"It profits me but little that a vigilant authority always protects the tranquillity of my pleasures and constantly averts all dangers from my path, without my care or concern, if this same authority is the absolute master of my liberty and my life."

--Alexis de Tocqueville, Democracy in America

Friday, April 5, 2013

It's Almost Recovery Summer Time.... Not!

Today's jobs report from the Bureau of Labor Statistics is dismal:
  • Nonfarm payroll employment edged up in March (+88,000)
  • Unemployment rate was little changed at 7.6 percent
  • The civilian labor force declined by 496,000 over the month
  • The labor force participation rate decreased by 0.2 percentage point to 63.3 percent.
So we added 88,000 jobs -- remembering that we have to add something like 150,000 just to keep up with population growth -- but nearly half a million people just dropped out of the labor force.   Don't want to work, can't find work, fuck it, staying home.  

We are stagnating after four years of massive Keynesian stimulus.   Time to try something new.  

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