Data does not match experts’ predictions

Policy makers have long been proclaiming an imminent improvement and economic recovery. In contrast, results to date have consistently faltered. Employment continues depressed. Analysis of our employment situation should consider the following undercurrents (not in unemployment statistics but presenting an ominous barrier to employment normalcy within the foreseeable future).

l Increasing numbers of discouraged workers removed from the unemployed data.

l Additional millions of employees moving from full-time to temporary jobs because of employers being under the constraints of economic duress.

l Innumerable numbers of the capable and trained indefinitely postponing what should be a salutary entry into the labor market.

l The housing market, thrown into turmoil by an out of control financial system, falls to new depths.

Meanwhile, the Federal Reserve pours taxpayer funds by the billions to the favored few on Wall Street. The nation's fiscal deficit and total indebtedness skyrocket. However, (unnamed) experts continue to see slight improvements and hopeful signs whilst using the mantra “lag indicator” to dismiss all contrary macroeconomic trends, e.g., accelerating office vacancies and record first-quarter home foreclosures.

Congress must enact sweeping reforms (including dismantlements) in our financial system. Previous initiatives (including malfeasant misdirection of trillions in taxpayer funds) have been counterproductive in correcting the systemic inadequacies of governmental agencies and Wall Street institutions, including the often-cozy interrelationships thereof.

George Black

Iowa City