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The REAL Reason I caution economic optimism

Discussion in 'Political Discussion' started by PatriotsReign, Dec 31, 2009.

  1. PatriotsReign

    PatriotsReign PatsFans.com Retired Jersey Club

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    It's is NOT because I want Obama to fail. It's that I want people to a realistic view of where our economy is and what our expectations should be. We base many of our financial decisions upon our view of the economy, so we should all try to be as realistic as possible.

    I read a great article on the front page of the Boston Globe yesterday that is one of the best I've seen in months for a proper perspective on where we are and what to expect moving forward.

    here is just a slice;

    "More than 24 million, or 16 percent, of US workers, including more than 400,000, or 13 percent, in Massachusetts, are counted as unemployed or working part time because they can’t find full-time employment. The official unemployment rate is 10 percent nationally, 8.8 percent in Massachusetts.

    The large number of people competing for jobs means that people’s earnings are likely to increase only slowly, analysts said. Mark Zandi, chief economist at Moody’s Economy.com, said the national jobless rate would have to slip below 9 percent before workers begin to see modest gains in their paychecks, although it wouldn’t be enough to keep up with inflation. The unemployment rate is not expected to fall below 9 percent until the second half of 2011, according to Moody’s Economy.com’s forecast."


    I highly recommend reading the full article as it's extremely eye opening. I think we can ALL agree that my source is far from "conservative".

    Having a job (or three) is far from enough

    Having a job, or more, is far from enough - The Boston Globe

    And from NECN....need to watch/listen to this in it's entirety

    http://www.necn.com/Boston/Business/2009/12/30/When-will-the-jobs-come-back/1262217003.html
     
    Last edited: Dec 31, 2009

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