First off, economists - who have never yet been right about anything this decade - need to change the definition of recession to reflect an economy which is 70 percent consumer driven. And the revised definition must include unemployment, which should also no longer be perceived as a lagging indicator but as a forward indicator. This is basic stuff.
These economist clowns were just today again caught with yet another misread on the economy. After a bunch of them had just RAISED their jobs outlook - the June 2011 figures came in with a miniscule 18,000 new jobs created and a rise in the unemployment rate to 9.2%. Once again revealing that these great minds are completely clueless about the reality surrounding them.
I'll also take this opportunity to restate my prediction that the forthcoming massive layoffs of teachers and public employees due to severe budget cuts will bring the four week moving average of new claims to above 500k by Labor Day.
If nothing else, citizens should learn to trust their own thoughts and opinions about the state of things. Because common sense has once again been shown to be a heckuva lot more accurate than the utterances of a group of people practicing a science based on faulty assumptions, outdated definitions and incompetence.
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