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Does 5.7% GDP growth help to alleviate the 17% effective unemployment rate?

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Consider this article from Bloomberg News. (H/T ECM)

Excerpt:

New York University Professor Nouriel Roubini, who anticipated the financial crisis, called the fourth quarter surge in U.S. economic growth “very dismal and poor” because it relied on temporary factors.

Roubini said more than half of the 5.7 percent expansion reported yesterday by the government was related to a replenishing of inventories and that consumption depended on monetary and fiscal stimulus. As these forces ebb, growth will slow to just 1.5 percent in the second half of 2010, he said.

Investors Business Daily explains:

So let’s deconstruct that 5.7% a bit. For one thing, most of the gain — nearly two-thirds, in fact — was a result of an end to the panicked inventory liquidation that took place at U.S. firms last year. Remove that, and a different picture emerges — a 2.2% rise in GDP.

Most economists agree that GDP growth of 3% or so is needed to boost employment. That may in part explain why GDP could grow 2.2% in the third quarter and 5.7% in the fourth quarter, while businesses slashed 735,000 jobs over the same six months.

More meaningful is year-over-year growth. By that measure, we barely grew — real GDP rose just 0.1% in the fourth quarter from last year, virtually flat. Worse, real nonresidential fixed investment — a proxy for business investment in future output — plunged 14.6% from last year. That’s a shocking vote of “no confidence” in Obamanomics by America’s entrepreneurs and businesses.

We wish that was all, but it isn’t. According to the Labor Department, wages and benefits rose in 2009 by just 1.5%, the smallest rise in history. Meanwhile, weekly earnings for nonmanagement workers fell 1.6% last year, the worst since the 1991 recession.

These subpar numbers only underscore the weakness of our job market. In just two years, we’ve destroyed almost 8 million jobs and watched as the unemployment rate surged to 10%.

One quarter of growth isn’t going to change anything – we still have 10% unemployment, which is actually 17% when you consider the people who are no longer actively looking for work. Obamanomics wrecked the economy, starting in late 2006 when the Democrats got control of the House.

Mentoring

If a person wanted to become a Christian, what should they do?

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I just got an e-mail from one of our non-Christian readers who has decided to investigate how to become a Christian. He asked me for some advice on how to proceed, and I thought I would throw it out there for my Christian readers (Neil and Drew, please help!) to see if anyone has any good ideas.

In his e-mail, he wanted to know how I became a Christian, how to read the Bible, and how to become a Christian. The reason I am excited is because he seems to be coming at this the right way, starting with the intelligent design DVDs that I always recommend, then William Lane Craig debates, and so on. He’s been investigating for a year and a half! Now, this is the perfect way to become a Christian, in my opinion. Slow, and with an eye for the other side. I am actually very excited about his approach!

OK, so I was going to work on a reply, but the first things I thought of were the following:

Start with some Bible: (NIV translation is easier)

  • John
  • Luke
  • Acts

Then some C.S. Lewis:

Any ideas for a good basic theology book? Here’s a basic one from Wayne Grudem. I like him because even though he’s a Calvinist, he’s politically conservative, complementarian and old-earth. If you just read his books while thinking “grace is resistible, grace is resistible”, then you’ll be fine.

I know a lot of people like Dallas Willard’s “The Divine Conspiracy” and “Renovation of the Heart“, but isn’t he a bit mystical? I haven’t read it. I have it though, and I’ll probably read it then recommend it to him if it isn’t too goofy. I’m suspicious of Dallas Willard, because even though he’s a philosopher at USC and speaks on university campuses, I’ve met lots of goofy Christians who liked Dallas Willard, but who did not like apologetics.

I was thinking that this would give him the idea that the Christian life basically consists of investigating whether God exists, whether Jesus is God stepping into history to talk to us, and then reading about Jesus life and words to find out what Jesus says. And he can read the Bible, and pray about various things (praying is like debating, you reason with God about things he’s done that you like, or why you think he should act in a particular way). He could also listen to sermons in church, and talk to other Christians who like apologetics and theology.

As a new Christian learns more, they think of things that they’d like to try, like changing behaviors and priorities, and making clever plans to give God things he might like. It’s a relationship, but instead of hearing God’s voice out loud, new Christians should be collecting information about God like a detective, then acting accordingly. It’s demanding, and there is sometimes kickback. But I think that the point of Christianity is that you are building a lasting relationship with God by choosing how you spend your time.