The economy isn’t really growing, what we have is more money chasing fewer shares. The end result is that stock prices go up.
Las Vegas magicians do not use magic. They use misdirection to deceive the audience.
In the past a rising stock market had some relationship to an improving economy. But not this time.
Picture from: http://evolvetheissues.net/joblessness-social-safety-net/
I’ve replaced the real title of this story “Bubble States Have Underemployment Rates Haunting Yellen” by a quote from this story, which nowadays, is a reality for many people.
Cliff Powell lost his job as a mechanical engineer in 2008 as Florida’s construction industry slumped. He hasn’t landed a lasting permanent position since.
“You think about giving up, but you can’t,” said Powell, 57, who’s held four jobs and more than two dozen, mostly part-time, temporary contracts. “If you say ‘I give up,’ then that’s it, you’re over.”
Underemployment, including those in part-time jobs who want full-time work, remained highest in 2013 in Nevada, Arizona, California and Florida, with those states also seeing some of the steepest increases since 2007, an analysis of data from the U.S. Bureau of Labor Statisticsshows. Oregon also has one of the highest rates.
Read more at: http://www.bloomberg.com/news/2014-05-22/bubble-states-have-underemployment-rates-haunting-yellen.html