Wednesday, October 7, 2009

Be Patient, Peons!

by the Sandwichman

Writing for the American Enterprise Institute, University of Michigan professor of economics and finance, Mark J. Perry offers his "thoughtful and timely analysis" on "When Will the 'Jobless Recovery' End?":
Bottom Line: The good news is that we are probably in the early stages of the 12th economic expansion since World War II. The bad news is that it might take until 2011 for the “jobless recovery” to end, and it might also take that long before the NBER makes it official declaration that the recession is over. We should probably be prepared to be patient.
No, the bad news is... something about cake. Yeah, that and have a happy "World Day for Decent Work", dues-payers!


Anonymous said...

When the time comes, we will just change the definition of recovery so as to exclude jobs altogether.

If it worked for unemployment and inflation, why can't it work for GDP?

paul said...

So the good news is that some statistic somewhere is getting better, but the bad news is that it's a statistic that doesn't actually affect the lives of any ordinary people. Way to look under the lamp post.