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View Diary: Jobless rate hits 8.2%. 'Missing workers' make the situation look better than it is (349 comments)

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  •  I'm prepared to say that for the sake of politics (16+ / 0-)

    Bur that;s not true.

    Tim Geithner is a major cause. His failure to grasp the critical nature of the homeowners crisis and his ridiculous coddling of the banks with HAMP is one of the biggest reasons we are here.

    Beyond that, the Obama economic team thought they "had it" during Recovery Summer.

    I'll say what you say for politics' sake now, but it really is not completely true.

    The Obama economic team fucked up royally.

    •  It's not "completely true," but it is MOSTLY... (12+ / 0-)

      ...accurate. The writing on the wall on this has been there since the president first announced his Wall Street-centric economic team. Just ask the President's last two Chiefs-of-Staff, JP Morgan Chase Daley and Citigroup and Lew. Or, go talk with Goldman Sachs. The Treasury Secretary's former chief communications counsel, Jake Siewert, now doing the same thing for G-S, will tell you all about "it."

      And, now we have the asshole-in-chief of them all, Robert Rubin, telling us this: "A Budget Grand Bargain Will Follow the Election."

      Digby's right: "It's Too Late for the Economy to Help Obama."

      And, you know what: myself and many others were right, all along, too. And, it doesn't mean shit. I'd trade all that in in a New York minute, to be wrong. I really, really, really wanted to be wrong.

      "I always thought if you worked hard enough and tried hard enough, things would work out. I was wrong." --Katharine Graham

      by bobswern on Fri Jun 01, 2012 at 06:42:42 AM PDT

      [ Parent ]

      •  I Agree With You On All Of This (0+ / 0-)

        But all of these facts do not tell the whole story.

        This is structural, this story has been playing out for more then two decades now, and while this Administration has done nothing substantive to change anything, in most respects a lot of it is beyond their power to do anything about anyway.

        THE LIMITS OF POWER: THE END OF AMERICAN EXCEPTIONALISM

        I won't be coming home tonight, my generation will put it right - Genesis 9:3

        by superscalar on Fri Jun 01, 2012 at 06:52:21 AM PDT

        [ Parent ]

        •  Not "structural." This entire mess was man-made... (9+ / 0-)

          ...with its causes being purely POLITICAL in their origin(s). This time moreso than ever.

          These are purely fiscal issues. They will be morphing into structural issues, soon enough (however).

          As I noted upthread, it did not have to be this way.

          "I always thought if you worked hard enough and tried hard enough, things would work out. I was wrong." --Katharine Graham

          by bobswern on Fri Jun 01, 2012 at 06:57:27 AM PDT

          [ Parent ]

          •  I'm Not Sure You Know What I Mean (1+ / 0-)
            Recommended by:
            happymisanthropy

            Not "structural." This entire mess was man-made... ...with its causes being purely POLITICAL in their origin(s).

            Structural economic problems (current) are those that are not merely due to the normal business cycle, but are the result of more fundamental changes, some of which may be social or political.
            Neither structural and 'man made' nor structural and 'political' are mutually exclusive

            The Wiki link.

            Current fundamental structural problems include the following:
            * Demographics
            * Productivity slowdown
            * Innovation slowdown
            * Resource depletion
            * Global wage arbitrage from globalization is having negative effects on many developed economies

            I won't be coming home tonight, my generation will put it right - Genesis 9:3

            by superscalar on Fri Jun 01, 2012 at 07:49:13 AM PDT

            [ Parent ]

            •  Maybe you'd like to checkout my many posts... (0+ / 0-)

              ...on this subject? I'm very aware of the difference between structural and fiscal (economic) causation, especially as it relates to employment.

              Your first four, bulleted items are--sorry for saying this, but it's true--mostly irrelevant to our current jobless issues. (Aging of population is a total copout of an excuse...the very highest number I've seen attributes half or less of long-term joblessness to an aging population/boomers. Most gov't numbers tell us it's more like 25%-33%.) Resources? Energy and mining sectors are one of the few areas seeing noticeable employment increase. Manufacturing is what's primarily affected by global competition, and it only accounts for small fraction of our GDP; nonetheless, while jobs are lower-paying, manufacturing is modestly coming back. We live in a SERVICE economy. We have a DEMAND problem in this country, plain and simple.

              I would strongly suggest reading recent coverage of this issue by economists Mike Konczal and Paul Krugman, both of whom vehemently support what I'm saying right here. And, by the way, they're the two headline economists that will be appearing at Netroots Nation, in Providence next week!

              "I always thought if you worked hard enough and tried hard enough, things would work out. I was wrong." --Katharine Graham

              by bobswern on Fri Jun 01, 2012 at 01:57:09 PM PDT

              [ Parent ]

        •  this is not structural (5+ / 0-)

          do you really think that all of a sudden many millions of people stopped having the "correct" job skills all at the same time...and that it just happened to coincide with a major financial crises?

          really? then I have 5 golden gate bridges to sell you along with some ocean-front property in north dakota.

          "Structural" is a code word for the powers that be not wanting to do anything to help people and so they make a clearly-wrong excuse for not doing anything.

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