Grim Economic News Gets Grimmer

[Orrin_73]

President George W. Bush came to Milwaukee recently and announced that as far as the economy is concerned, "We're just doing fine." The economy is "strong and gaining steam," he added.

Makes you wonder who in the world this man is talking to. !!!

Link

[MadMaddie]

1. Well remember in his world everything he says...if he says it

enough it will become fact....he doesn't need those darn facts to make statements...:sarcasm:

[Erika]

2. Yeah sure for the privileged few

The elitists. Our poverty rate increases as does our uninsured.

W sold the U.S. down the drain.

[Warpy]

5. It's not doing that much better for them, either

because they've run smack into that law of diminishing returns that says the more they amass, the more it will cost them for the fine art, fine wine, fine jewelry, antiques, and other rare objects they love to bid up and exchange among themselves. The market is essentially flat and has been for 7 years. Real estate isn't generating the profit it once did. You know they're not investing in new businesses these days, don't you? There are no new customers to be had, and no rich guy ever started a business he didn't have customers waiting for.

[Selatius]

3. The economy IS getting stronger...for Bush's friends in Big Business. n/t

[Name removed]

4. Deleted message

Message removed by moderator. Click here to review the message board rules.

[Oakshaman]

6. He is not talking to anyone in the Midwest...

It does indeed make me wonder what world he is living in. It certainly doesn't describe the situation in the "old-economy" Midwestern cities such as Milwaukee.

All I can reliably contribute here is my own experience, and that of my former coworkers. I worked in contract engineering in the Midwest for most of my working career. This involved moving from company to company in manufacturing, working on projects until they were completed, and then moving on. I got to reliably gage the regional economy first-hand. Then, in Summer of 2000 my last assignment ended- and I never found another. Almost all of the people that I worked with over the years report the same thing- no manufacturing jobs in the Midwest after approx. 2000. Everything seems to have left the country. There certainly was no new product, capital equipment, or facility design or development going on.

I lived through the terrible recession of the late 70's and early 80's and it wasn't this bad. At least then there was some optimism that things would turn around. Now we are told that manufacturing related employment is gone for good.

In my own case manufacturing work was all that I had ever done. I had two college degrees with honors, membership in two high IQ societies, and two decades of experience. When I look for work I am told that all of this means nothing- that I should settle for flipping burgers or telemarketing (usually working for a supervisor who is twenty years younger.) I've refused to accept such menial, degrading employment. However, I'm not lazy- I worked hard labor in a shipyard for awhile in spite of the fact that I'm pushing 50. Yet, I am told that I am not technically "unemployed" according to government statistics- in spite of the fact that I still search for employment and still need a job....

If you want a more accurate measure of unemployment in the U.S. you must look at the "labor force participation rate" Last time I checked it was at 66%. This means that 34% of the population who is of working age and not institutionalized isn't employed.

For those who formerly worked in manufacturing in the Midwest this is indeed another Great Depression- but with no official hope of any ending.

[shrike]

7. Welcome to DU

And here's hoping for better times for you.