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True Jobs Picture and Geithner’s Latest

While ‘only’ 247,000 jobs were lost during July, way under half the peak numbers of a few months ago, an astounding number of people gave up looking for jobs (or accepted part-time work) during July – 637,000 to be exact.  These are people who were counted before in the unemployment statistics, which helped drive unemployment to 9.5% in June.  The official unemployment numbers fell to 9.4% in July, largely due to these people dropping out of the workforce.  This 637K number is almost 300,000 more than June (358,000), and close to 4 times bigger than the average over the last 12 months – 167,000 leaving the workforce.  Here is the article, detailing a more accurate unemployment figure of 16.3%.

So are things really getting better? No. And if you think about it, that jives a lot better with our everyday experience in the economy today.  This is not a recession…it’s a borderline depression.  Structural imbalances in the global economy over the last 4 decades brought us to where we are today ($-gold link cut in Aug. ’71, U.S. manufacturing shipped overseas, and credit/debt explosion), so there is no quick fix that will bring us back to pre Aug 2007 anytime soon.  But, with a socialist administration hell-bent on passing legislation like the healthcare and the energy cap & trade bill, not only are we not moving in the right direction for jobs and the economy, but we are quickly heading toward an economic cliff.

And now for Geithner’s Orwellian doublespeak: Timmy says we must raise the Federal debt ceiling from $12.1 trillion so “citizens and investors here and around the world can remain confident that the United States will always meet its obligations“. What? Making sure the U.S. Govt can go deeper into debt will instill confidence in global investors?  Who the hell is he kidding?  China, our largest creditor, must read that and laugh…or cry about about all the garbage US Govt paper they own. Click here for the quickie story from the Wall St Journal.

And by the way, his statement is actually proof that U.S. govt debt is the largest Ponzi scheme in world history.  Yes, we do have to raise the debt ceiling, so that we can issue more bonds to pay off maturing bonds.  And why do we have a debt ceiling anyway if Congress just votes to raise it when the the ceiling is inevitably hit?  What a joke…

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