|"...The government's economic stimulus had its greatest impact on growth in the 2nd and 3rd quarters of 2009 and, without additional spending, that impact will continue to fade. Under such circumstances, the probability of an oxymoronic "jobless recovery" is reinforced. And the term "double-dip recession" is being heard more frequently again. Not exactly good news with at least 26 million Americans out of work or working part time because there aren't enough full-time positions. But we keep being told that the pot of jobs is just over the horizon at the end of the happy-talk rainbow.|
"Meanwhile, as more and more people spend down their savings, exhaust their unemployment benefits (if they were lucky enough to have them in the first place) and lose their houses to foreclosure, the underlying structural problems of the economy, including a still vastly under-regulated banking industry, myopic trade policy and anti-progressive tax policy, seem destined to remain in place, ensuring that the next crisis will be even worse and may begin before the current one is over."
January 14, 2010
Food for thought by Meteor Blades: