Imagine my disgust at this headline: New Normal of 2% GDP Growth where experts are claiming America just had to get used to it with permanent 8% unemployment numbers.
Americans may have to get used to unemployment greater than 8 percent for the first time since 1983 and an economy that won’t grow much beyond 2 percent as a consequence of the lost confidence in consumer credit that shattered financial markets.
Who is saying this? Pimco, the biggest bond trader and it's co-founder, Bill Gross, who is becoming more powerful by the day.
I'm sorry Pimco but that is unacceptable and we really do not care what full employment does to your portfolio.
Read the article, they go on whining about $200 dollar handbags, uh we're sorry, the United States must tackle global labor arbitrage and start enacting policies to support, promote and strengthen the U.S. labor force. We ain't buyin' no $200 handbags here, we're trying to pay the rent!