Monday, November 26, 2007

Show us the money

By Libby

Paul Krugman looks at the latest Gallup poll and explains to perplexed GOPers why the average working Jake isn't too excited about our expanding economy. I can break it down to even simpler terms myself.

Unemployment rates don't mean squat when the major job growth in in minimum wage service postions that don't include health and retirement benefits. And they can cook the books anyway they want but there just ain't no money in our piggy banks.

The GDP is meaningless to most Americans. They judge economic security by what's in their wallet and in the last seven years, most of us have watched an explosion in high end consumer goods while we're going into debt just trying to fill the gas tank and keep food on the table.

Update: As Fogg points out in comments, when thousands show up to apply for a few hundred stinking Walmart jobs, those low unemployment figures begin to look rather suspect.

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8 Comments:

Blogger Capt. Fogg said...

In the last few days, thousands have showed up to apply for a few hundred Wal-Mart jobs: 6000 in Cleveland alone where 300 were needed for a new store.

Yes, the "jobless" numbers have been cooked, just like the American worker. Some of my comfortably retired friends are now working in warehouses, stacking boxes at age 75.

God I love compassionate conservatism!

10:36:00 AM  
Anonymous swampcracker said...

Libby, perhaps a book review of Naomi Klein's new opus, The Shock Doctrine: The Rise of Disaster Capitalism, would be apropos in this context. And an interesting contrast to Tom Friedman's flat earth tract.

I have both on my bookshelf. Last week, I was forced to separate them with a 24-volume encyclopedia because they got a fight in the middle of the night, and I found books scattered on the floor the next morning. No, I didn't blame it on the cat.

11:09:00 AM  
Anonymous swampcracker said...

Postscript:
inexorably rising inequality (Krugman)

I always liked this quote (rough paraphrase) from my good friend Echidne (of the snakes):

The "middle class" is the only thing that keeps the USA from becoming a banana republic.

11:14:00 AM  
Blogger Libby Spencer said...

Fogg, this is why I'm considering Mexico as a retirement home.

SC, we seem to getting closer to a banana republic every day.

11:25:00 AM  
Blogger Capt. Fogg said...

Ci - yo tambien.

12:14:00 PM  
Blogger Libby Spencer said...

¿Dónde usted viviría? Tengo gusto de Quintana Roo.

1:28:00 PM  
Blogger Capt. Fogg said...

Quintana Roo? Wasn't that a character from Winnie the Poo?

5:31:00 PM  
Blogger Libby Spencer said...

LOL Fogg. You win. I'm no match for your wit.

9:46:00 AM  

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