How is 7.7% unemployment considered good news? When it's a little less than 7.9%, and people with money are ready to find good news wherever they look.
The housing markets are booming, where the rich people live. The stock markets haven't gone so high since Dick Cheney was in the White House—except for the NASDAQ, which still hasn't recovered completely from the dot-com bust of 2000, even though the tech companies are doing pretty well and NASDAQ stocks are at a 12-year high. Monthly rents in San Francisco now average $2,700 for a one-bedroom apartment. New car sales are back to pre-recession numbers.
And 12 million working-age Americans [...]
The comments on this Dealbook piece about how Wall Street has reconstituted the notion of employment as bottom-line cyclical churn are 100% mean, as you'd expect. ("I can't help but wonder if any of these laid-off wunderkinds ever ask themselves whether they contributed to the current economic situation," for example. And: "My God these people are pathetic. Even when they're laid off and collecting unemployment, they still sound like insufferable snobs.") But the sheer numbers involved in the way financial firms chew up and spit out young people are pretty bad. These are the very kids who were the children of the subjects of New York magazine parenting [...]
The IRS did an analysis of the 2009 tax year, and some interesting and not surprising things happened!
• More than 3% of households that had job income in 2007 had none in 2009.
• America's average household income fell 13.7% from 2007 to 2009.
• Two million fewer people filed tax returns from 2007 to 2009.
Goodbye! America doesn't need you.

Up in the corner offices, there's a growing recognition that unrealistic demands on time are destroying the souls of… executives. "Always-on, multitasking work environments are killing productivity, dampening creativity, and making us unhappy," notes a recent article in McKinsey Quarterly, the research publication of the giant global consulting firm that has been corporate America's chief efficiency cheerleader. "These scourges hit CEOs and their colleagues in the C-suite particularly hard." McKinsey's advice to beleaguered execs? Do one thing at a time; delegate; take more breaks.
Just try telling that to the millions of people whose work has been downsized, offshored, and sped up thanks to McKinsey.
—You've been [...]
Hey, David Brooks wrote a column about me! I am one of the 20% of American men of "prime" working age who does not have a job. And apparently we are destroying America by not "getting up and going to work." Oh yes: "In 1954, about 96 percent of American men between the ages of 25 and 54 worked. Today that number is around 80 percent. One-fifth of all men in their prime working ages are not getting up and going to work."
The real menace here is that we are apparently draining Social Security, which is headed for a complete state of brokeness in the not very [...]
Goldman Sachs released a report today Wednesday for its clients about unemployment, and finds that extension of unemployment benefits in a recession does not actually make workers lazy and unwilling to work.
Our Republican leadership nationwide is doing an awesome job! Federal and local governments cut 159,000 jobs last month alone. They're finally undoing the vast bloating havoc that was the previous Democrat administration. That's on top of the 100,000+ jobs we removed from the government over the summer! Thanks to all our efforts, 14 million people are officially unemployed.