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The pile of economic data indicating that the worst of the recession is over just keeps growing. In the past few weeks, the government has reported that businesses last month shed the smallest number of jobs in nearly a year. The savings rate, after rising rapidly, held steady at levels not seen in at least five years. And from April to June, productivity surged to a six-year high.
But the same data also explain why any recovery isn’t going to feel like one anytime soon for millions of Americans. Its existence will be confirmed by statistics, but, over at least the next year, the benefits are unlikely to materialize in the form of higher wages or tax receipts or more jobs.
“It’s going to be a recovery only a statistician can love,” Wells Fargo senior economist Mark Vitner said.
More from Ken Silverstein:
Commentary — November 17, 2015, 6:41 pm
The Clintons’ so-called charitable enterprise has served as a vehicle to launder money and to enrich family friends.
The old woman’s husband, even older than she, has lived long enough. She is careful not to say this to her daughters, to her brother, to the doctors. He’s had a stroke, or something like a stroke, and at first he seemed to be recovering. Then there were intermittent bad days and setbacks and now, a few weeks in, they are all bad days: he is declining, delirious, difficult, and she is exhausted. Her mind — usually a badger den of plans, desires, and, most of all, worry — now, at night, in its rare moments of rest, tumbles into a pale white silence. She doesn’t want him to live on like this, biting the nurses like a dog that needs to be put down.
Average number of times a Canadian apologizes each week:
Beaumont, Texas, produces the saddest tweets.
The Finnish postal service announced it will begin mowing lawns on Tuesdays.
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“Matt was happy enough to sustain himself on the detritus of a world he saw as careening toward self-destruction, and equally happy to scam a government he despised. 'I’m glad everyone’s so wasteful,' he told me. 'It supports my lifestyle.'”