Looking at the July Jobs report, I have a lot of bad feelings, most of them depressing. People gave up looking for a job, while part-time and temp jobs spiked in lieu of everything else, falsely lowering the standard rate to 7.4%. And, people are making less than they were (on average) than a year ago.
I downloaded a new (well, it’s new to me) app from the St. Louis Fed, for my iPhone that has a nifty, quick access to socioeconomic data at the swipe of a finger. It only added to the depressing picture.
On the upside, I’m getting a chuckle from Wall Street types calling for labor unions, despite the fact that the reason WHY they hate labor unions is for the same reason that labor unions hate the owners of production. However, when Wall Street calls for labor unions, it makes me pay attention, regardless of the (completely insane) fact that the biggest impediment to the Free Market is, well, Wall Street.
- Meanwhile, there are two ways to stop this: by ending the depression by increasing labor demand, or take enough Prozac to keep us in denial that there even is a depression.