The former director of the Office of Management and Budget under Ronald Reagan – David Stockman – just gave some stunning statistics on unemployment.
Stockman told CNBC that two-thirds of the jobs which have been created in the last year – the jobs which everyone talks about each month – are only part-time jobs, averaging $20,000 per year.
Stockman pointed out that that type of salary is not enough to raise a family, let alone to allow the type of spending which would lead to a recovery.
Stockman also said:
- “The job outlook as a trend is a lot worse than people think”
- Zero “breadwinner jobs” (full-time jobs paying enough to raise a family with) have been created in the last year
- For the first time ever, the government sector is shrinking: “the reason is that governments are broke… we are going to have to cut back government employment.”
Watch the interview: