I grabbed the highlights off the WSJ these past two weeks, but I never read anything about these projections...
A clip from Byron King's writing today..
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Reflections from Vancouver
by Byron W. King
Pittsburgh, Pennsylvania
... Last week, for example, the Federal Reserve predicted that the U.S. unemployment rate would surpass 10% in the coming months.
That's no big surprise. The true U.S. unemployment rate as at least 15% already when you factor in the long-term unemployed who are not carried on the "official" books.
Then the Fed made a shocking prediction. It forecasted that the U.S. economy would add NO NET NEW JOBS over the next five years! Whoa!
No net new jobs? That ought to scare you. The Census Bureau predicts that the U.S population will grow over five years. But the numbers of new jobs will remain static. That is, for every job gain there will be a loss.
This job-stagnation is a recipe for all sorts of bad things at the local, state and national levels. Government budgets won't balance, so I guess we can plan on more "cost saving" measures such as releasing prisoners early and closing schools. Yep, that's how to build a great nation...
