3wood wonders here if Larry Summers, who has been talking up the economy, is “certifiable”.
His post contains some anecdotal observations about the depth of the employment crisis:
“Ummm, you need to have 2 consecutive quarters of GDP growth before you can say that a recession is over. We just had one quarter, due to massive, out of control government spending and deficit borrowing (which means that the “growth” is not due to actual healing in the economy). Jobs are still being destroyed at a rapid rate. Folks are running out of unemployment benefits. Many others are taking lower level jobs just to get some money coming in to help pay the bills. I know college graduates who are working temporary hourly positions. A waitress I know at a local restaurant says that they are getting people with Ph.D’s coming and applying for kitchen and wait staff jobs. A friend of mine with 20 plus years in in management just got turned down for a job at Toy R Us. Hey Summers, how about we ask these folks about their take on the recession being over. You think they would agree with you? Are they not people too, or do they not count in your elitist, socialist world view? The employment situation is bad and getting worse, and nothing significant will improve until that situation does. Larry Summers should be ashamed of himself. “