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Dismal Jobs Report Reflects Economic Decline

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Bipartisan complicity to cut trillions of dollars in domestic spending post-election in addition to scheduled $2.2 trillion effective January 2013 promises to make tough times much harder.

A so-called "grand bargain" includes more corporate handouts, business tax cuts, and continuing the ones Bush instituted for rich elites. Doing so will increase the federal deficit by $4 trillion or more over the next decade.

At the same time, massive cuts in Medicare, Medicaid, Social Security disability, education, and virtually all other social spending are planned. Bipartisan agreement assures it. 

Defense and homeland security are safe. So are intelligence and Pentagon black budgets believed to be in the hundreds of billions of dollars annually. 

Expect increased corporate handouts. Their interests are prioritized over vital popular needs gone begging.

America is becoming banana republicanized. Disproportionally small numbers have enormous wealth. Ordinary people are exploited. Profits are privatized. Public pain is socialized.

Complicit corporate and political kleptocrats run the country. Gangsterism defines their agenda. Freedom and other democratic values are absent. 

Social benefits are disappearing. Austerity replaced them. Code language calls it "grand bargain/fiscal cliff" priorities. 

Crackdowns target protesters knowing the ruse and complaining publicly. 

Today's America reflects the worst of all possible worlds. Hard times indicate tougher ones coming.

America and other global economies are weakening at an alarming rate. Over 80% show declining industrial activity. Economist David Rosenberg called EU summit results "more bones than meat." Reality replaced initial euphoria.

Analysts and media scoundrels praised the outcome. Deception is the name of their game. New ways to reverse economic decline weren't proposed. Cutting near zero interest rates solves nothing.

Nor does central bank money creation for banks, not economic growth. America's in deep trouble. So is Europe. Recession conditions are worsening. Manufacturing in Germany and France are declining. So is Germany's service sector. Spanish bond yields again hit 7%. Depression conditions are deepening.

A Bank of England statement said:

"(A) weaker outlook for UK output growth means that the margin of economic slack is likely to be greater and more persistent."

In other words, BoE governor Mervy King said Britain's economy is lousy.

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I was born in 1934, am a retired, progressive small businessman concerned about all the major national and world issues, committed to speak out and write about them.

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