<html><body><div style="color:#000; background-color:#fff; font-family:times new roman, new york, times, serif;font-size:12pt"><div><span>Dean Baker (Beat the Press) explains why--the economy stinks, and no one cares:</span></div><div style="color: rgb(0, 0, 0); font-size: 16px; font-family: 'times new roman', 'new york', times, serif; background-color: transparent; font-style: normal;"><span><br></span></div><div style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 11px; line-height: 18px;">Ezra Klein gives us some terrifying news in a Bloomberg <a href="http://www.bloomberg.com/news/2013-08-28/summers-pick-fits-obama-s-preference-for-beaten-path.html?cmpid=hpbv" target="_blank" class="blank" style="text-decoration: none; color: rgb(5, 71, 133); font-weight: bold;">column</a> today. President Obama's economic team think they are doing a great job, hence the desire to bring back former teammate Larry Summers as Fed chair. This
is terrifying because the economy this Labor Day is described by a set of statistics that can only be described as horrible.</div><div style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 11px; line-height: 18px;">We are almost 9 million jobs below the trend level of employment. The number of people involuntarily working part-time is still up by almost 4 million from its pre-recession level. Wages have been stagnant for a decade and show no signs of increasing any time soon. And, according to the<a href="http://www.cbo.gov/sites/default/files/cbofiles/attachments/43902_EconomicBaselineProjections.xls" target="_blank" class="blank" style="text-decoration: none; color: rgb(5, 71, 133); font-weight: bold;"> Congressional Budget Office</a>, the economy is still operating more than $1 trillion (6 percent) below its potential. Oh, and by the way, the financial sector is more concentrated than ever, with top honchos drawing the same sort
of paychecks they did before the crisis.</div><div style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 11px; line-height: 18px;">I could go on but what's the point? This is an economy that under other circumstances we would all say is awful. The Obama team can pat themselves on the back for saying its better than a second Great Depression, but that's a bit like saying that the 1962 Mets didn't lose all their games. Horrible is horrible.</div><div style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 11px; line-height: 18px;">The best that can be said is that the crew has been ineffectual in the face of Republican opposition in building any sort of political support for a stronger economic agenda. But ineffectual is not a much better recommendation than incompetent.</div><div style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 11px; line-height: 18px;">And it's hard to blame items like the "pivot to
deficit reduction" on the Republicans. If the Obama team has an aggressive plan for turning the economy around that is being stifled by the nasty Republicans they have not done a very good job of even making it known, must less rallying support.</div><div style="background-color: transparent;"><span></span></div><div style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 11px; line-height: 18px;">I suppose if they think everything in the economy is just great that would explain why they want Larry Summers back. That's pretty bad news on Labor Day.</div><div></div><div> </div><div>Ron Force<br>Moscow Idaho USA</div><div><br><blockquote style="border-left: 2px solid rgb(16, 16, 255); margin-left: 5px; margin-top: 5px; padding-left: 5px;"> <div style="font-family: 'times new roman', 'new york', times, serif; font-size: 12pt;"> <div style="font-family: 'times new roman', 'new york', times, serif; font-size: 12pt;"> <div dir="ltr"> <hr
size="1"> </div><div class="y_msg_container"><br></div> </div> </div> </blockquote></div> </div></body></html>