Reply to Unemployment at 7.8%

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]OP again.  I just wonder if there's something symbolic about it being below 8.  In reality it's marginal but may seem like more?  [/quote]

You mean, for the same reasons that retailers price things at $9.98 instead of $10.00?  Yeah, that makes sense. It does seem cheerier, even though I agree with Jeff that the scale of the increase is still much lower than you'd hope. [/quote]

Exactly what I mean.  We'd like better--the change isn't actually much, but it seems like "yay we're below 8% for the first time in almost 4 years!"  I'm just thinking purely psychologically--the numbers have started with 8 and 9 for nearly 4 years.  Now we're in the 7s.  That sort of perception.  [/quote]

Well, I think it makes for a great soundbite for Obama's re-election. But, for the individual American I don't think perspectives about the economy overall will change much until paychecks start getting bigger. I think a lot of the feeling about the economy is actually generalized anxiety about the very real problem that wages have been stagnant for decades, people have debt financed the American dream, that option is now gone, and lots of people live paycheck to paycheck. Most Americans are palpably aware that they are one family crisis away from the streets.[b] The only way out is to raise wages, [/b]get household debt under control, and incentivize savings over consumption. That will get people feeling secure again and perceptions about the economy will go up.  Unfortunately, it's problematic for the economy overall in the short term.[/quote]

COrporations have to be willing to reduce profits (and executive pay) a little then. [/quote]

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