A blog article, by Tom Petruno, in the Los Angeles Times this morning told us what we all know already–there is notable inflation everywhere but in your wallet. This I suppose is a surge of a different sort. The article notes that while employer costs adjusted upward some 0.7% this second quarter, while prices were much higher and still climbing. Some of the outlay was for increased unemployment claims.
In all, the forthcoming job forecast is expected to list a loss of some 75,000 jobs. Most of these jobs I’m sure relate to the housing market, the financial markets and the related industries. Meanwhile, there are signs of life in other industries. United States manufacturers are exporting more goods and services than they have in decades.
So business is down; business is up. Prices are definitely up. Most Americans feel it’s time for a change in our government, but as to what kind of change, that will not be determined until the November elections. And whether this housing rescue package will help pull things out of a rut or drive them deeper into one, also remains to be seen.
So pundits and alleged “experts” in every field are calling for changes. Everyone has the answer. Whether it be free market economics or government subsidy, everybody seems to have their say. What i find particularly ironic is the usual free market group, when they get in trouble, justify the grounds for government intervention. Mainly to help them out of a jam.
Meanwhile, those that believe in government intervention are grousing it is not fair to provide assistance. I don’t know. The one thing about economics is that everyone has the perfect theory. Until they try it. Maybe Marxism is the one that works, after all. The Marx Brothers, that is. That was humor in chaos. You can at least live with that.
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