"Wall Street bulls are completely ignoring the quality, composition, and sustainability dimension of even the anemic headline job gains being reported. Consequently, they fail to see that “fiscally dependent” job gains -- which account for a high share of the uptick since December, and, more importantly, all of the American economy’s job growth for the entire last decade -- will soon dry up."
---David Stockman at Minyanville.
Stockman's point is that most job gains since 2000 have been in health and education services, ie, in government funded jobs, and that the core private sector (construction, manufacturing, services) has been decreasing. Excellent read if you can get past the various obligatory swipes at Obama and Keynesians in general.
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