We are now five years into the great recession, the worst economy since the great depression (in Europe it was called the depression but they didn’t have FDR at the helm). Here is the current state of things:
- The March non-farm payroll “consensus” figure was 200,000, actual 88,000.
- 110 million workers in the private sector, 88 million are living off the taxpayer and/or work in the public sector
- 47.3 million people on food stamps a record.
- A record 8,853,614 on disability.
- Retail shed 24,000 jobs last month
- GDP is historically low compared to every other past recovery.
- Close to 10% of the work force is working part time because they can’t find full time work.
- Bitcoin virtual currency is trading at $162 per bitcoin. Think of bitcoin as a measure of confidence of state controlled money.
- The Affordable Care Act is driving up health care costs.
What happened five years ago? What changed? What is different this time than the 11 other recessions we had?