THERE'S A REASON WE'RE OBESE:

So this is the new year? (The Economist, Feb 4th 2011)

LOOK almost anywhere in the recent economic data and the signs point to an accelerating recovery. A solid fourth quarter GDP report contained a truly blockbuster increase in real final sales. Manufacturing activity is soaring. Consumer spending is up and the trade deficit is down. Markets are trading at their highest level in over two years. And so economists anxiously awaited the first employment figures for 2011, hoping that in January firms would finally react to better conditions by taking on lots of new help.

Instead, the Bureau of Labour Statistics has dropped a puzzler of an employment report in our laps—one which points in many directions but not, decidedly, toward strong job growth.

Obviously we face a difficult period of adjustment as we replace the job as the near-exclusive means of redistributing wealth, but the fact that we're creating ever more wealth with ever less effort isn't exactly a bad problem.

Posted by Orrin Judd at February 7, 2011 6:16 AM