Private sector growth over last year equal to....

[driveshaftgrunt]

.......historic average since 1947.

Say it again. Private sector GDP grew at a rate of about 3.3% over the last year, which is almost spot on the average since 1947.


Note how private sector/govt. sector numbers flip during a recession.

The weakness in growth is, at this point, almost entirely in public sector expenditures. Which is actually great, if you want a shrinking govt.

So we've got shrinking govt., and private sector growth at the average for the last 65 years....... So what's the problem?

mjperry.blogspot.com/2012/08/private-real-gdp-grew-by-33-over-last.html

[cal50]

The problem is those private sector jobs are low paying and not career jobs at a livable wage.
There are still more people unemployed today than 4 years ago.

It's a band aid on a bullet hole.

[driveshaftgrunt]

Well, the measure/post was about GDP, not wages or jobs. GDP


But you are right. We've been replacing $24/hr jobs with $12 hour jobs FOR DECADES now.


There is an econ/blog post showing how many "mid-wage" jobs have been lost since the recession, and replaced with "low-wage" jobs. I'll try to find it, but just look at our industry. We lost tens of thousands of $28/hr jobs with pensions, and replaced them with $18/hr jobs with no pension. Its a trend building since the 80's.

The scariest thing, which I posted before, is that the employed as a percentage of the population NEVER recovered from 2000. The graph is terrifying. We've had fewer and fewer people in this country working for about 12 years now.