Jobless reports came out better than many Americans expected, indicating to some that the U.S. economic situation could be improving. CNBC’s “The Kudlow Report” – hosted by Larry Kudlow – brought in Agora Financial’s Michael Pento to set the record straight. Pento is the editor of the forthcoming Survive and Thrive newsletter. Pento reminded viewers that it’s not just about creating jobs; it is about creating the right kind of jobs.
“Four years after the credit crisis started, we created zero goods-producing jobs,” Pento told Kudlow. “That’s horrific for this economy. We lost 6,000 goods-producing jobs.”
“Did we learn anything from 2008?” he added. “There are no island economies. How can you take EU-17 – which is the second largest economy on earth – put them into a sovereign debt crisis, put them into severe recession, and somehow claim that the rest of the globe is going to be immune?”
“Total non-financial debt is still at 250% of GDP. We have not de-leveraged as a nation, at all, in the last two or three years.”
“Q42009, [the economy was] growing at almost 4%. Now we are just growing at 2%.”
You can read more about Michael Pento here.
Follow Pento’s commentary in The Daily Reckoning.
