03 October 2009

"Jobless recovery" is an oxymoron

According to the Associated Press, "Most economists say the recession is probably over."

At the same time, the unemployment rate rose to 9.8 percent in September, and is expected to hit 10.5 next year.

The media keep talking about a "jobless recovery". I, however, see the phrase as an oxymoron.

Even if the stock market were to return to its pre-recession levels, that would be fine for the investor class, but those fat cats make up only a tiny percentage of the population. Are they the only ones who really matter when labeling the situation a "recovery"?

What about the rest of us, with one in 10 of us unemployed, and millions more underemployed?

Layoffs are still happening. Home foreclosures are still happening. The national poverty rate is climbing. And food banks are struggling to keep up.

As long as the richest percent or two are the only ones experiencing any kind of "recovery", it is not fair to use that term to describe our overall economy.

And those who do so must clearly be part of that upper percent or two. Or employed by (or brainwashed by) those who are. And they clearly do not care whether the new Tiny Tim -- a middle-class version -- has a Christmas this year.

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