As markets wind down for the Thanksgiving holiday, and families will sit down for a turkey dinner, surely the conversation will turn to the economy.
Some will say that America’s doing OK, with plenty of work for those who want it and point to the jobless rate as proof.
Others, who may have been out there looking for a job, will say its a smokescreen. There are no good-paying, full-time jobs to be had.
Unfortunately they are both right for the wrong reasons. Jobs are aplenty in service industry and healthcare support staff — the lowest paying sectors.
The full-time, middle-class, raise a family jobs are vanishing.
“Foreman says these jobs are going boys, and they ain’t coming back, to your hometown,” wrote Bruce Springsteen some years ago.
As an example, Pfizer — the drug company — this week is racing Treasury to be bought by Ireland’s Allegan, and then will call the new company Pfizer — but with a much lower tax rate.
So as dessert is being served and coffee poured, take the pulse of the table. Where do people sit on the future of the American economy?
This could be the last holiday dinner where this is up for debate.
A global recession is on our doormat and it will be quite some time before anyone will feel good about their job security or the overall prospects for growth for sometime.
So enjoy your dinner, as I will, and let the “recoverist” have their say that the economy is good. No reason to play the “Doubting Thomas”, because it will become apparent to all in the spring that your hometown is hurting.