Alternative Visions - US 1st Quarter GDP and April Jobs: What’s Behind the Numbers - 05/08/13

Dr. Jack Rasmus continues with his series on predicting the future direction of the US economy.  Today’s show consider in depth and detail the recent 1st Quarter GDP numbers as well as last week’s April jobs report. Dr. Rasmus explains how average GDP real per capita growth the past nine months is really only about 1%, after adjusted properly for real inflation and after temporary factors in each of the last three quarters are accounted for.  April jobs numbers were also far weaker than reported, with the majority of jobs part time or temporary. The US job market long term is also ‘marking time’, churning out permanent for part time/temp, high wage for low wage, and new hires for millions leaving the labor force. Next week, May 15, Dr. Rasmus discusses the economy with Rick Wolff, Shadow Chair of the Council of Economic Advisers, of the just formed Green Shadow Cabinet