Friday, December 2, 2011

The Economy is Roaring!

The U.S. unemployment rate fell last month to its lowest level in more than 2 1/2 years! Wow!

Charles Payne, a Fox Business Network contributor and CEO of  Wall Street Strategies reported yesterday: "One of the best days in the history of the stock market follows the best ever Monday after a Thanksgiving holiday week, and there could still be a ton of upside from here."

Two days ago on November 30, 2011 the DOW JONES closed 466 points higher, and as of this post, it is up again today.

Corporations are still profiting, executive pay is still very high (and they're still partying like it's 1929), and the unemployment rate dropped from 9% to 8.6% (I imagine a few elves were hired to help Santa get through the upcoming Christmas holiday with part-time low-paying jobs.)

But MSNBC just reported that the REAL unemployment rate is 15.6%. But we all know that just a few weeks after jobless benefits expire, the unemployed are no longer counted, and the Bureau of Labor Statistics reports them as "no longer looking for work". 315,000 Americans were reported as "no longer looking for work" just since last month.

I wonder how many just had their unemployment benefits expire? It's odd that so many people would just all of a sudden just give up trying to find a job. I wonder why? Don't they have to pay for food, heat, and rent?

So in other words, with this fabulous news,13.3 million Americans still remain unemployed (8.6%), but 24.2 million don't have a job (15.6%). Now I understand!

Of those who are still working, half of them earn less than $27,000 a year.

155.0 million total workforce
- 77.5 million earn less than $27,000 a year 
   77.5 million sub-total
- 24.2 million don't have a job
   53.3 million are doing OK (about a 1/3 of the work force)

The economy is roaring! Happy days are here again! After all, we shouldn't complain, because in China the wages are "too high", so now they're hiring robots! Yikes!

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