Thursday, August 1, 2013

Lakhsman Achuthan Tells Bloomberg TV "We Believe a [U.S.] Recession Began Last Year"



From the Zero Hedge, July 31, 2013:

Lakshman Achuthan of the Economic Cycle Research Institute is interviewed on Bloomberg TV

"Tyler Durden" at Zero Hedge reports how Achuthan challenges the conventional wisdom that the economy is doing well and how the anchors of the show, especially Tom Keene, defend their view.
At 1:05, Achuthan stuns the Bloomberg anchors - "We believe that a recession began last year. Time will tell if that call is correct."
 To which they retort...
 "The jobs situation is great"
[LA] ...the job market is not doing well, all headlines aside. When you – I think the core thing here, and something that concerns us quite a bit, is the types of jobs that make money. So if you happen to be between the age of 35 and 54, since this so-called jobs recovery began three-and-a-half years ago, you’ve actually seen job losses, not gains, okay?

Job losses for 35 to 54 year-olds approaching a million jobs lost. Now that happens to be, that 20-year span of your life, happens to be where you make the most money, and where you spend the most money. And so I think that is at the core of why, when you say, “Hey, jobs are great,” people say, “Eh, you know, it doesn't feel that way.” And they're right.
Read more here.

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