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America's "Houdini Recovery" under IMF-Type Austerity

By       Message Stephen Lendman     Permalink
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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:

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-- 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;

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-- 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;

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-- 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;

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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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