Wednesday, April 1, 2015
YOLO COUNTY NEWS
99 CENTS

What economic recovery?

By
From page A6 | January 15, 2014 |

The stock market has its best year in decades. The economy is roaring back, right?

Wait a minute. So, why is Congress considering extension of unemployment benefits, an emergency measure that has been continued for about five years now? Makes no sense.

What’s wrong with this picture? Consider what else we’re seeing. A poll taken the same day as a recent stock market record showed that nearly half the country thinks we’re still in a recession. The labor participation rate (the percentage of working-age people who are actually working) hit a 35-year low within the past two months. Forty-plus percent of people in a recent survey said they are worried about their jobs. College graduates are still moving back with mom and dad.
So, what can explain this huge discrepancy? In my view, money printing by the Fed has created a huge bubble. The stock market is the outlier here. People rave about a good jobs number here and there. The third-quarter GDP growth number was undeniably good. But then the first quarter of 2012 was a little better and we did not have a great 2012.

I believe there are two major factions pushing the recovery story. The first is the mainstream media, which falls all over itself trying to make President Obama look good. The second is the business sector. CNBC and Fox Business do not want to come on TV and say “The economy is dead. Go check out reality TV and come back in five years.”
The sad truth, I believe, is that we are trying to will a recovery without dealing with the structural problems that plague this economy. Printing money, deficit spending, wishing and spinning the facts will not fix these problems. Considering the net effect of current policy, Ben Bernanke might as well have printed a few trillion dollars and Fedexed it to billionaires and Wall Street CEOs.

So, when you ask yourself if there’s a recovery, think about if you should believe the Main Street folks with their ears to the ground, or those flying by in their Learjets at 30,000 feet. My money is on Main Street.

Greg Johnson
Davis

Comments

comments

Letters to the Editor

.

News

 
 
Museum celebrates Easter with candy-filled eggs

By Enterprise staff | From Page: A3

Easter egg hunt set Sunday at Atria

By Enterprise staff | From Page: A3

 
AquaMonsters open summer registration

By Special to The Enterprise | From Page: A3

 
Woodland Library’s community room reopens

By Enterprise staff | From Page: A3

Odd Fellows will host a big birthday bash

By Special to The Enterprise | From Page: A6

 
Tamblyn presents a comedy concert

By Special to The Enterprise | From Page: A6 | Gallery

Cancer fighters will gather Saturday for Relay For Life kickoff

By Special to The Enterprise | From Page: A6

 
Poet laureate emerita celebrates at book-release party

By Special to The Enterprise | From Page: A6

UCD gets grant to look at open access to published research

By Special to The Enterprise | From Page: A6

 
AARP’s free tax-prep services continue

By Special to The Enterprise | From Page: A7

Round up at the registers for Davis schools

By Enterprise staff | From Page: A7

 
‘Sip and Shop’ kicks off Child Abuse Prevention Month

By Special to The Enterprise | From Page: A7

Pain management lecture slated April 8

By Special to The Enterprise | From Page: A8

 
Seniors invited to join new social group

By Anne Ternus-Bellamy | From Page: A8

Pence Gallery: See artists at work during Garden Tour

By Natalie Nelson | From Page: A10 | Gallery

 
.

Forum

Is Davis on the cusp of an evolutionary change?

By Rich Rifkin | From Page: B4

 
Tom Meyer cartoon

By Debbie Davis | From Page: B4

Groom’s parents overwhelmed

By Creators Syndicate | From Page: B5

 
.

Sports

Aggies get ready for Hawaii by rolling over St. Mary’s

By Bruce Gallaudet | From Page: B1 | Gallery

 
UC Davis represents well at Final Four in Indiana

By Bruce Gallaudet | From Page: B1 | Gallery

 
Descalso looks back at Aggie days, ahead to new Rockies gig

By Bruce Gallaudet | From Page: B1 | Gallery

Blue Devils drop softball game at CBS

By Enterprise staff | From Page: B1

 
JV/frosh roundup: DHS younger girls soccer squad stomps Grant

By Enterprise staff | From Page: B2 | Gallery

UCD roundup: Nunez powers Aggies to softball win

By Enterprise staff | From Page: B3 | Gallery

 
Gibson’s heroics ensure a DHS split at Boras Classic

By Enterprise staff | From Page: B10

.

Features

Spring is a busy time for honey and hives

By Dan Kennedy | From Page: A8 | Gallery

 
.

Arts

Bluesman and guitarist Buddy Guy comes to Davis

By Jeff Hudson | From Page: A9 | Gallery

 
Fiery bluesman brings guitar pyrotechnics to The Palms

By Special to The Enterprise | From Page: A9 | Gallery

 
 
.

Business

.

Obituaries

.

Comics