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View Diary: GDP Up Again; Job Growth Will Continue to Strengthen (110 comments)

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  •  Perhaps "too little, too late" is ... (4+ / 0-)
    Recommended by:
    pletzs, NYFM, Brooke In Seattle, SilverOz

    ...harsh, but, in fact, many of us who have attempted to present nuanced versions of what's happening in the economy HAVE been told to cheerlead, have been told not to present the negative along with the positive. And considered practically traitors for suggesting that more effort should have been put into getting people back to work faster.

    SilverOz has been one of better analysts on the economy, following the statistics wherever they lead. Sometimes he's leaned to a more optimistic, sometimes a more pessimistic outlook. He's always been a bit more optimistic than I, but I appreciate his analysis (and that of others, such as New Deal democrat and bonddad).

    We should take off our partisan hats on this. What we have now is, as I mentioned yesterday, a plethora of positive news in various parts of the economy. And that may soon show up in a very good way for jobs. I hope so.

    But, as goinsouth correctly points out, we have a very, very long way to go. Average monthly job growth (ex-Census) of 200,000-250,000 means it will take 33-42 months just to get back the 8.4 million jobs lost since December 2007. That doesn't take into account population growth. That would mean 70 months from the beginning of the recession until full job recovery. The previous record was 47 months (the 2001 recession).

    A policy of deficit reduction that does not maintain fiscal as well as monetary stimulus at this time would make the situation worse.

    I refuse to accept "no can do" as a proper slogan for progressives.

    by Meteor Blades on Fri Apr 30, 2010 at 08:37:37 AM PDT

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