America's "Houdini Recovery" under IMF-Type Austerity - by Stephen Lendman
It's what economist David Rosenberg calls recovery given plenty of supportive evidence, including:
-- over five million homeowners behind on their mortgage payments;
-- at record levels, foreclosures are alarmingly high; moreover, "the foreclosure pipeline is enormous;"
-- "housing, the quintessential leading indicator," turning lower again in starts, sales and prices;
-- instead of a normal 5 - 6 months home supply, the market has a 21 month overhang, including shadow inventory from the foreclosure pipeline;
-- mortgage applications for new home purchases down 13.9% on top of last year's 29.4%;
-- over six million Americans unemployed for at least six months, "a record 40% of the ranks of the joblessness;"
-- over 11 million full-time jobs lost since late 2007, and well over four and a half million since Obama took office, despite pledging to create them;
-- millions of jobs lost despite massive economic stimulus, and when it slows, watch out;
-- a federal deficit over 10% of GDP, twice the 1930s ratio;
--private capital growing at its slowest rate in nearly two decades;
-- 30% of manufacturing capacity idle;
-- 19 million vacant residential housing units - about 15% of the total;
-- one in six Americans unemployed or underemployed;
-- the adult male employment-to-population ratio at a record low 67% compared to 73% when the recession began;