Response - The Unemployment Stats Don't Begin To Reveal The Problem

Below is an extremely thoughtful & insightful response to the subject message.  The writer obviously not only knows why I entitled the message "The Unemployment Stats Don't Begin To Reveal The Problem" but also explains in detail what I meant by the term "spending down their assets" when referring to how the 23 million underemployed people & their families in the nation are making ends meet.

 

What we have is an older generation who created wealth, a younger generation spending it down, & the unanswered question of whether or not the next generation can rebuild it?

 

---Response---

 

Hi Doug - Thirty years ago we lived and died by manufacturing data - today it's insignificant. I am starting to entertain the theory that unemployment numbers are also insignificant. Realizing this theory runs counter to contemporary thinking lets peek behind the curtain at some facts. The Romney Camp cannot get traction with unemployment - it's like trying to use manufacturing data as a campaign tool - its old school. We are approaching 50% of America's population receiving income from a source outside the traditional 8 to 5 job routine. This 50% receives monies from pensions, Social Security, disability, welfare, investments, inheritances, trust funds, and self-pensioned. Moreover, the greatest transfer of wealth is taking place at this very moment and will continue for the next 15 years as the World War II generation passes away leaving their wealth to their children. Additionally, Baby Boomers are retiring at record numbers which will also continue for the next 15 years. Many companies are laying off their senior workers who collect unemployment for two years and subsequently retire. This technique skews the unemployment data. We are a mature and wealthy country with 80% of us owning our homes. As with manufacturing data, the above wealth facts, leaves few Americans, outside the news media, concerned with unemployment data. Since the country is seemingly deft to unemployment information, in my opinion, Romney will need to dig deeper into his tool chest otherwise he will pass into history as a final jeopardy question.