Here is your lost decade

June 30, 2011

The recession started at the end of 2007. Well, the International Monetary Fund thinks things will stay bleak for years on end:

 

Note the unemployment rate.  While 5.6 percent is a lot better than today’s 9.1 percent rate, it is a) way above the 4.4 percent low-point of the George W. Bush administration, and b) is almost surely based off a shrunken workforce. I would like to hear the IMF’s take on the broader U-6 rate.

 

One comment

We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/

[...] Pethokoukis [...]

[...] Here is your lost decade Note the unemployment rate.  While 5.6 percent is a lot better than today’s 9.1 percent rate, it is a) way above the 4.4 percent low-point of the George W. Bush administration, and b) is almost surely based off a shrunken workforce. I would like to hear the IMF’s take on the broader U-6 rate. [...]

No, HERE’S your Lost Decade:

http://www.princeton.edu/~pkrugman/sixte en.png

The millions of job losses began in 2001 with the implementation of failed RightWing policies, and never returned to 2000 levels.

BTW, caught your act during your recent appearance on the ‘McLaughlin Group’:

A) Your whining about “class warfare” is belied by the fact that none other than Warren Buffett has gone on the record stating:

“There’s class warfare all right, but it’s my class, the rich class, that’s making war, and we’re winning.”

B) Your claim that the “corporate yacht tax put thousands of people out of work” is contradicted by the reality that the national economy had already tanked BEFORE the enactment of the so-called “yacht tax”, and that the leisure industries, such as boats, RVs, ATVs, etc., are the first to feel it.

I had no idea that you were such a gullible sucker for RightWing propaganda.

What a shame.

Posted by JoeFriday | Report as abusive