A "Jobless Recovery" is a LIE!!!!
It is mathematically impossible to have a JOBLESS RECOVERY in America today.
70% of our GDP is consumption by the consumer. Consumers can only consume if they have money.
Consumers have three ways to get money...savings, credit, and jobs/income.
When you are a nation that exports a lot of goods, you can produce more and sell more even if your domestic population doesn't purchase more simply by increasing productivity.
But when you are a nation that almost exclusively sells to its domestic population base....your population must consume in order to grow. If consumption was based on credit....you must continue to extend credit.....if not, your consumer will NOT beable to consume and the economy will shrink.
As the economy shrinks, even more consumers will not be able to consume as many lose jobs and suffer wage loss. In such a consumer dependent environment....mathematically the economy will continue to contract further...unless some radical technological innovation comes down the road.
If you continue to cut off credit, raise interest rates, slash wages and fire workers.......savings will be the only place left for consumers to consume until they extinguish savings. Right now, many are at the end of their rope with available credit and extinguishing savings.
As a result, unless a dramatic policy change is implemented, WE ARE CERTAIN that the contraction will continue and accellerate as fewer and fewer can spend and more and more are fired and/or suffer massive wage cut.
If the consumer is your market, and you kill your market....you have no market. And right now, with the current Zombulation policies of cutting off credit, raising interest rates,....and ONLY bailing out the banks....you are guarnteeing the destruction of your market.....and in America's case where that market is leveraged....the destruction of America as we know it.
With the current policy, we could easily shed 75% of our jobs, shut down 75-80 of our shopping centers, close down 80% of our office buildings....and each simply wait for our government check each month. This is where we are headed under the current Zombulation policies.
America's primary market is its own citizens. That market was driven primarily by credit over the past ten years. We started cutting off credit about two years ago....... our market started dying. When an economy only has primarily one market and that market is dying....pretty soon there is no economy.
We are rapidly heading in that direction as the American consumer runs out of savings, availability to credit, and incomes.......unless jobs start being created.....you know we will continue to deteriorate absent some new technology that we can export to generate revenues.
At no time can you have a jobless recovery in America in 9.09.....especially as you are cutting off credit and savings is running out...
As tax receipts continue to get lower and lower...Obama can only run a multi trillion dollar deficits for so long until he can no longer....at that point......our consumers essentially have nothing.
Again it is not the end of the world...but if we continue with the currrent Zombulation policies and don't purge the debt....it will be the end of America as you know it as cities, counties and states shut down at an ever accellerating rate.