Paul Coomes, Ph.D. Professor of Economics September 22, 2010 Some Common Myths About the Economy provocative and sometimes inconvenient facts Paul Coomes, Ph.D. Professor of Economics September 22, 2010

1. This is the worst economy since the Great Depression reached 10.8% in 1982 Peaked at 10.1% last October; now at 9.6% reached 9.0% in 1975

now at 58.5% dropped to 57% in 1982 dropped to 56% in 1975

Over past forty years, male rate has fallen by 14 percentage points, while female rate has risen by 14 percentage points

18.5% 14.6% 12.2% 4.4% in August 1.2% in August

2. We’ve lost all our good manufacturing jobs to overseas Yes, net loss of 8.2 million manufacturing jobs, or 40%, but…..

…manufacturing jobs now average $73,000 per year, compared to but $46,000 for other private sector jobs.

3. You will never be able to retire, due to the bad stock market yesterday’s close = 10,761 the great boom, 1985 to 2000 in the 700 to 1,000 range for twelve years, 1970 to 1982

4. The rich manage to avoid taxes Top 3% of income earners paid 52% of income taxes Top 0.6% of income earners paid 33% of income taxes Bottom 41% of income earners paid 1% of income taxes

5. We have an affordable housing crisis

6. Government workers, including teachers, are underpaid

7. Jefferson County is stagnant in terms of population Gain of 56,000 residents, 1990 to 2009 Loss of 46,000 residents, 1974 to 1990

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