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Unlike the Stock Market

9:04 AM, Dec 28, 2013 • By GEOFFREY NORMAN
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Most Americans are not exactly sanguine about the economy.  As CNN reports, according to its latest polling:

Nearly 70% said the economy is generally in poor shape, and only 32% rated it good.

Could have something to do with the 4 million or so Americans who are considered “long term” unemployed and are not likely to be helped much by such measures as raising the minimum wage.  The demoralizing reality, according to a Bloomberg editorial is that:

These people are employable. At the end of last year, about four-fifths of the long-term unemployed had at least a high-school education, and almost half had some college, according to a study by the Urban Institute. About one in five had previously worked in professional or management positions. As time goes on, though, the chances of finding a new job declines and idleness erodes motivation and skills -- a loss that could permanently impair the economy’s productive capacity.

When you put it that way, 70 percent seems low.

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