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Forum Post: The Dismal Economic Outlook For The New Year

Posted 2 years ago on Jan. 6, 2012, 6:15 p.m. EST by nickhowdy (1104)
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http://www.paulcraigroberts.org/2012/01/06/the-dismal-economic-outlook-for-the-new-year/

The Dismal Economic Outlook For The New Year January 6, 2012 | Categories: Articles & Columns | Tags:

Jobs offshoring, financial deregulation, and ten years of wars have severely damaged the US economy and the economic prospects of 90% of the American population. The signs are everywhere in front of our eyes. They are in the income distribution data, the BLS jobs data, the Census data, the poverty figures, and the high number of food stamp recipients.

The signs are in the foreclosed and boarded up homes and the accompanying homelessness. They are in closed strip malls, in office building, warehouse, and shopping mall vacancies, and in the huge population losses of America’s manufacturing cities.

12 Comments

12 Comments


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[-] 1 points by nickhowdy (1104) 2 years ago

The New Economy was a hoax, like Saddam Hussein’s “weapons of mass destruction” and the “war on terror.” Americans were deceived by “their” corrupt government, by greed-driven corporations, and by corporate shills among economists and the pundit class into believing that they were trading middle class “dirty fingernail” jobs in manufacturing for better middle class “clean fingernail” high-tech service jobs. Instead, reasonably paid manufacturing and professional skill jobs, such as software engineering and information technology, were traded for lowly paid jobs as waitresses and bartenders and for jobs in ambulatory health care.

Consequently, real median US income fell for the vast majority of the population. To keep consumers spending when they had no raises, the Federal Reserve used low interest rates to create a real estate and credit bubble. The low interest rates drove up housing prices, and Americans refinanced their mortgages and spent the equity in their homes. Americans maxed out credit cards. The rise in consumer indebtedness kept consumer demand growing and the economy afloat.

[-] 0 points by DanD (2) 2 years ago

Not only that but the unemployment rate is also a hoax. Here is the real numbers but they might be higher than this also. http://www.zerohedge.com/news/real-jobless-rate-114-realistic-labor-force-participation-rate

[-] 1 points by nickhowdy (1104) 2 years ago

Oh yea...All #s are manipulated heavily...It's a sad joke.

[-] 1 points by Rico (3027) 2 years ago

It's interesting to me that people even rely on numbers so much.

You know we're in deep trouble when many of our neighbors and friends are unemployed and losing their houses. In my neighborhood, we have had about 1% foreclosures, and across all my wife and my friends, we know of only 1 couple that is unemployed. This, of course, is my neighborhood. There must be some other neighborhoods out there doing much worse.

[-] 1 points by nickhowdy (1104) 2 years ago

Well we have to use numbers to be able to assess a situation someway..Hopefully you use other data to ascertain if the official numbers are correct...You have to look at data from a few places and in different ways..

BTW how are you doing RICO..You seem less pissed..

[-] 1 points by Rico (3027) 2 years ago

What's interesting to me is that the numbers paint a much worse picture than I can see. I wonder how many other people find this to be the case as well ? How on earth does one ensure the numbers reflect misery either in magnitude or frequency? I just get nervous when tossing around numbers I can't substantiate and confirm.

I'm seldom "pissed," so I'm not sure what you mean by your last remark. I'm fine.

[-] 1 points by nickhowdy (1104) 2 years ago

Sometimes you seem to argue, should I say, aggressively?

Things look OK from my perspective also....But I notice things have changed. There is a gradual decline. Houses for sale that are now being rented. Store closings. More stories of break-ins.

Some things you won't notice yet because people are still getting unemployment insurance.

[-] 1 points by Rico (3027) 2 years ago

My aggression has no doubt been muted by 2 weeks of vacation in Puerto Vallarta Mexico (see http://occupywallst.org/forum/observations-from-mexico/ ) with massive quantities of good food, beer, and tequila ! I'll probably return to my former aggressive nature soon ;o)

[-] 1 points by nickhowdy (1104) 2 years ago

Hope you had a good time..

[-] 1 points by Rico (3027) 2 years ago

From what I remember, I had a great time !