Baseball great Yogi Berra had a saying: “It’s déjà vu all over again.” And every year around this time, I am reminded of those words. As we have once again, happened upon that magical time of year I call ‘recovery summer déjà vu’. It’s the time of year when Wall Street and Washington apologists trot out their dog and pony narrative in an attempt to spin the actual data, proving we have finally embarked on the summer that will launch sustainable economic growth.
And this year is no exception, as those same people appear to be downright giddy by the prospect that we finally have something to feel optimistic about. For instance, they are euphoric about the most recent jobs report, some suggesting that there is absolutely nothing to find fault with. Of course, they fail to mention anemic wage growth, the lower quality and part-time jobs created; or the discouraged workers who have left the work force.
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