1. 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

2. 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

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

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

5. 18.5%
14.6%
12.2%
4.4% in August
1.2% in August

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

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

8. 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

9. 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

10. 5. We have an affordable housing crisis

11. 6. Government workers, including teachers, are underpaid

13. 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

15. for research reports, see