Nobody can predict how long governments can get away with fake growth, fake money, fake financial stability, fake jobs, fake inflation numbers and fake income growth. Our feeling is that confidence, especially when it is unjustified, is quite a thin veneer. When confidence is lost, that loss can be severe, sudden and simultaneous across a number of markets and sectors.
Then there is this from David Stockman:
… since the turn of the century, the working age population has grown from 212 million to nearly 250 million, but out of that potential 38 million gain, there has been only an 8.7 million pick-up in the headline payroll count. And even that dismal 22% ratio is flattered by the fact that, as demonstrated below, a growing share of the headline print consists of low wage, part-time jobs, and many of them represent multiple paychecks to the same person.
Fifteen years of steady decline in the number of jobs and in the quality of jobs that have been generated. Yet, the central planners tell us everything is improving. That means we can expect the central planners to continue doing more of the same.
A frequent visitor to Asylum Watch from the far left had this comment on a recent post about the trend of technology replacing large segments of the workforce. He will go unnamed to protect the guilty. Let’s call him Mr. X.
I think we focus too much on everyone having “jobs.” Isn’t raising a child or children valuable? Isn’t that work? Isn’t that a job? What about educating yourself? Instead of profiteering from people who want to be educated, wouldn’t it be better if more people were educated, if more people had the skills to come up with new things and new ways of doing things?
The Protestant Work Ethic was always nothing more than a way to subjugate the working class. “Work” in and of itself does nothing for your soul, yourself, or anyone else. Accomplishing something is what’s important.
I fear Mr. X comes closer to representing a majority in America than I do. One thing is for sure. Those that arranged Humpty Dumpty’s fall love people like Mr. X.
So, you can expect the next fifteen years to be like the last fifteen years _ or worse.
Well, that’s what I’m thinking. What are your thoughts?