Last week President Barack Obama triggered a firestorm of criticism – even from many of his allies – when he tested the argument that the private sector is doing “fine”.\u00a0 Here’s his full quote:<\/p>\n
“The truth of the matter is that, as I said, we\u2019ve created 4.3 million jobs over the last 27 months, over 800,000 just this year alone. The private sector is doing fine. Where we\u2019re seeing weaknesses in our economy have to do with state and local government\u201d<\/p><\/blockquote>\n
On first blush, it sounds like nonsense.\u00a0 A big majority of Americans think the country is moving in the wrong direction, according to pollsters, and the headlines are full of economic woe.<\/p>\n
But set against the general mood are other counter-indicators.\u00a0 We know that corporations, banks and big businesses are sitting on big pools of cash, afraid to invest and expand (we’re told) because of uncertainty in Europe.<\/p>\n
There are also plenty of grassroots signs out there that the economy isn’t in anything like the deep slump that we were seeing in ’08 and ’09.\u00a0 Unemployment has inched downward, particularly in pockets of the country.<\/p>\n
I know this is purely anecdotal, but I was out and about over the weekend and I saw swarms of Average Joes and Janes roaring around on high-dollar motorcycles — part of the Americade celebration in Lake George.<\/p>\n
I was also in Burlington, where Church Street was packed for the final day of the jazz festival, and the shops and restaurants were bustling.<\/p>\n
Even tiny Westport NY was busy, with more shops reopened, and plenty of customers hustling in and out.\u00a0 Are these the trappings of malaise?<\/p>\n
So here’s what I would like:\u00a0 I’d love for someone independent to paint a really accurate, detailed portrait of the state of the economy as it exists today.<\/p>\n
Not what we fear might happen.\u00a0 Not our mood or our sentiments.\u00a0 Not our anxieties.\u00a0 I’d like to know what is actually happening out there for retailers, factories, small farms, workers, and so on.<\/p>\n
We know, for example, that unemployment remains at 8.2%.\u00a0 But a quick glance at the numbers reveals that the details are really complex and textured.<\/p>\n
Some parts of the country have much higher unemployment than others.\u00a0 And some groups (blacks, Hispanics, teenagers) are suffering far higher and more persistent unemployment than white men and women, or Asians.<\/p>\n