinationals, again not local U.S. jobs for U.S. workers guaranteed....
But I'd have to say it is refreshing to see the Bastion of Wall Street admit without jobs there is no economy. In other words, without the U.S. middle class, there is no real economic growth.
Oh yeah, btw, the deficit has hit a record AND expected to double by the fall.
Can you say bang for your buck as in they shoot horses don't they?