Government stimulus policies since the 2008-2009 recession have pushed the U.S. into a “Bizarro World” where the economy does not work as it should, according to a senior Bloomberg economist.

In a wide-ranging keynote address for the 2015 INGAA Foundation conference, Richard Yamarone, who does research and writes for Bloomberg Intelligence and other publications, compared the current unsettled economy to the weird, anti-Superman “Tales of the Bizarro World” comic books. First published in the 1960s, the comic books tell stories of an odd, cube-shaped planet named htraE, “Earth” spelled backward, where everything is the opposite of what it should be.

“Economists have a rule of 2%,” Yamarone told the audience at Key Biscayne, Florida, meeting. “That is, if you have GDP [gross domestic product] growth of less than 2% in a quarter, you will have a recession two or three quarters later.”

However, U.S. GDP growth has muddled along at 2% or less per quarter, and per year, for nearly seven years now—but without an official recession.

What’s going on? “The rule hasn’t changed,” he said, pointing out that historical precedent since World War II proves it. The Federal Reserve’s near-zero interest rate policy has only headed off that recession, which should have happened by now.

Yamarone cited a number of consumer and retail sales statistics that reflect the unusual state of the economy since 2009. The federal government has publicized the creation of thousands of new jobs but Yamarone said, “they are not the right kind of jobs, they are not the jobs we need.” Most have been low-paying entry level or retail jobs, “and it’s hard to support a family on those kinds of jobs.”

The energy industry should be concerned about these consumer-based indicators because eventually what consumers do will impact commodity-based energy business, the economist said. He pointed to current, comparatively weak demand that has caused prices for crude oil, NGL and natural gas—all in good supply—to plummet.

So what’s the solution, Yamarone asked? “There is no elixir for this.”

Well-paying jobs can correct the economic weakness but the U.S. economy has moved to emphasize design and services. It no longer has a large manufacturing base with millions of well-paying jobs.

“We don’t do that anymore. We invent iPhones but they’re made someplace else where labor is cheaper. It’s not just the number of jobs, it’s the type of jobs that count,” he said.

The middle class—the driver of overall U.S. economic growth—has been particularly hard hit, Yamarone added.

The federal government also has overused government benefit programs. He said roughly 20% of the economy now depends on such programs as food stamps, compared with 10% in 1970.

Yamarone said he listens to, or reads transcripts from, some 300 key firms to gather anecdotal evidence of where the economy is headed. Such evidence is often more important that strict, dollars-and-cents numbers since period results may be up—but up only from recent lows.

He noted comments by Walmart executives that one of the busiest times of the month in Walmart stores now is just after midnight on the first day of the month—immediately after government EBT (electronic benefit transfer) cards are reloaded. “They’re crowded at 1 o’clock in the morning, that’s an economic indicator,” he said.

Another key indicator is that single-family home construction is down while apartment construction has risen. People only rent when they can’t buy, he added.

Yamarone listed five key economic trends that the INGAA conference attendees should watch: Restaurants’ dining-out statistics, casino gambling revenues, jewelry and watch sales, cosmetic and perfume sales and sales of women’s dresses. If these numbers decline, then the economy is weak.

He elaborated on each, noting that dress sales are important “because something like 85% of the purchase decisions in a household are made by the woman. A woman tends to be the CFO of a household.”

In general when money gets tight, “purchases for herself go first. It really is a good indicator of economic distortions.” An exception occurs each spring when graduations and weddings mean dress sales go up since a new dress for a special event is viewed as a necessity.

Unfortunately, the Federal Reserve has indicated it will raise interest rates in December, “but inflation is not a concern,” Yamarone said. Government spending on infrastructure would be a good place to start to fix the bizarre current economy, he added, but long-term action must be taken to return to fix things on a broad scale. Policies should emphasize helping the middle class through creation of well-paying jobs.

The strong U.S. dollar hurts the economy but its strength has come from foreign investors moving money here due to this nation’s comparative strength, he added.

Unfortunately, most other countries have followed the Fed’s “bizarre” lead with similar unusual results. He pointed out some foreign banks now charge negative interest rates for deposits. “It used to be in the old days when you put money in a bank, the bank paid you!” Yamarone quipped.

“We’re just the cleanest dirty shirt,” Yamarone added, that any U.S. economic strength comes in comparison to foreign economies that are weaker still. “Everybody in the world did what we did” and with similar results.

Paul Hart can be reached at pdhart@hartenergy.com.