BUSINESS
09/07/2010 02:21 pm ET Updated Dec 06, 2017

Unemployment Plus Capacity Utilization = 'A F**king Disaster'

While your political touts are on the teevee, talking about the poll numbers that spell doom for Democratic politicians, let's not lose sight of the numbers that spell doom for actual ordinary Americans. Today, Karl Smith juxtaposes the unemployment rate with the numbers on total capacity utilization and declares: "This is a fucking disaster."

In short, we have idle factories and jobless workers, simultaneously. Per Smith:

Let me say that again because I think it fails to sink in - literally trillions of dollars in value are not being produced. Not misallocated. Not spent on programs you don't approve of or distributed in tax cuts you don't like. Trillions of dollars in value are not produced at all. Gone from the world entirely. Never to be had, by anyone, anywhere, at any time. Pure unadulterated loss.

[...]

So when I hear this debate drift oft into how Republicans don't appreciate the value of infrastructure - I suffer infinite eye roll. This is the time for this? You would watch the core economy grind down while you argue over the need to fix a pothole!

When I hear the GOP running some nonsense about how Obamacare is scaring small business I find myself beating back the desire for autodefenestration. Can we let this go already! There are real issues that need to be dealt with.

I sympathize with Smith's frustration in this regard, and ruefully note that over the next eight weeks, the discourse isn't likely to get more intelligent.

[Hat Tip.]

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