So you’ve been hearing news that the American economy has recovered.
You’ve heard that things are on the way up.
What you’ve been hearing however is bollocks.
Here’s the bad news in one chart—after shedding jobs at a rapid rate during the onset of the
depression recession, the percentage of Americans in work has got no better. Only 58.7% of the civilian adult population of 245 million was working last month, and only 47% of Americans had a full-time job…
There is no depression in America?
Get this. Housing was the majority of "real" GDP growth,* and housing growth was simply the result of the Federal Reserve suppressing the interest rate .
This reveals another flaw in GDP (besides the obvious one that government spending adds to GDP).
* “Housing activity was the sole positive contributor to economic growth in the second quarter of 2012, and it comprised over two thirds of real GDP growth in the first quarter of 2013. First quarter “real” GDP growth was only 1.8 percent, 69 percent of which was directly attributable to housing.” – Tyler Durden, Zero Hedge