There is a slew of reports this week that paint a pretty bleak picture. The Labor Department has placed the unemployment rate at 9.4 percent (the highest since 1983), If you add “temp workers” the rate is higher. In the meantime, another report indicates that over 16% of personal income of the United States is now coming from the government.
With jobs cuts continuing, we are now at an unemployment rate of roughly one in ten Americans — not including temp jobs or low wage service jobs.
The good news is that the loss of jobs is slowing.
However, we are now seeing the impact of our crushing deficit spending. The government has been pouring out money and it is now endangering recovery according to the Chinese who hold $768 billion in our Treasuries, here.
I’d keep on writing but the combination of these reports and the invention of a new robot teacher has led me to start a subsistence garden.
For the unemployment story, click here.