Wall Street and mainstream economists are abuzz that we’re seeing a recovery in the US due to the latest jobs data. These folks are not only missing the big picture, but they’re not even reading the fine print (more on this in a moment).
The reality is that what’s happening in the US today is not a cyclical recession, but a one in 100 year, secular economic shift.
See for yourself. Here’s duration of unemployment. Official recessions are marked with gray columns. The Fed has spent over $4 trillion…. and this has barely dropped by a month or two.
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