I would say anyone over 40 that is not working right now is lucky if they will ever find work again. The major corporations figured US workers can not be exploited anymore so they went global and are making record profits during this depression. Corporate officers will take home another round of fat bonus checks at year end and small businesses will continue to be crushed by lack of corporate domestic spending and crippling regulations from a government that gives every free pass and tax break it can to the corporates, while using every mean possible to enforce regulations on small businesses. End result is a deadly cocktail for US workers. Small businesses have to hire kids, immigrants, and low skilled workers at the lowest wage possible, corporates figure they have to exploit cheap overseas or immigrant labor to keep prices down so the low wage US worker can keep buying their disposable junk. To both, if you are 40+, degreed, skilled, or have something of tangible value to offer, you are too expensive and far too risky. Better to hire a low skilled person that can be trained and more importantly, someone that doesn't care if they don't get paid a living wage or benefits. It's a fast race to the bottom, eventually to a place that justifies slavery as necessary to keep the marketplace 'profitable.'
I'm 40, been out of work for over a year now. My mistake, leaving a minimum wage job to return to school and finish college so I could get back into the field I used to be in. Now that I have a degree, I'm unemployable because I also have 20 years of workplace experience.
As a former wind power development I worked in a few states - just 2 or 3 - that gave wind farm developers preferences for power contracts and taxes if 50%+ of the economic benefits (long-term cash flows) of the wind farm stayed in the state where sited. We need incentives such as these to re-invest through local firms and to hire locals as a countervailing force to the relentless concentration of "value-add" into far-flung international hubs whether a major US city, Shanghai, Bangalore, or name-your-hub. We also need lower cost of inputs and regulatory streamlining in order to keep businesses competitive enough on the world market to encourage them not to leave or reduce activity here (oh and do so without ruining our environment, labor laws, and etc). Third, individuals have to keep upgrading skills, at ALL ages, and business and govt need incentives to encourage (strongly) these individuals to work hard to upgrade periodically (including granting serious time off to keep upgrading). Fourth, the US needs to get smarter in its law and policy about how to compete intelligently, not blindly, with countries that merely take advantage of our open economic borders and general fair play. Fifth, there is no substitute to encouraging innovation - cheaper, faster, better, smarter. An area that cries out for this would be healthcare, yet "Obamacare" mostly forces everyone to pay into a broken and overpriced system, and does little to encourage true innovation to lower costs. Mega-dumb. Finally, sorry to say, but illegals aka "undocumented workers" do take jobs citizens would like to have, but the flood of illegals drive down the wages - a $15/hr roofing job becomes a $9/hr job, not worth it to a citizen with possible alternatives. Taken together - upgrading skills, incentives to keep projects and portfolios "flowing down locally", streamlining regulation and keeping a lid on the cost of inputs, getting competition policies correct, incentivizing innovation, and jobs-for-citizens first and foremost, will probably be enough to keep the US competitive and encourage job growth. Wow that's a lot in a comment.
Is considered screaming online. We know what you tell us is true, yet consider writing normally. We've shown many an article that women STEM are so discriminated against it is worst than 1950, try 1880 it's so obvious and horrific. This is especially true in California, the supposedly left leaning state.
I HAVE BEEN OUT OF THE WORKFORCE FOR 20 YEARS AFTER A 20 YEAR CAREER AS A CHEMICAL ENGINEER. DESPITE OBTAINING AN MBA AFTER BEING DOWNSIZED AT 40, I WAS UNABLE TO OBTAIN A NEW JOB. WITH ILL AND AGING FAMILY AND NEW CHILD, I STAYED HOME FOR 15 YEARS. I VOLUNTEERED MOST OF THOSE YEARS IN NON-PROFIT ORGANIZATIONS. I CANNOT FIND A POSITION WITH BENEFITS AND AT 61 I HAVE APPLIED FOR MY PRIVATE PENSION AND SOCIAL SECURITY. I HAVE HAD 2 YEARS OF MEDICAL COVERAGE IN THE LAST 20 YEARS. MY SON THINKS THERE ARE HIGH PAYING ENGINEERING JOBS AVAILABLE FOR ME. I AM SENDING HIM YOUR MOST DISCOURAGING ARTICLE. THOUGH I AM NOT THE TYPICAL BOOMER YOU HAVE PROFILED, I BELIEVE I AM A TYPICAL BOOMER WOMAN ENGINEER, UNEMPLOYABLE AFTER A FAMILY BREAK, TRADITIONALLY UNDERPAID, AND DEFINITELY UNDERUTILIZED DURING MY 20 YEAR CAREER.
