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Monday, May 05, 2008 --- 80 days ago http://seekingalpha.com/article/75646-employment-report-fictions-and-fed-actions
| Trader Mark submits: Due to the fiction that is the monthly employment report I won't mention it except for 2 things:
#1
the economy continues to build jobs almost solely on the backs of
healthcare and government. Here are my comments on this (if you are new
to blog - this link is critical to read) [ Apr 2: The Underemployment Rate is Rising ]
we
have 2 huge bureaucracies - federal government and healthcare. To keep
the government from going even more insolvent, we should in theory be
cutting jobs from these 2 white elephants. Healthcare costs spiral out
of control and we hire more people - I believe healthcare is now 16% of
GDP. But how do you cut costs without cutting jobs? Thats the other
dark secret - most of our recent gains in jobs are either government or
healthcare-related. So how do you fix the long term problems in either?
Chicken or egg? They are sapping our national wealth away by their huge
excesses/costs BUT they also provide the main job growth as well. As
with everything my expectation is the "kick the can down the road"
theory will continue - keep growing these massive bureaucracies (create
more jobs and costs now) and let another generation pay for it.
#2 the Birth Death model is continuing to account for most of job "creation" - this is an utter joke. [ Jan 27: Monthly Jobs Report & Birth/Death Model ]
In
brief the government guesses how many jobs were created by companies
too new/too small to be calcula ... |
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