Friday, January 8, 2010

The Reports of the Recovery Have Been Greatly Exaggerated

So much for the recovery.
The American economy lost another 85,000 jobs in December and the unemployment rate remained at 10 percent, setting back hopes for a swift recovery from the worst downturn since the Great Depression
The one point of agreement among economists is that the nation cannot recover without millions of new jobs. Workers must gain fresh wages they can spend at other businesses, creating jobs for other workers — a virtuous cycle, in the parlance of economists.
This millions of new jobs aren't going to magically appear. At its core, the problem is that America doesn't manufacture anything anymore. But manufacturing jobs require capital investment. And of the nations capital is going to bankers instead, who gamble with it, trade it around, and skim huge chunks of the top to waste on yachts and private golf courses.

In other words, our system is now rigged so that a few people get jobs which pay millions, and the rest of us screwed. 

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