Monday, May 2, 2011

State of the US Economy

This headline is the best summary of the state of the US economy that I've seen...
McDonalds Hires 62,000, Turns Away Over 938,000 Applicants For Minimum Wage, Part-Time Jobs

This is what the US economy has been reduced to: McDonalds reports that as part of its employment event to hire 50,000 minimum wage, part-time (mostly) workers, subsequently raised to 62,000 it received a whopping 1 million applications, or a Tim Geithner jealousy inducing 6.2% hit rate (h/t X. Kurt. OSis). Alas, the US economy is now so pathetic that the bulk of the population will settle for anything. Literally anything. And the saddest part: over 938,000 applicants were turned away. Here's hoping to Burger King needs a few million janitors in the immediate future too. And yes, aside from reality, things in America are really recovering quite nicely.
There is been minimal job growth in the US and actual income taken home (ignoring the Wall Street billionaires) has been falling since 2008 as people get kicked out of good paying jobs and end up taking part time or minimum wage jobs. This is the "recovery" that is supposedly taking place in the US.

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