Monday, January 11, 2021

Quote of the Day: The True Picture of the "Labor System"

More on the epic mismatch between present levels of the stock market and the real economy from Forbes yesterday:

"Compared to the previous year, an additional 5 million people were no longer in the labor force at all, while there were almost 9 million fewer employed. Another way of putting that is about 9 million more people are unemployed than was true a year ago. Add in the 5 million no longer counted and that’s about 14 million."

"This is a picture of a labor system in deep trouble, even if many are painting this as a recovery slow-down. In context, it’s a recovery for some and not for a lot of others. Given the consumer-driven nature of the U.S. economy, the country had better figure out how to get more people back to work and spending.

For millions, that $600 check has already come and gone."

HT: Danielle DiMartino Booth 

With regard to "that $600 check" having "come and gone", no worries; per the incoming administration, there's more where that came from.

Well, maybe "no worries" short-term... Again, there's that law of diminishing returns... And, not to mention, there's an utterly massive -- and ever-growing -- debt overhang Wall Street (in particular) seems to conveniently ignore...

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