These boomer folks were the folks who helped Reagan bust the unions, destroy their own parents' retirement years, and who advocated for a free-market economy without the social safety net. Now, and only now, do they wake up and see just how dumb they were.
the differences arent great; the median price on existing homes was $213,500, while it was $257,200 for new homes; the NAR also reports condos and townhomes, whereas census just reports single family...
of course a home does not depreciate as fast a car, but its parts wear out nonetheless...shingles deteriorate after 25 years, the furnace needs to be replaced, etc; even masonry eventaully crumbles...i am in a 120 year old farmhouse that has seen better days; it certainly needs new siding and a new roof, probably even new doors...i would imagine if this 9 room house were new, it would fetch 200K-250K in this part of Ohio...but in the condition it's now in, i'll bet i'd have trouble getting 50K...
and just like mine, all houses slowly deteriorate over time & eventually are torn down, just as automobiles deteriorate & are eventually junked...originally, the reason houses seemed to appreciate in value was the inflation of the 70s; because money depreciated faster than houses, houses went up in price...if inflation was 100% per year, cars would appear to go up in price every year too; you could then buy a car & drive it three years & sell it for more than you bought it for...
CNBC is reporting "sources from the White House" are saying Larry Summers will be nominated by Obama as Federal Reserve Chair.
Unbelievable, but predictable. Larry "chicks can't do math" Summers to run the Federal Reserve while perfectly good female candidate, Janet Yellen, gets kicked to the curb by male team Obama.
owes $171,569.44 for the six nights he spent at the hospital
That is outrageous. One could hire their own Doctor and equipment for $50k for 6 days I think, these hospitals are getting away with murder! How is this called health care when entering a hospital is guaranteed financial ruin???
From the New York Times, who mentions jobless Boomers in general, but they don't specifically mention "long-term" unemployed Boomers.
* Two-thirds in that age group [55 to 64] who found work again are making less than they did in their previous job; their median salary loss is 18 percent.
* The re-employment rate for 55- to 64-year-olds is 47 percent --- and finding another job takes far longer (46 weeks for boomers.)
Remember: The longer a Boomer (or anyone else for that matter) is unemployed, the less chance they have at re-employment. And remember all those that are no longer even being counted by the government, so they wouldn't be included in the New York Times recent statistics.
The problem is new homes would be a standard subset of existing homes. For example, let's say the majority of new single family homes are McMansions, but existing homes would include the slums of Detroit, where no new homes are being built (most likely).
That said, a home should not depreciate like a car, maybe they do, but looking at "value retention" in the midst of housing bubble, collapse and artificial pump ups (like investors buying up foreclosures) seems like a tricky statistical wicket to really compare the two.
Bill McBride recently graphed new home prices since 2000; but i've never seen a repeat sales index that just covered new homes...
i'd have to believe there's something of a new car effect on new houses as well, ie, loses value as soon as you drive it off the lot...in most cases, people prefer new to pre-owned, and while there may be localized shortage situations of anything from refrigerators to houses that would enable a new owner to sell a depreciating asset for may than he paid for it, more than likely he'd take a small hit...
I'm working on the site comments and adding additional security. So, please let me know if there are any problems using them. This will be ongoing, still working on it and will edit this admin comment when completed.
Unfortunately Drupal comments truly suck so this is all hand, custom code and quite nasty to also add security, keep out the comment spam.
Any UI suggestions would be most welcome. It is supposed to work like an accordion to save space, especially on cell phones. Also, the reply forms should be "in line", no new page load and I'd like to get "add a comment" to do that same thing (last feature, no page reload).
For those of you with cell phones, smartphones, tablets, PLEASE try reading and using the site with them and let me know.
There is another bug which I am working on for cell phones and that is 1 ad covering up a partial front page column so I know this is a problem and that ad needs to be responsive.
But other than that the major problems have been worked out (I think), especially the menus.
Also, if people want toggle menus on tablets, larger smartphones, please let me know I can change the menus, navigation to do that same thing as in "narrow view" on a smart phone.
Squish down your browser to a pencil wide width and you'll see what I mean (in FF, Chrome, IE8 is legacy so the site will just display).
These are larger than most and the reason for graphing up the before and after. Clearly the housing market volume isn't as great as claimed but the prices are now unaffordable.
