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5 Myths About The Economy

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Achigan
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5 Myths About The Economy Empty 5 Myths About The Economy

Post  News Buzzard Mon Feb 17, 2014 8:30 am

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Post  Achigan Mon Feb 17, 2014 8:40 am

Thanks for post that NB.

God Bless America!
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Post  Outerlimits Mon Feb 17, 2014 10:53 am



Funny stuff News Buzzard.

From your article:

Myth #1: America is broke
"On the private side of the balance sheet America is doing just fine," says Kurtzman. The public side is another story, but it's improving.”

17 Trillion in debt, 200+trillion in unfunded liabilities.
 
Myth #2: High unemployment rates are here to stay

If we are not counting those who have run out of UI then yes it is a myth.  

Myth #3: China is ascending while America is declining

America is ascending to part time service industry jobs.  Manufacturing in this country is dead and IT is outsourced.

Myth #4: America is a spent power
Kurtzman says the U.S. remains the world's leading manufacturing power, has trillions of dollars in capital.
 

That is comedy GOLD

Myth #5: America doesn't make anything anymore
This is simply not true, says Kurtzman. America is the dominant manufacturing power in the world if you include what we make overseas

IF we include what we make overseas?????  Laughing  Laughing  Laughing  Laughing  Laughing  Laughing
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Post  Achigan Mon Feb 17, 2014 11:16 am

Outerlimits wrote:


Funny stuff News Buzzard.

From your article:

Myth #1: America is broke
"On the private side of the balance sheet America is doing just fine," says Kurtzman. The public side is another story, but it's improving.”

17 Trillion in debt, 200+trillion in unfunded liabilities.
 
Myth #2: High unemployment rates are here to stay

If we are not counting those who have run out of UI then yes it is a myth.  

Myth #3: China is ascending while America is declining

America is ascending to part time service industry jobs.  Manufacturing in this country is dead and IT is outsourced.

Myth #4: America is a spent power
Kurtzman says the U.S. remains the world's leading manufacturing power, has trillions of dollars in capital.
 

That is comedy GOLD

Myth #5: America doesn't make anything anymore
This is simply not true, says Kurtzman. America is the dominant manufacturing power in the world if you include what we make overseas

IF we include what we make overseas?????  Laughing  Laughing  Laughing  Laughing  Laughing  Laughing

And the answer to all of your right wing doom and gloom is???

I thought so.
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Post  News Buzzard Mon Feb 17, 2014 2:45 pm

Only the Right Wing Gloomies could not pull anything positive from what Kurtzman was saying, and they will never acknowledge that the economy is getting better.

http://www.usatoday.com/story/money/business/2014/02/09/economists-survey-february/5289159/

This is all good news for Hillary!
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Post  WHL Mon Feb 17, 2014 3:13 pm

Of course being a right winger, I read it the same way you did, Outer. It is good except, it is good if you don't count, if is good if, if, if ----
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Post  Achigan Mon Feb 17, 2014 3:16 pm

WHL wrote:Of course being a right winger, I read it the same way you did, Outer.  It is good except, it is good if you don't count, if is good if, if, if ----

OK Matzoh, it's all yours.  Laughing Laughing 
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Post  Anti Federalist Mon Feb 17, 2014 4:12 pm

If you calculated unemployment rates the way government did until 1986...

The Official Unemployment Rate Is Wrong, Says Guy Who Used To Calculate It

http://www.huffingtonpost.com/2013/07/19/unemployment-rate-wrong_n_3619152.html

Posted: 07/19/2013 7:32 am EDT

You can't believe the government's numbers on employment. Take it from the guy who used to run the government's numbers on employment.

Keith Hall, the former head of the Bureau of Labor Statistics, which produces the federal government's monthly jobs report, told New York Post columnist John Crudele that the official unemployment rate of 7.6 percent is wrong and might be too low by 3 percentage points, according to Crudele's column on Thursday.

Though Hall now works for the Mercatus Center, a right-wing think tank at George Mason University partially funded by the billionaire Koch Brothers (Charles Koch sits on its board), he is not suggesting that the BLS is cooking the books, as Jack Welch and other conservatives have suggested.

What he is saying is that the unemployment rate doesn't capture all of the people sitting on the sidelines in despair of finding a job. The employment-population ratio, the percentage of the working-age population actually working, sits at 58.7 percent, Hall notes, well below a peak of 63 percent before the recession and the lowest rate since the early 1980s. This suggests to Hall that there are a lot of people not showing up in the official unemployment rate.

I'd personally focus on the labor-force participation rate, which includes people working and looking for work. This has been at about 63 percent in recent years, well below the 66 percent that prevailed before the recession. That may not sound like a big difference, but that extra 3 percent would take the number of officially unemployed people up to about 18 million from 12 million.

And that would jack the unemployment rate up to about 11 percent. Which, yikes.

So tomato, tomahto, let's call the job market awful. Hall also points out that the seasonal adjustments the BLS makes to the employment numbers have been skewed ever since the massive recession blew a big hole in the numbers.

None of these are particularly controversial ideas. In fact, Federal Reserve Chairman Ben Bernanke has hinted a few times in congressional testimony this week that he doesn't fully buy the unemployment rate, calling it "in some ways ... too optimistic a measure of the state of the labor market."

Bernanke might not believe that unemployment should really be 11 percent, but he also doesn't believe it is as low as 7.6 percent. And he has suggested that he will still be skeptical when it hits 6.5 percent, which he says is the "threshold" for the Fed to start thinking about raising interest rates from zero.

Given the ongoing suffering in the labor market, though, it is a wonder that the Fed is talking about pulling back on stimulus by slowing down its $85 billion a month in bond purchases in the near future. Half of the Fed's job is promoting maximum employment, and the job market needs all the help it can get.
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Post  WHL Mon Feb 17, 2014 5:24 pm

Good find, Anti!!!! Thanks for posting. (Copycatted from Achigan and NB I must admit)
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Post  News Buzzard Mon Feb 17, 2014 6:27 pm

An article from 7/2013 by a guy who now works for a right wing think tank funded by the Koch Brothers?  Rolling Eyes 

I'll stick with the opinions of the multiple economists in the article I posted.   Wink
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Post  Anti Federalist Mon Feb 17, 2014 9:18 pm

News Buzzard wrote:An article from 7/2013 by a guy who now works for a right wing think tank funded by the Koch Brothers?  Rolling Eyes 

I'll stick with the opinions of the multiple economists in the article I posted.   Wink

Posted on that frothing right wing hate site, HuffPo.  Rolling Eyes 

Though Hall now works for the Mercatus Center, a right-wing think tank at George Mason University partially funded by the billionaire Koch Brothers (Charles Koch sits on its board), he is not suggesting that the BLS is cooking the books, as Jack Welch and other conservatives have suggested.
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Post  WHL Tue Feb 18, 2014 7:13 am

NB has a knack for that, Anti. He posts biased articles (against the right) and calls them gospel. Meanwhile articles we post no matter where they come from are not to be believed. He believes what he chooses.
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Post  Matzoh Heppelwhite. Tue Feb 18, 2014 8:37 am

Achigan wrote:
WHL wrote:Of course being a right winger, I read it the same way you did, Outer.  It is good except, it is good if you don't count, if is good if, if, if ----

OK Matzoh, it's all yours.  Laughing Laughing 
Sorry I missed my cue.
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