Are we in worse economic shape than we think?

  • BIG_N_TALL

    Posts: 2190

    Jun 22, 2011 7:13 PM GMT
    Courtesy of NPR...

    http://www.npr.org/2011/06/16/137219412/a-miserable-job-market-leads-many-to-stop-looking&sc=nl&cc=bh-20110622

    I've been pointing this factor out for years and years, but it still seems trivial to most people. How do people expect the economy to "recover" when people do not have a job, are underemployed, or have jobs with no insurance and benefits? While some might argue things like healthcare insurance and benefits are irrelevant, I argue they are very important when it comes to discretionary spending, which the health of the American economy is highly contingent. If you don't think so, ask restaurant owners, Sears, Best Buy, bar owners, hotels, airlines, etc.

    When you are shoveling out tons of money for things like MD/dentist visits and prescription drugs, that money you'd otherwise have if you had benefits and insurance would be spent on things like washing machines and a 'night on the town' at bars, restaurants, etc. I'd like to add that if you don't have a job or are "underemployed," you are not going to buy a house or maybe even rent one. With gas prices the way they are nowadays, you might as well forget a vacation if you live on a fixed income or are .... out of a job.... or underemployed.

    I don't know what the hell happen over the past year that a deficit has become more important than employment. Do people really expect the tax revenues and broader economy will spontaneously "recover" if you have millions of people out of work. I won't go into the issue of the exportation of middle class jobs to places like India and China, but I don't think people who used to make a decent, middle class wage/salary (~$60,000 per year) who are now working minimum wage jobs (~$7.50 per hour or little more) will continue to live a middle class existence. Consequently, municipalities, state governments, and "small business" owners will not benefit from the sudden fall from socio-economic grace of former middle class families. Discuss if you feel so inclined....


  • CuriousJockAZ

    Posts: 19138

    Jun 22, 2011 7:15 PM GMT
    Probably
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    Jun 22, 2011 10:21 PM GMT
    Your headline is valid - getting your "news" from NPR is not. NPR has sidestepped today's CBO report on the national debt.
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    Jun 22, 2011 10:26 PM GMT
    Define sidestepped.

    http://www.npr.org/blogs/itsallpolitics/2011/06/22/137350276/cbo-analysts-warn-of-crushing-debt-if-policymakers-act-predictably
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    Jun 22, 2011 11:57 PM GMT
    I'm sorry, "crushing debt" is just not that "compelling" to me. icon_lol.gif
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    Jun 23, 2011 12:05 AM GMT
    After a search, finally found the FNC equivalent of reporting the CBO report:
    http://www.foxbusiness.com/industries/2011/06/22/cbo-federal-debt-to-hit-70-gdp/
    http://www.foxbusiness.com/2011/06/22/long-term-budget-outlook-daunting-cbo-says/

    "Daunting" sounds even less compelling to me. The 2nd article is less than 1/8 of a page long. Doesn't quote the CBO report at all.

    Who's sidestepping again?icon_lol.gif
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    Jun 23, 2011 12:13 AM GMT
    The CBO evidently used the word "daunting."

    Funny, the CBO also issued a "warning" about it's own report - the "warning" said that their estimates are very conservative, that the problem will likely be even worse...
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    Jun 23, 2011 12:15 AM GMT
    If anything, CNN sidestepped the report, because I can't find anything on their website about it with a search.
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    Jun 23, 2011 12:17 AM GMT
    CNN and NPR and msnbc won't talk about it much - Harry Reid and Friends are at this moment planning another round of stimulus, and their white Liberal toadies don't want to ruin that.
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    Jun 23, 2011 12:27 AM GMT
    It's all relative and life is change. When I was a kid having power windows in your car was a sign of extreme wealth. Now every entry level shitbox has them. There was no "health care" just pay as you go. I laugh every time I struggle to find parking at a mall now....thinking about how people are out in almost Xmas season numbers "suffering" in this recession by buying stuff that didn't even exist before.

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    Jun 23, 2011 12:29 AM GMT
    Alpha13 saidIt's all relative and life is change. When I was a kid having power windows in your car was a sign of extreme wealth. Now every entry level shitbox has them. There was no "health care" just pay as you go. I laugh every time I struggle to find parking at a mall now....thinking about how people are out in almost Xmas season numbers "suffering" in this recession by buying stuff that didn't even exist before.



    That may be true, but there is no denying that the economy sucks now.
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    Jun 23, 2011 12:29 AM GMT
    JackNWNJ saidCNN and NPR and msnbc won't talk about it much - Harry Reid and Friends are at this moment planning another round of stimulus, and their white Liberal toadies don't want to ruin that.


    I say, do you really look at the sites before you make these generalizations? MSNBC has a major AP article on it (probably the most comprehensive of them all, FNC included):

    http://www.msnbc.msn.com/id/43495952
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    Jun 23, 2011 12:49 AM GMT
    q1w2e3 said
    JackNWNJ saidCNN and NPR and msnbc won't talk about it much - Harry Reid and Friends are at this moment planning another round of stimulus, and their white Liberal toadies don't want to ruin that.


    I say, do you really look at the sites before you make these generalizations? MSNBC has a major AP article on it (probably the most comprehensive of them all, FNC included):

    http://www.msnbc.msn.com/id/43495952


    It's not on their front page. And no original stories about it. I'm watching their coverage tonight - perhaps they will talk about it, and vindicate themselves.

    Cavuto and Varney talked about it at length today.
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    Jun 23, 2011 12:51 AM GMT
    Where is it on the front page of any news outlet? Fox Business isn't front page.

    It's relegated to the politics page for NPR and MSNBC, which is about right IMHO.
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    Jun 23, 2011 12:53 AM GMT
    q1w2e3 saidWhere is it on the front page of any news outlet? Fox Business isn't front page.

    It's relegated to the politics page for NPR and MSNBC, which is about right IMHO.


    Then all the outlets are derelict. This is the most important story of the day. AS I said, the guys at FOX at least talked about it.
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    Jun 23, 2011 12:53 AM GMT
    jprichva saidThe people who think that debt is the problem ARE the problem.


    Debt, after a certain percentage of GDP, is a huge problem.
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    Jun 23, 2011 1:05 AM GMT
    Did the guys at FNC emphasize this important point?
    http://www.politico.com/news/stories/0611/57528.htmlThe cumulative effect of all the temporary tax reductions is striking. If Congress did nothing, and let all the tax breaks expire, the CBO projects that the debt held by the public would still grow to 84 percent of GDP by 2035 — but that would be less than half of what it represents under the alternative with the tax cuts preserved.