The work week has gotten shorter. So short, that it is the lowest it has been in record keeping history dating back to the 1960s. The average American work week is now down to 33 hours. Keep in mind this is for the employed. If we look at the under utilization rate (includes fully unemployed and those working part-time for economic reasons) the U-6 rate is up to 17 percent. The above chart reflects those but also those who supposedly have full-time jobs.
What is occurring is overtime is being cut and furloughs are being implemented like the 200,000 state workers of California that are now earning less. Earning less means less money to spend. The state is learning this lesson quickly. Jobs absolutely matter. The problem is Wall Street has captured our political process and convinced many that if Wall Street is happy, somehow little crumbs will trickle over onto Main Street and all will be well. So far, politicians have given everything the bankers have requested and nothing has changed on the streets of America. How is TARP working out? ...
Read the rest here. And remember, "green shoots" are popping up all around us. How do we know? The government and its propaganda operation in the mainstream business media said so. And if you believe that, I have a bridge in Brooklyn for sale. Cheap.
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1 comment:
And as someone pointed out yesterday (I think it was Sayuncle), a good bit of the increases on Wall street haven't been due to stocks increasing in value, but the dollar decreasing in value.
It takes more dollars today to buy an equal value of stocks. That doesn't necessarily mean the stocks are worth more, only that the dollars are worth less.
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