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Wednesday, August 11, 2010

First There was Funemployment; Now It's a 'Recession With Benefits'

Last summer we were treated to the media spin of spiraling job losses as funemployment. Now the left is pulling out all the stops to try to convince you that the dreadful economy is somehow a good thing. Here is the New York Times actually saying that the high unemployment rate is a positive because those who still have jobs are seeing a real wage increase.

Get a load of this pile of horsecrap:For Those With Jobs, a Recession With Benefits
But since this recent recession began in December 2007, real average hourly pay has risen nearly 5 percent. Some employers, especially state and local governments, have cut wages. But many more employers have continued to increase pay.

Something similar happened during the Great Depression, notes Bruce Judson of the Yale School of Management. Falling prices meant that workers who held their jobs received a surprisingly strong effective pay raise.

This time around, nominal wages — the numbers people see in their paychecks — have risen throughout the slump, as companies have passed along some of the impressive productivity to their (remaining) workers. Meanwhile, inflation has been almost non-existent, except for parts of last year, when real wages did briefly fall.

Obviously, real wages could begin falling again if inflation picks up or more employers cut pay. And many workers are already struggling with big debts and diminished 401(k) accounts. Still, the contrast is pretty stark. The typical jobless person has been out of work six months. The typical worker has received a raise.
Overall real income has dropped significantly during this deep recession, families have gone bankrupt, lost their homes, lost their retirement savings in many cases, and yet the New York Times is cheering since some folks who still have their jobs have gotten raises. And that the falling prices gives them an
effective pay raise.

What's next, the New York Times saying that all the empty houses are a good thing because it cuts down on traffic for everyone else in the neighborhood? Or how about an article saying that folks being broke and unable buy food is a good thing because then the grocery store lines are shorter for the rest?

These people have no shame, they will tout anything in the effort to shill for their political agenda.

I know people who have lost jobs two or three times in the past several years. I know others who have been out of work for 99 months straight or more. Go tell them that the high unemployment is a good thing.

And notice, nowhere in the article does the New York Times mention Obama's failed economic policies. Nowhere.

Despicable.

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