Sponsored Content
Greg Gutfeld On Glenn Beck: Hey, Man, You Know I'm All About Building Bridges | Main | Tony Blankley Takes The Bark Off The Socialist Overclass
August 11, 2010

First It Was Funemployment, Now It's A "Recession With Benefits"

JWF catches the NYT pitifully spinning for the Great Recession's silver lining yet again.

But since this recent recession began in December 2007, real average hourly pay has risen nearly 5 percent. Some employers, especially state and local governments, have cut wages. But many more employers have continued to increase pay.

Something similar happened during the Great Depression, notes Bruce Judson of the Yale School of Management. Falling prices meant that workers who held their jobs received a surprisingly strong effective pay raise.

Um, hello? This is true of every single depression or recession. Those who have jobs of course actually see their buying power increase, not decrease, because prices get slashed as goods go wanting for buyers.

I am really trying to note a basic economic point here: This is always true, and always has been true, since the beginning of anything resembling an "economy."

In college, my economics-major friend noted this when I mentioned a recession, saying that a recession helped some people: In his inartful, blunt words, "A recession is great, if you have a job."

So this has been true since the dawn of time. Of course it must be true. But we never say a recession is a good thing, because those with jobs (most of the population, even during a depression) may experience greater real buying power. We say it's a bad thing, because a significant fraction of our workers are out of work and in economic crisis and may soon see their homes taken away and all other calamities.

Yes, it's true, even in a bad recession, 80% of the workforce is still working, and for them, the recession's not really all that horrible, except for the stress and worry that they'll be the next laid off, and their concern for friends and family who are out of money.

But while they have their job, it's not too bad for them.

But again, what makes a recession a recession is the economic pain borne by the 20% out of work, or working part-time when they want full-time work.

Until now. Until Obama needed a silver lining to an economic crisis. And at the moment of his need, the New York Times suddenly discovers that a recession can be totally awesome for those few who retain their jobs.

digg this
posted by Ace at 02:39 PM

| Access Comments

Recent Comments
UwU_Power: "The way O'Keefe's people are coming to his defense ..."

Jamaica NYC: "The Doors are hated because of Morrison and/or Man ..."

Archimedes: "[i]Wood-splitting girl has some nice muscle tone. ..."

AlaBAMA: "Animals are asshoe. My cat starts walking across m ..."

RedMindBlueState[/i][/b][/s][/u]: "[i]Wood-splitting girl has some nice muscle tone. ..."

Eternity Matters: "“Trans” people aren’t just menta ..."

Mister Scott (Formerly GWS): "That wood splitting sword is cool. ..."

rhennigantx: "52 280 lb* Posted by: Bitter Clinger at February ..."

Mark1971: "Firewood Splittin' Fridays girl is better https:/ ..."

ace: ">>> somebody suggested the Matilda dance dubbed to ..."

Oldcat: "I had something similar to the cyclist and the car ..."

Archimedes: "[i] The Isle of Skye is a stunningly beautiful pla ..."

Recent Entries

Polls! Polls! Polls!
Frequently Asked Questions
The (Almost) Complete Paul Anka Integrity Kick
Top Top Tens
Greatest Hitjobs

The Ace of Spades HQ Sex-for-Money Skankathon
A D&D Guide to the Democratic Candidates
Margaret Cho: Just Not Funny
More Margaret Cho Abuse
Margaret Cho: Still Not Funny
Iraqi Prisoner Claims He Was Raped... By Woman
Wonkette Announces "Morning Zoo" Format
John Kerry's "Plan" Causes Surrender of Moqtada al-Sadr's Militia
World Muslim Leaders Apologize for Nick Berg's Beheading
Michael Moore Goes on Lunchtime Manhattan Death-Spree
Milestone: Oliver Willis Posts 400th "Fake News Article" Referencing Britney Spears
Liberal Economists Rue a "New Decade of Greed"
Artificial Insouciance: Maureen Dowd's Word Processor Revolts Against Her Numbing Imbecility
Intelligence Officials Eye Blogs for Tips
They Done Found Us Out, Cletus: Intrepid Internet Detective Figures Out Our Master Plan
Shock: Josh Marshall Almost Mentions Sarin Discovery in Iraq
Leather-Clad Biker Freaks Terrorize Australian Town
When Clinton Was President, Torture Was Cool
What Wonkette Means When She Explains What Tina Brown Means
Wonkette's Stand-Up Act
Wankette HQ Gay-Rumors Du Jour
Here's What's Bugging Me: Goose and Slider
My Own Micah Wright Style Confession of Dishonesty
Outraged "Conservatives" React to the FMA
An On-Line Impression of Dennis Miller Having Sex with a Kodiak Bear
The Story the Rightwing Media Refuses to Report!
Our Lunch with David "Glengarry Glen Ross" Mamet
The House of Love: Paul Krugman
A Michael Moore Mystery (TM)
The Dowd-O-Matic!
Liberal Consistency and Other Myths
Kepler's Laws of Liberal Media Bias
John Kerry-- The Splunge! Candidate
"Divisive" Politics & "Attacks on Patriotism" (very long)
The Donkey ("The Raven" parody)
Powered by
Movable Type 2.64