The Economy is Better, Except that No One Has a Job


The LA Times reports on the economy today:

Improving economic data is making the prospects more likely that the Federal Reserve will start tapering its massive bond buying next month, a move that suggests the recovery is on solid ground….Economic growth unexpectedly picked up in the second quarter, though it still remained relatively weak. Corporate earnings are largely stronger. Consumer confidence is back to pre-recession levels.

This is all true, and it’s all conventional wisdom. But it really shows how low our expectations have gotten. Take a look at the following two charts. The first one, from CBPP, shows that although the headline unemployment rate is down, this is mostly due to large numbers of people dropping out of the workforce and not being counted anymore:

The second one, from Pew, shows the employment rate specifically for workers under 30:

The employment rate of young people cratered between 2007 and 2010, and it hasn’t rebounded since. The same report shows that young people are increasingly living at home—hardly a surprise if they can’t find a job. And yet, our recovery is supposedly on solid ground. If this isn’t the soft bigotry of low expectations, I don’t know what is.

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REAL QUICK, REAL URGENT

Minority rule, corruption, disinformation, attacks on those who dare tell the truth: There is a direct line from what's happening in Russia and Ukraine to what's happening here at home. And that's what MoJo's Monika Bauerlein writes about in "Their Fight Is Our Fight" to unpack the information war we find ourselves in and share a few examples to show why the power of independent, reader-supported journalism is such a threat to authoritarians.

Corrupt leaders the world over can (and will) try to shut down the truth, but when the truth has millions of people on its side, you can't keep it down for good. And there's no more powerful or urgent argument for your support of Mother Jones' journalism right now than that. We need to raise about $450,000 to hit our online fundraising budget in these next few months, so please read more from Monika and pitch in if you can.

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