In response to:

Why the Private Sector Isn't Doing Fine

rpm Wrote: Jun 18, 2012 3:46 PM
Sorry, I don't buy that big banks are "private sector". They are at best co-dependents with government. At worst, they are defacto nationalized. To the extent they are dependent on & controlled by the Federal Reserve, I don't see how you can call them private sector. Yes, I know the Fed is technically not a part of government, but can you give me a practical example of separation?

By now, just about everyone has had an opportunity to pick apart President Obama's fatuous remarks about how the private sector is "doing fine," while public employees are suffering. The president's comments, of course, were not even within viewing distance of reality. After all, despite some recent hiring, the private sector is still 4.5 million jobs below its 2008 employment peak. And while public employment is also down from 2008, that ignores a boom in state and local government hiring from 2006 to 2008. The current decline still leaves state and local employment about where it was in 2006. Meanwhile,...

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