by Karl Denninger
I have reported for nearly 10 years now that the so-called “roaring economy” is a lie when it comes to jobs.
Yes, we have created more jobs. That is true.
But a huge percentage of those “created” jobs do not support people in their lives. Those are not really jobs, in the sense that they do not provide people with a meaningful option to welfare nor any means of advancement. There is not only no value in those positions for the employee there is no advancement out of them either.
The common chestnut is that these “McJobs”, that is, low-wage positions — are “starter” jobs that people get while in High School and they rapidly advance out of them. That view is pervasive among both politicians and the financial media.