One of the ongoing frustrations in being (of necessity) a heavy consumer of what passes for media in the US is how insistent and disconnected the official narrative is with conditions on the ground. The crushing effects of protracted unemployment are hard to understand unless you’ve been there. It’s a form of hot state v. cold state cognitive bias. People who are in a “hot” state (enraged, romantically obsessed) can’t get themselves into a more sober state of mind, and people who aren’t currently possessed by these moods (cold state) find it hard to relate to them. It’s frustrating to hear economists, finance touts, and the hackocracy natter on about how the economy is getting better, just not as quickly as we’d like. And then you see the occasional toad hopping out of an official mouth. From Bloomberg (hat tip Michael Thomas):
Rising stock prices, rebounding profits, restored dividends and a growing economy are signaling to U.S. banks it’s time for more job cuts.
What is conveniently omitted by the people who interact with the world mainly through data are the real, lasting costs of unemployment and low wages. This BBC documentary gives a much-needed counterpoint. Hat tip furzy mouse: