"So a 77 month jobs drought is a big deal, yet search the financial press and you will find no mention."
The rest is balderdash! There was no recovery and will be no recovery without real job creation.
By David Stockman
12 June 2014
Yes, the nonfarm payroll clocked in at 138.5 million jobs and thereby retraced for the first time the point at which it stood 77 months ago in December 2007. This predictably elicited another “milestone of progress” squeal from the mainstream media.
So you have to wonder. Did these people skip history class? Do they understand the vital idea of “context”? Are they so mesmerized by paint-by-the-numbers agit prop from Wall Street and Washington that they have come to mindlessly embrace the notion that any number that is better than the last “print” is all that it takes—regardless of composition, quality or longer-term trend?
Thus, consider the ancient days of the Reagan era. Back then there were actually 15.0 million new jobs by the time that 77 months had elapsed after the June 1982 bottom. And these were honest-to-goodness new jobs that had never before existed, not born again jobs of the type that CNBC has made a “jobs Friday” fetish out of ever since the Great Recession was officially declared over in June 2009.