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Life in an Alternative Universe

2:24 pm in Economy, Jobs, Unemployment by dakine01

I am becoming more and more convinced that there are multiple parallel universes occupying life on this one planet we call Earth. It is seemingly the only even remotely rational explanation for the disconnect between the views of most people in the United States (and the World) versus the views of the Beltway Villagers, Media Courtiers, and the excessively affluent.

Friday’s NY Times presented the results of a poll of the “Nation’s Mood”:

Americans are more pessimistic about the nation’s economic outlook and overall direction than they have been at any time since President Obama’s first two months in office, when the country was still officially ensnared in the Great Recession, according to the latest New York Times/CBS News poll.

Amid rising gas prices, stubborn unemployment and a cacophonous debate in Washington over the federal government’s ability to meet its future obligations, the poll presents stark evidence that the slow, if unsteady, gains in public confidence earlier this year that a recovery was under way are now all but gone.

Capturing what appears to be an abrupt change in attitude, the survey shows that the number of Americans who think the economy is getting worse has jumped 13 percentage points in just one month. Though there have been encouraging signs of renewed growth since last fall, many economists are having second thoughts, warning that the pace of expansion might not be fast enough to create significant numbers of new jobs.

So what are the Media Courtiers reporting on? The Washington Post had this report on the “Biden deficit task force”:

A congressional task force launched by President Obama last week to help cut the federal deficit is off to a rocky start, with some members complaining that the agenda is destined to provide political theater, not a sweeping rewrite of spending and tax policy.

Set to begin discussions May 5, members already hit a dispute this week, disagreeing over how many people should have seats at the table. Some are asking what’s the point of meeting at all.

“I’m at a loss to understand what the purpose is,” House Majority Leader Eric Cantor (R-Va.) said Thursday in an interview. He said Obama had not set a timeline for any decisions, although lawmakers from both parties are calling for some agreement on deficit reduction before the government reaches a limit in the coming months on how much money it can borrow.

We have 14M to 15M unemployed, roughly 25M to 30M un and underemployed combined, millions more who are now “self-employed/independent contractors” or who have just given up and when they become eligible, are taking early Social Security and politicians are arguing over how many people will be “at the table?” This shit reminds me of nothing so much as the stories of the early negotiations on the Korean War where supposedly they had to vote on the size of the fucking table used for the negotiations before they could actually negotiate an end to the fighting.
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More Economic Cluelessness from Economists

8:50 am in Economy, Financial Crisis, Jobs, Unemployment by dakine01

So there I was this morning, after my usual morning search for something approaching a full time job in my chosen career (generally unsuccessful of course) and going on to the standard search of the various news sites just to see what is happening in the world around us, I came across this article over at CNN:

Economists’ biggest worry: Federal budget deficit

Once again, when I think I have seen just how totally clueless economists are, it is articles such as this that let me know we still have such a long way to go. From the article:

NEW YORK (CNNMoney) — Government deficits are the biggest long-term worry of top U.S. economists, according to a survey released Monday.

The survey of 47 top economists by the National Association of Business Economics predicted that the Federal deficit will jump to $1.4 trillion in the fiscal year ending in September. In the November survey, the economists had forecast a $1.1 trillion deficit.

…snip…

The previous survey was taken before Congress agreed to extend Bush-era tax cuts for all income brackets and have a one-year holiday on a portion of the payroll tax. The payroll tax holiday, which hadn’t been widely expected, by itself added about $112 billion to the federal deficit.

Asked to rank the seriousness of various economic problems, with one meaning no concern and five equaling extreme concern, the federal deficit was the biggest worry, with an average score of 4.1.

Why do I think most of these 47 economists that were polled probably supported the Tax Cut extensions?  . . . Read the rest of this entry →