Notice that NAR for pending home sales barely revises and does not announce those revisions, Case Shiller same.
Before the adjustment and extrapolation, the actual estimate of new homes sold in June was 48,000; which was up from the revised May estimate of 43,000, which in turn was reported last month as 45.000 homes sold, resulting in a 17,000 downward revision in the annualized May rate....April's estimated sales were also revised down, from the 46,000 revised figure of last month to 44,000, while March sales were revised down from the earlier estimate of 42,000 to 41,000, meaning the net downward revisions in this report were as great as the headline sales gain, which many trumpeted as the highest level of sales in 5 years ...
It's Friday, and while my brethren and I were drinking to the new growth in GNP and manufacturing due to outsourcing (just kidding), someone in the bar asked how we could all be so happy when those poor fellows Corzine and Dimon were rotting away in Leavenworth USP or Florence ADX for stealing billions from farmers and clients, laundering money, lying to Congress, bribing politicians, etc., etc.? We all hung our heads in shame as we thought about the injustice of it all. We, as Americans, looking for jobs that were at or above poverty wages, had forgotten our betters, the truly "best and brightest." Corzine and Dimon, rotting away in prison for their crimes, thefts of billions, and destruction of hundreds of thousands of lives.
Wait, they aren't in prison? They haven't served any time in any jail? No probation? Not a personal fine? Not one dime!? Even when Dimon was CEO of white whale shenanigans? Jefferson County bribery cases? Manipulating oil, aluminum, silver, and other commodities? Wait, what?!
It's all lies, everything a lie. I turn on Bloomdouche TV to find banksters and other QE and ZIRP addicts talking about some imaginary drop in unemployment rates. They honestly spout UE rates at below 8% and how this will affect the Fed's crack dealership and the anchor moron/teleprompter reader doesn't question the UE rate, doesn't mention the labor participation rate, etc. CPI, inflation rates, same freaking lies. And the uber-tan Lagarde from the IMF/bankster cabal is at Jackson Banksterhole talking about more bankster controls on us peasants. It's all low inflation at 2% or below, but my grocery and gas bill punish me nonetheless and my Subway foot long sub is actually 11 inches and my burgers keep getting more pink slime for the same price.
It's all lies, all of it. The good thing is the number of people that can ignore the truth is decreasing ever-more rapidly. Because when you have brothers and sisters and sons and aunts and and grandparents and friends with degree after degree that can't find jobs to live on or have to work until they die to survive, the TRUTH IS EVIDENT. F the press, f the government, f the lies, and f the NSA or any other goons violating our founding principles. F them all, their lies fill the air, but I'd rather suffocate than breathe them in. Live free citizens, live free and resist the tyranny of lies and propaganda. Oh wait, some assclown on Bloomturd TV is telling me the American consumer is really confident and pulling in a good wage at a good job! Or is it on MSNBC? Or is it Fox? CNBC? Hmmm, which lie factory is it on? 25% real unemployment but all is well, all is well, no really, outsourcing is the new manufacturing, all is well. . .
Maybe some day I can rent a tent in a camp somewhere, settle down for a few months in some crappy temp job working as an intern at 50, and have a kid with another temp worker so our kid can make soccer balls for pennies per hour for some MNC. Oh, if only, isn't that the American Dream?
No kidding, $7 bucks for flavored fat and strange pinkness that feels kind of slimy to boot.
See the two new articles on Wall Street QE prediction, crack cocaine game. They are going to crash the market with their hype and fear.
That said, this one is particularly odious because for over a decade what these statisticians SHOULD be doing is figuring out how many jobs are really offshore outsourced, the real hit to workers, wages and the economy and also employment by immigration status, so we have some awareness of 1. how many foreign guest workers are in the country and 2. how bad the U.S. worker displacement/labor arbitrage situation really is.
Instead, they are going to try to claim globalization is somehow a domestic economic activity.
Another element which makes this so absurd is it pushing the economy to mean multinational corporations and their activity, profits while pushing under the rug the real economy, the one for America's citizens, the one where we share in the economic pie, the economy is for the people.
It's unbelievable, the people be damned, so sayest the Obama administration and the BEA.
