DON’T PANIC (unless you have read the graph above, brought to you by Calculated Risk).
In that case you can follow suit with us at US Democrazy and PANIC!!!!!!
New job data for the US show that unemployment has hit a staggering 9.5%.
Rest assured President Obama is taking note. He said the new number is “sobering” but reminded folks that fewer jobs were lost in June than earlier in the year.
Republicans have jumped on the rise in unemployment to target Obama’s earlier stimulus. As reported by the Wall Street Journal, RNC Chairman Michael Steele remarked,
With the unemployment rate now at 9.5% and continuing to rise, Americans need real solutions that help them find work – not bigger government, higher taxes, increased federal spending and an unsustainable national debt.
So hold on tight because this wild ride has not finished. Any wagers on what the next unemployment graph will look like?
shouldn’t it be “fewer jobs were lost”? just saying…
You cannot survive as a debtor/service nation. If there is no money coming in there is none to spend. Hence, there must be domestic manufacturing of exports foreign consumers will buy at competitive prices. The costs of doing busineess are too high because of labor wages and the taxes. Both raise production costs which transfer to the consumer. This decreases profits because less can afford and if there is not profit, business goes elsewhere. You cannot just tax them for leaving and expect it to stop, there must be incentive to do business domestically. Cap and Trade tax is going to be a big nail in the coffin.
The world is soon going to get a clue and stop lending Americans money because they will not see a penny of it back. The party is over. The government swallowed all the resources and ruined American private credit. No one is going to want to invest in America because of this and becasue the government will not enforce contracts.
The money has lost well over 95% of it’s purchasing power since leaving the standard because of the government monetizing debt they could not directly borrow. Nations holding dollars as reserves will dump them and the ponzi scheme will be up. You cannot spend your way out of a recession or depression when there is no savings with which to draw from.
The bottom line is we’re screwed, have been for a long time. Until people get a clue and stop giving legitimacy to a bunch of robbers and murders called United States, their condition will worsen.