and concludes: "All things considered, I see no reason to change a forecast I made just over two years ago: Expect Structurally High Unemployment for a Decade.... The only reason the unemployment rate is not 11% (or higher) is because 4.5 million people dropped out of the labor force vs. expected demographic gains."
Read it all at MISH'S Global Economic Trend Analysis, Hypothetical Employment and Unemployment Charts from the Atlanta Fed; Mish "What If" Scenarios
The odd things is that Mish is consistently calling for reducing the number of federal, state, and local government workers in this the face of this, and he is also down on further stimulus and for austerity and "sound money."
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