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July 05, 2010

The media finally uses the dreaded "D" word

Of course its the foreign media, not our domestic DNC mouthpieces.

...Roughly a million Americans have dropped out of the jobs market altogether over the past two months. That is the only reason why the headline unemployment rate is not exploding to a post-war high.

Let us be honest. The US is still trapped in depression a full 18 months into zero interest rates, quantitative easing (QE), and fiscal stimulus that has pushed the budget deficit above 10pc of GDP.

The share of the US working-age population with jobs in June actually fell from 58.7pc to 58.5pc. This is the real stress indicator. The ratio was 63pc three years ago. Eight million jobs have been lost.

The average time needed to find a job has risen to a record 35.2 weeks. Nothing like this has been seen before in the post-war era. Jeff Weninger, of Harris Private Bank, said this compares with a peak of 21.2 weeks in the Volcker recession of the early 1980s...

Now that the cat is out of the bag, and has been used in a fairly major media outlet, will there be a terminology preference cascade over the next few months?

What would be the implication if some of the MFM here in the US started using such politically inconvenient terminology?

bread line pic


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posted by Purp at 05:48 PM

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