So those of you familiar with economics in the most elementary sense know that unemployment and inflation are inversely related.
If you don't know that, take my word for it.
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Dumbass.
Anyway, at theoretical zero employment, inflation would be infinite. The reverse is also true. This isn't any sort of radical interpretation of free market mechanics.
It's basic Econ 101 stuff. In certain situations, namely when wage and/or price controls are instituted, unemployment and inflation can both rise simultaneously. Economists call this "stagnant inflation" or "stagflation".
Well, since I envision my place in history being grand, I have decided that the current state of political and economic affairs merits a new and similar term. As you are aware if you pay any attention to reality at all, the number of new jobs created in 2004 (the year in which the 3 million jobs lost since 2000 were supposed to start coming back) has been mediocre and mostly the product of statistical manipulation.
However, yesterday's PMI report and first-time unemployment claims numbers showed something shocking: the number of unemployment claims are falling. So the administration has managed to create a magical, heretofore unseen situation by which the number of jobs is decreasing simultaneous to the number of unemployment claims decreasing.
Ladies and gentlemen, I give you the miracle of Stagployment.
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This of course means that there are an increasing number of people who are simply "exiting" the economy. They're not a part of it in any relevant or empirical way. After all, when you have no job and your ability to stay on the unemployment rolls has been exhausted, you're not really a statistic anymore, you are merely a person whose life has gone down the shitter.
Stagployment fever: catch it!
tom says:
That's Me!
I got laid off my job last June, exhausted unemployment comp in January (thanks Pres Bush for vetoing the bill that would have kept the 2-month benefit extension in effect through 2004!) and have been sqeaking by on mostly under-the-table freelance work since then. My dad buys me groceries every 2 weeks
So count me in for one of those who went off unemployment in January, but still isn't doing any kind of meaningful work.
ray says:
Check out http://tinyurl.com/2mhss.
Ed says:
Did you actually read the story about job "creation" or just the headline?
Ed says:
Don't get me wrong, 78,000 grocery baggers on strike returning to work is some amazing job creation, as are the 200,000+ seasonal service industry jobs that make up the rest of that phony statistic, but it would be comforting if manufacturing and white-collar jobs didn't decrease again.
But I understand how these pesky facts undermine your argument, which is very solid as long as no one involved actually thinks about the issue.
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