I would say anyone over 40 that is not working right now is lucky if they will ever find work again. The major corporations figured US workers can not be exploited anymore so they went global and are making record profits during this depression. Corporate officers will take home another round of fat bonus checks at year end and small businesses will continue to be crushed by lack of corporate domestic spending and crippling regulations from a government that gives every free pass and tax break it can to the corporates, while using every mean possible to enforce regulations on small businesses. End result is a deadly cocktail for US workers. Small businesses have to hire kids, immigrants, and low skilled workers at the lowest wage possible, corporates figure they have to exploit cheap overseas or immigrant labor to keep prices down so the low wage US worker can keep buying their disposable junk. To both, if you are 40+, degreed, skilled, or have something of tangible value to offer, you are too expensive and far too risky. Better to hire a low skilled person that can be trained and more importantly, someone that doesn't care if they don't get paid a living wage or benefits. It's a fast race to the bottom, eventually to a place that justifies slavery as necessary to keep the marketplace 'profitable.'
I'm 40, been out of work for over a year now. My mistake, leaving a minimum wage job to return to school and finish college so I could get back into the field I used to be in. Now that I have a degree, I'm unemployable because I also have 20 years of workplace experience.
As a former wind power development I worked in a few states - just 2 or 3 - that gave wind farm developers preferences for power contracts and taxes if 50%+ of the economic benefits (long-term cash flows) of the wind farm stayed in the state where sited. We need incentives such as these to re-invest through local firms and to hire locals as a countervailing force to the relentless concentration of "value-add" into far-flung international hubs whether a major US city, Shanghai, Bangalore, or name-your-hub. We also need lower cost of inputs and regulatory streamlining in order to keep businesses competitive enough on the world market to encourage them not to leave or reduce activity here (oh and do so without ruining our environment, labor laws, and etc). Third, individuals have to keep upgrading skills, at ALL ages, and business and govt need incentives to encourage (strongly) these individuals to work hard to upgrade periodically (including granting serious time off to keep upgrading). Fourth, the US needs to get smarter in its law and policy about how to compete intelligently, not blindly, with countries that merely take advantage of our open economic borders and general fair play. Fifth, there is no substitute to encouraging innovation - cheaper, faster, better, smarter. An area that cries out for this would be healthcare, yet "Obamacare" mostly forces everyone to pay into a broken and overpriced system, and does little to encourage true innovation to lower costs. Mega-dumb. Finally, sorry to say, but illegals aka "undocumented workers" do take jobs citizens would like to have, but the flood of illegals drive down the wages - a $15/hr roofing job becomes a $9/hr job, not worth it to a citizen with possible alternatives. Taken together - upgrading skills, incentives to keep projects and portfolios "flowing down locally", streamlining regulation and keeping a lid on the cost of inputs, getting competition policies correct, incentivizing innovation, and jobs-for-citizens first and foremost, will probably be enough to keep the US competitive and encourage job growth. Wow that's a lot in a comment.
I'd like to see President Obama say this in a speech...of course, I'd like to see world peace too...and it's more likely...
Is considered screaming online. We know what you tell us is true, yet consider writing normally. We've shown many an article that women STEM are so discriminated against it is worst than 1950, try 1880 it's so obvious and horrific. This is especially true in California, the supposedly left leaning state.
I HAVE BEEN OUT OF THE WORKFORCE FOR 20 YEARS AFTER A 20 YEAR CAREER AS A CHEMICAL ENGINEER. DESPITE OBTAINING AN MBA AFTER BEING DOWNSIZED AT 40, I WAS UNABLE TO OBTAIN A NEW JOB. WITH ILL AND AGING FAMILY AND NEW CHILD, I STAYED HOME FOR 15 YEARS. I VOLUNTEERED MOST OF THOSE YEARS IN NON-PROFIT ORGANIZATIONS. I CANNOT FIND A POSITION WITH BENEFITS AND AT 61 I HAVE APPLIED FOR MY PRIVATE PENSION AND SOCIAL SECURITY. I HAVE HAD 2 YEARS OF MEDICAL COVERAGE IN THE LAST 20 YEARS. MY SON THINKS THERE ARE HIGH PAYING ENGINEERING JOBS AVAILABLE FOR ME. I AM SENDING HIM YOUR MOST DISCOURAGING ARTICLE. THOUGH I AM NOT THE TYPICAL BOOMER YOU HAVE PROFILED, I BELIEVE I AM A TYPICAL BOOMER WOMAN ENGINEER, UNEMPLOYABLE AFTER A FAMILY BREAK, TRADITIONALLY UNDERPAID, AND DEFINITELY UNDERUTILIZED DURING MY 20 YEAR CAREER.
