The argument about the “private sector” doing “fine” could be over in a few moments IF more people were familiar with a wonderful research tool provided by the St. Louis Federal Reserve, FRED.
Business Insider has an informative collection of charts from FRED demonstrating what President Obama has been trying to say all week — the private sector has rebounded from the worst of the Recession of ’08 but the public sector has taken a dramatic downturn.
That blue line is headed up nicely. Corporate profits are doing quite nicely…even after taxes. We know that Wall Street is doing well, thank you very much Mr. & Mrs. American Taxpayers, but how about non-financial corporate profits?
Seems like they’ve been doing reasonable well during the Obama Administration too. So not only have the Wall Street Wizards been doing well for themselves, the other non-financial corporations have been doing well also.
Employment? What have employment levels in the private sector been doing during the Obama Administration?
Hmm, not all that badly! The red line is headed in the right direction, and has been since 2010.
Now, when the President said the public sector was the one taking a beating, here’s part of that picture.
For the “Drown The Government In The Bath Tub” and get “Something for Nothing” Crowd — the previous graph is a dream come true. For fire departments, school districts, and law enforcement agencies it’s been a nightmare. There’s more in the Business Insider article on this topic.
Since you’ve taken a look at four of the more important graphs, here are a couple of bonus ones for you. Let’s take a look at the civilian unemployment rate, and the real GDP charts.
Again, the trend lines are headed the right direction. The Bush Recession of ’08-09 in the gray shaded part of the graphs provides an illustration of what happens when de-regulation combines with financialist fervor for the next really big “Thing” (like credit default swaps and synthetic CDOs) and the resulting volatility knocks the props out from under the financial system and the rest of the economy. Now, do we really believe Republican candidate Governor W. Mitt Romney when he says that Everything Is Just Icky right now, so it is imperative we select a financialist to oversee the deregulation of financial markets and the revival of Trickle Down Voo-Doo Economics?