CNBC: Oh By The Way, Not Only Is The Economy Awful, But We Also Just Got A Huge Negative Signal on Durable Goods Orders

Unexpectedly, you understand.

The durable goods report for July showed a 7.3% decline in output, the worst in several years, and it’s not just limited to a hiccup in reporting.

The Jam-Man highlighted this article on the "5% recovery"-- a recovery for 5% of the population, and stagnation and decline for 95%.

He pointed out that somehow Barack Obama's name was entirely missing from the dour piece, despite claims made elsewhere that Obama is responsible for every good thing that happens.

The article relies heavily on the analysis of this writer, though also includes a bunch of other evidence:

Huge leaps in the income and wealth of the top 5 percent mask the decline of income and wealth of the bottom 95 percent. Average all wealth and income and it appears that the economy is expanding to the benefit of all, when it fact only the top 5 percent have escaped the recession; the recession never ended for the bottom 95 percent.

...

An even better way to create an illusory expansion is to simply not measure trends that would reveal a deepening recession. For example, what percentage of student loans are purposefully taken out as a substitute for income, i.e. used to pay basic living expenses rather than education? Anecdotally, there is plentiful evidence that a great many people are signing up for one class at the local community college in order to get a student loan to live on.

I denounce this post as racist.

posted by Ace at 07:08 PM

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