These boomer folks were the folks who helped Reagan bust the unions, destroy their own parents' retirement years, and who advocated for a free-market economy without the social safety net. Now, and only now, do they wake up and see just how dumb they were.
the differences arent great; the median price on existing homes was $213,500, while it was $257,200 for new homes; the NAR also reports condos and townhomes, whereas census just reports single family...
of course a home does not depreciate as fast a car, but its parts wear out nonetheless...shingles deteriorate after 25 years, the furnace needs to be replaced, etc; even masonry eventaully crumbles...i am in a 120 year old farmhouse that has seen better days; it certainly needs new siding and a new roof, probably even new doors...i would imagine if this 9 room house were new, it would fetch 200K-250K in this part of Ohio...but in the condition it's now in, i'll bet i'd have trouble getting 50K...
and just like mine, all houses slowly deteriorate over time & eventually are torn down, just as automobiles deteriorate & are eventually junked...originally, the reason houses seemed to appreciate in value was the inflation of the 70s; because money depreciated faster than houses, houses went up in price...if inflation was 100% per year, cars would appear to go up in price every year too; you could then buy a car & drive it three years & sell it for more than you bought it for...
CNBC is reporting "sources from the White House" are saying Larry Summers will be nominated by Obama as Federal Reserve Chair.
Unbelievable, but predictable. Larry "chicks can't do math" Summers to run the Federal Reserve while perfectly good female candidate, Janet Yellen, gets kicked to the curb by male team Obama.
Right.
That is outrageous. One could hire their own Doctor and equipment for $50k for 6 days I think, these hospitals are getting away with murder! How is this called health care when entering a hospital is guaranteed financial ruin???
From the New York Times, who mentions jobless Boomers in general, but they don't specifically mention "long-term" unemployed Boomers.
* Two-thirds in that age group [55 to 64] who found work again are making less than they did in their previous job; their median salary loss is 18 percent.
* The re-employment rate for 55- to 64-year-olds is 47 percent --- and finding another job takes far longer (46 weeks for boomers.)
Remember: The longer a Boomer (or anyone else for that matter) is unemployed, the less chance they have at re-employment. And remember all those that are no longer even being counted by the government, so they wouldn't be included in the New York Times recent statistics.
http://www.nytimes.com/2013/08/27/booming/for-laid-off-older-workers-age...
The problem is new homes would be a standard subset of existing homes. For example, let's say the majority of new single family homes are McMansions, but existing homes would include the slums of Detroit, where no new homes are being built (most likely).
That said, a home should not depreciate like a car, maybe they do, but looking at "value retention" in the midst of housing bubble, collapse and artificial pump ups (like investors buying up foreclosures) seems like a tricky statistical wicket to really compare the two.
Bill McBride recently graphed new home prices since 2000; but i've never seen a repeat sales index that just covered new homes...
i'd have to believe there's something of a new car effect on new houses as well, ie, loses value as soon as you drive it off the lot...in most cases, people prefer new to pre-owned, and while there may be localized shortage situations of anything from refrigerators to houses that would enable a new owner to sell a depreciating asset for may than he paid for it, more than likely he'd take a small hit...
One thing I am unaware of is the history of new home prices vs. existing home prices. Do homes hold their value or ???
New home sales prices are through the roof, more McMansions?
Hi Folks,
I'm working on the site comments and adding additional security. So, please let me know if there are any problems using them. This will be ongoing, still working on it and will edit this admin comment when completed.
Unfortunately Drupal comments truly suck so this is all hand, custom code and quite nasty to also add security, keep out the comment spam.
Any UI suggestions would be most welcome. It is supposed to work like an accordion to save space, especially on cell phones. Also, the reply forms should be "in line", no new page load and I'd like to get "add a comment" to do that same thing (last feature, no page reload).
For those of you with cell phones, smartphones, tablets, PLEASE try reading and using the site with them and let me know.
There is another bug which I am working on for cell phones and that is 1 ad covering up a partial front page column so I know this is a problem and that ad needs to be responsive.
But other than that the major problems have been worked out (I think), especially the menus.
Also, if people want toggle menus on tablets, larger smartphones, please let me know I can change the menus, navigation to do that same thing as in "narrow view" on a smart phone.
Squish down your browser to a pencil wide width and you'll see what I mean (in FF, Chrome, IE8 is legacy so the site will just display).
Thanks for your patience!
