Economy Woes Overstated?

[funkedup]

I'm talking per capita real GDP here, so any growth is a benefit.  It doesn't have to grow to maintain the standard of living.
 
And these statistics I'm posting are from the government, not from the Economist, which did not put any particular spin on it.  But looking at the figures each week in the back of the Economist (they have a big stats section), makes you wonder what all the hubbub is about.

[whgates3]

if the value of the dollar is shrinking then growth is needed to maintain standard of living.
government statistics are notorioulsy unreliable, as the methods used to calculate them are regularly changed.
in a post industrial economy innovation and competition are supposed to create an environment in which the value of each individual unit of labour is constantly growning.  one of the basic ideas of capitalism, per Adam Smith, is that all wealth is the result of (is created by) labour.  thus if standard of living measurments are not constantly increasing significantly them something is going wrong.
my own theory is that all the false wealth of the stockmarket boom is now being created post facto, and so is not impacting the current economy

[airspro]

It's still down for me . At my Co we make auto parts and have work 4 days a week for 5 out of the last 7 weeks because of no orders .

But on the bright side I have the most kills last and this tour that I have ever had in AH . WTG Bush ,  Oh yes I do blame him .

lol no worrres can live on 3 days easy as am older and home etc all paid for and money set aside etc . But for many younger workers at my shop with small ones and big home morgage it tough and am sure Christmas will not be better this year .

[funkedup]

WHGATES - When an economic figure is expressed in "real dollars" it means that it is adjusted for the CPI (inflation).  Shrinkage in the value of the dollar is built into the statistic.  I'm sure there are some flaws in Real GDP per Capita, but it is a pretty solid yardstick.

[Dowding (Work)]

Manufacturing is weak right across the Western world, I believe.

Over here in Brit-land we have the lowest interest rates in post-war times an everyone is borrowing like there is no tomorrow. As a result, house prices are extremely high and there's been an average 14% increase in the last year - in some place this has been more like 30%. But with first time buyers now being unable to buy, the market is slowing down in the South (where prices are highest).

Unemployment is at a very low level (1.7%).

Consumer spending and borrowering is high.

No-one is saving any money.

I've just bought a brand new apartment (my first place ) so I'm hoping interest rates stick at this level or only rise a couple of tenths of a percent.

[Fatty]

Weazel, you're stepping outside your prepared quotes and it may get you into trouble.  Even The Nation could not try to compare 5% unemployment to the double digit rates of the early 80s.

All things considered I'm pretty pleased to see the beginning of the backside of a recession that could have been pretty ugly but in actuality peaked out at under 6% unemployment.

[Leslie]

Originally posted by Soulyss
The economy sucks...

Fresh outta college I looked for work for 6 months.  In that time I had 3 responses and never even got an interview out of them.  I've had to resort to working retail just to pay the bills, and now I'm busting my bellybutton and can barely make ends meet.

Face it Soulyss, you messed up mate.  I have a degree in Foreign Language (Spanish) from Auburn University.  Shoulda taken a civil service exam after graduating, but became an artist instead.  Did that for 20 years...haven't used the Spanish degree to get a job.  May have to one of these days.  But I tell you one thing Soulyss, being an artist is probably one of the most noble efforts a man can make, and that's why I try.

You seem to think like an artist in some ways.  The important thing is to get the degree...doesn't matter what it's in.  


Les

[capt. apathy]

one thing to consider when saying 'unemployment isn't that bad' is that the figures published usually are those recieving unemployment benifits.  so those who have lost their jobs then their benifits ran out, so they are no longer on the unemployment rolls don't count.  after your 6 months unemployment runs out you are generally considered unemployed by choice, just like those who where fired or quit their jobs.  so if you starve people out long enough they don't figure into the statistics.

I guess if you haven't lost your job yet and you didn't have your life savings in the market, then the economy is great (some really great prices at the pawn shops, a real buyers market)

[funkedup]

the figures published usually are those recieving unemployment benifits.

False.  
http://www.bls.gov/cps/cps_htgm.htm

I guess if you haven't lost your job yet and you didn't have your life savings in the market, then the economy is great

Likewise, when I was laid off during the supposed booming economy under Clinton, I guess that must have been a recession.  

My friends and family are all doing very well right now.  People are taking advantage of low interest rates and low prices to buy new cars and houses for the first time.   At my work we just landed the biggest contract in the history of the company.  I can only think of one guy I know who is having trouble getting a job.  And this is in the SF Bay Area, one of the areas hardest hit by the collapse of high-tech firms.  

My point:  
If we can't come up with ways of measuring the health of the economy as a whole, then there is no point in even discussing it.  All we can offer are personal observations about our own condition and those we know personally, which is just an insignificant sliver of the big pie.

[Dowding (Work)]

What are interest rates like over in the US? What's the typical APR on a mortgage over there?

Strangely enough, before I started this house buying business, I couldn't give a rat's bellybutton about the state of the economy. Now, I'm fascinated by it.

[Fatty]

Working on a close right now at 6%, had a shot at 5.75 but waited too long.

[sling322]

Holy toejam....Fatty is buying a house?!?!

Damn...you arent gonna get all responsible now are you?

[Fatty]

huh?  No, I'm purchasing a concubine.

[weazel]

"Kenny-Boy" get busted?

Seems to me he did a crime...but with his pal in the White House watching his back he won't do any time will he?

Chimpy a sheriff?  

BWAHAHAHA...you should be a stand up comic funked, I didn't know they handed out badges to crooks.

Originally posted by funkedup
Yep and why bring up Ken Lay.  He did all his crimes on Bubba's watch.  He didn't get busted until the new sherrif came to town.

[poopster]

Interesting, I work in South San Francisco just north of SFO. I can tell you how the economy is locally by just walking out in front of the shop.

Take offs are down at the airport, traffic on the street where the shop is located is down. The traffic going to and from work is down. The overnight messages for breakdowns are down. Snap-on and Mac dealers tell a story of all the local shops being empty.

We're treading water, busy but not busy enough..

When you can't back up onto the street from the shop driveways you know things be booming A year ago you were looking at 3 days minimum before we could even get your truck in the shop...

It was crazy, but put a smile on the old mans face.