kingworldnews.com / February 28, 2017
With the Dow recently tying a historic record for consecutive all-time high closings, this exposes, in sharp contrast, how badly the public is truly suffering.
A portion of today’s note from legend Art Cashin: Commentary Causes Commentary – There’s an article in the current Commentary Magazine that’s causing a bit of a stir in some Wall Street watering holes. It is authored by Nicholas Eberstadt and is titled “Our Miserable 21st Century”. It details some remarkable shifts since the year 2000. Here’s a bit:
On Wall Street and in some parts of Washington these days, one hears that America has gotten back to “near full employment.” For Americans outside the bubble, such talk must seem nonsensical. It is true that the oft-cited “civilian unemployment rate” looked pretty good by the end of the Obama era—in December 2016, it was down to 4.7 percent, about the same as it had been back in 1965, at a time of genuine full employment. The problem here is that the unemployment rate only tracks joblessness for those still in the labor force; it takes no account of workforce dropouts. Alas, the exodus out of the workforce has been the big labor-market story for America’s new century. (At this writing, for every unemployed American man between 25 and 55 years of age, there are another three who are neither working nor looking for work.) Thus the “unemployment rate” increasingly looks like an antique index devised for some earlier and increasingly distant war: the economic equivalent of a musket inventory or a cavalry count.
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