Ezra Klein gives us some terrifying news in a Bloomberg column today. President Obama’s economic team think they are doing a great job, hence the desire to bring back former teammate Larry Summers as Fed chair. This is terrifying because the economy this Labor Day is described by a set of statistics that can only be described as horrible.
We are almost 9 million jobs below the trend level of employment. The number of people involuntarily working part-time is still up by almost 4 million from its pre-recession level. Wages have been stagnant for a decade and show no signs of increasing any time soon. And, according to the Congressional Budget Office, the economy is still operating more than $1 trillion (6 percent) below its potential. Oh, and by the way, the financial sector is more concentrated than ever, with top honchos drawing the same sort of paychecks they did before the crisis.
I could go on but what’s the point? This is an economy that under other circumstances we would all say is awful. The Obama team can pat themselves on the back for saying its better than a second Great Depression, but that’s a bit like saying that the 1962 Mets didn’t lose all their games. Horrible is horrible.
Your progressive president in action.
The Walmarting of America - "Hey, we're doing a swell job!"
How about some more of those part time, minimum wage service jobs you guys are so good at creating?
Well, I guess bombing Syria for no good reason will create, let's see, uh, a couple of p.r. jobs...