These are larger than most and the reason for graphing up the before and after. Clearly the housing market volume isn't as great as claimed but the prices are now unaffordable.
Notice that NAR for pending home sales barely revises and does not announce those revisions, Case Shiller same.
there were sizable downward revisions to previous months data in June as well; here's what i wrote last month:
Before the adjustment and extrapolation, the actual estimate of new homes sold in June was 48,000; which was up from the revised May estimate of 43,000, which in turn was reported last month as 45.000 homes sold, resulting in a 17,000 downward revision in the annualized May rate....April's estimated sales were also revised down, from the 46,000 revised figure of last month to 44,000, while March sales were revised down from the earlier estimate of 42,000 to 41,000, meaning the net downward revisions in this report were as great as the headline sales gain, which many trumpeted as the highest level of sales in 5 years ...
Bud Meyers alerted me to this story and folks, if you have a outrage or story and want us to cover it, leave a comment, we read every one.
It's Friday, and while my brethren and I were drinking to the new growth in GNP and manufacturing due to outsourcing (just kidding), someone in the bar asked how we could all be so happy when those poor fellows Corzine and Dimon were rotting away in Leavenworth USP or Florence ADX for stealing billions from farmers and clients, laundering money, lying to Congress, bribing politicians, etc., etc.? We all hung our heads in shame as we thought about the injustice of it all. We, as Americans, looking for jobs that were at or above poverty wages, had forgotten our betters, the truly "best and brightest." Corzine and Dimon, rotting away in prison for their crimes, thefts of billions, and destruction of hundreds of thousands of lives.
Wait, they aren't in prison? They haven't served any time in any jail? No probation? Not a personal fine? Not one dime!? Even when Dimon was CEO of white whale shenanigans? Jefferson County bribery cases? Manipulating oil, aluminum, silver, and other commodities? Wait, what?!
It's all lies, everything a lie. I turn on Bloomdouche TV to find banksters and other QE and ZIRP addicts talking about some imaginary drop in unemployment rates. They honestly spout UE rates at below 8% and how this will affect the Fed's crack dealership and the anchor moron/teleprompter reader doesn't question the UE rate, doesn't mention the labor participation rate, etc. CPI, inflation rates, same freaking lies. And the uber-tan Lagarde from the IMF/bankster cabal is at Jackson Banksterhole talking about more bankster controls on us peasants. It's all low inflation at 2% or below, but my grocery and gas bill punish me nonetheless and my Subway foot long sub is actually 11 inches and my burgers keep getting more pink slime for the same price.
It's all lies, all of it. The good thing is the number of people that can ignore the truth is decreasing ever-more rapidly. Because when you have brothers and sisters and sons and aunts and and grandparents and friends with degree after degree that can't find jobs to live on or have to work until they die to survive, the TRUTH IS EVIDENT. F the press, f the government, f the lies, and f the NSA or any other goons violating our founding principles. F them all, their lies fill the air, but I'd rather suffocate than breathe them in. Live free citizens, live free and resist the tyranny of lies and propaganda. Oh wait, some assclown on Bloomturd TV is telling me the American consumer is really confident and pulling in a good wage at a good job! Or is it on MSNBC? Or is it Fox? CNBC? Hmmm, which lie factory is it on? 25% real unemployment but all is well, all is well, no really, outsourcing is the new manufacturing, all is well. . .
Maybe some day I can rent a tent in a camp somewhere, settle down for a few months in some crappy temp job working as an intern at 50, and have a kid with another temp worker so our kid can make soccer balls for pennies per hour for some MNC. Oh, if only, isn't that the American Dream?
No kidding, $7 bucks for flavored fat and strange pinkness that feels kind of slimy to boot.
See the two new articles on Wall Street QE prediction, crack cocaine game. They are going to crash the market with their hype and fear.
That said, this one is particularly odious because for over a decade what these statisticians SHOULD be doing is figuring out how many jobs are really offshore outsourced, the real hit to workers, wages and the economy and also employment by immigration status, so we have some awareness of 1. how many foreign guest workers are in the country and 2. how bad the U.S. worker displacement/labor arbitrage situation really is.
Instead, they are going to try to claim globalization is somehow a domestic economic activity.
Another element which makes this so absurd is it pushing the economy to mean multinational corporations and their activity, profits while pushing under the rug the real economy, the one for America's citizens, the one where we share in the economic pie, the economy is for the people.
It's unbelievable, the people be damned, so sayest the Obama administration and the BEA.
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