Jobless recovery or human recession?

Blogging today from this weekend’s World Economic Forum in Davos, Switzerland, the Wall Street Journal has quoted brilliant economist and advisor to President Obama, Larry Summers, as saying the U.S. is experiencing a “statistical recovery and a human recession.”

It seems the term “jobless recovery” was just a little too simplistic a term for the highly educated, high-browed leaders of the “free world” as they meet in the world’s center of banking. It sounds so – well, official.

But what exactly is a statistical recovery and a human recession?

To me, it seems that what Mr. Summers is attempting to convey is that the bankers and corporations are recovering quite nicely – no doubt because of the swift and selfless actions taken last year to rid the taxpayers of trillions of dollars – as we lesser humans continue to experience high unemployment and rising prices.

In fact, Mr. Summers went on to explain that one in five American men aged 25 to 54 are unable to find work. So that begs the question – how is the economy recovering statistically while no one is able to find work?

I’ll leave it to the dear readers to hash this one out.

Wall Street Journal