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About TheCenterLane.com
TheCenterLane.com offers opinion, news and commentary on politics, the economy, finance and other random events that either find their way into the news or are ignored by the news reporting business. As the name suggests, our focus will be on what seems to be happening in The Center Lane of American politics and what the view from the Center reveals about the events in the left and right lanes. Your Host, John T. Burke, Jr., earned his Bachelor of Arts degree from Boston College with a double major in Speech Communications and Philosophy. He earned his law degree (Juris Doctor) from the Illinois Institute of Technology / Chicago-Kent College of Law.
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Jobless Recovery Myth Is Dead
August 12, 2010
On July 29, I discussed the fact that for over a year, many pundits have been anticipating a “jobless recovery”. In other words: don’t be concerned about the fact that so many people can’t find jobs – the economy will recover anyway. Recent economic reports have exposed how the widespread corporate tactic of cost-cutting by mass layoffs (to gin-up the bottom line in time for earnings reports) has finally taken its toll. Although this tactic has helped to inflate stock prices and produce the illusion that the broader economy is experiencing a sustained recovery, we are finding out that the opposite is true. The “jobless recovery” advocates ignore the fact the American economy is 70 percent consumer-driven. If those consumers don’t have jobs, they aren’t going to be spending money. Timothy Homan and Alex Tanzi of Bloomberg News gave us the ugly truth on Wednesday:
The August 10 press release from the Federal Open Market Committee (FOMC) began this way:
Steve Goldstein of MarketWatch recently wrote a piece entitled, “The jobless recovery won’t go further without jobs”. Mr. Goldstein explains that the corporations relying on layoffs to juice their earnings reports are running out of people to sacrifice for their bottom line:
Business consultant Matthew C. Keegan wrote an essay for the SayEducate website entitled, “Jobless Recovery & Other Illusions”. He began the piece with this thought:
Steve Goldstein’s MarketWatch article raised the possibility that this cloud may have a silver lining:
Another myth bites the dust.
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