Sunday, December 12, 2010
"Former OMB Director Debunks The Economic Recovery Myth"
As we focus on the job "growth" numbers, it would behoove us to understand that the "type" of job that's growing isn't going to do us much good...
Tyler Durden recently posted about that at ZeroHedge.com:
"And the stunner: the job "growth" has come almost exclusively from the part-time economy (two-thirds). Why is this a major problem: 'there is 35 million jobs in that sector, with an average wage of $20,000 a year: that is not a breadwinning job, you can't support a family on that, you can't save on that. Those jobs will not generate income that will become self-feeding into spending.'"
