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World Economies on Life Support

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For now, households would have to see their net worth rise almost two-thirds to return to pre-2007 levels. Secular economic decline prevents it.

Equities returned virtually nothing since spring 1999. Before crisis conditions end, they may see steep declines. America's broken jobs engine reflects it. Excuses don't hold water. Expect future downward revisions to show conditions worse than now reported.

Progressive Radio News Hour regular Jack Rasmus says when economists resort to metaphors, they have little idea about root causes or won't say. Blaming poor results on weather or seasonality doesn't wash.

Counterproductive monetary and fiscal policies are coming home to roost. Reported higher Q I jobs numbers didn't represent reality. According to Rasmus:

"It was the outcome of statistical estimation methods by the US labor department that consistently overestimates job creation over the winter quarter."

It erred three consecutive years. America's jobs engine is broken. Based on the 1980s calculation model, real unemployment is 22.8%. The reported 8.2% number is blarney. 

Obama's stimulus efforts did little to create growth. Now it's run out of steam, says Rasmus. Fed money creation (QE) helped bankers, not the economy or troubled households. Chickens are coming home to roost.

Real disposable income growth is nonexistent. Job creation is pathetic. Full-time ones are disappearing. In the past three months alone, 700,000 were eliminated.

Rasmus describes "churning" from full to part-time work. When that happens, few net jobs are created. Ones that are pay less with few benefits. A destructive downward cycle exacerbates dismal conditions.

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I was born in 1934, am a retired, progressive small businessman concerned about all the major national and world issues, committed to speak out and write about them.

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