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-- one in ten credit card users are defaulting on debt; and
-- five or more unemployed workers compete for every job, "hence downward pressure on wage growth."
He also cites rolled over leading economic indicators, weak retail sales, weak consumer sentiment, rising jobless claims, slowing industrial production, ("the last vestige" of US economic strength), and a disappointing June nonfarm payroll report - distorted by the "fantasy" birth-death model, boosting it by 147,000, and an unemployment level drop to 9.5%, a "statistical illusion" because the labor force "plunged" by 652,000, discouraged workers not looking, not counted, and ignored.
It's so hard finding a job that seekers take "an average of 35.2 weeks," an "unheard of" amount of time, and about 46% of the unemployed have looked in vain for at least six months - "again, this is without precedent."
The broader Household survey, more sensitive to the small business climate, plunged 301,000 in June, following a May 35,000 drop, "the steepest contraction for the year and first back-to-back declines since last fall, (showing) the amount of slack in the US labor market is palpable," deflationary seeds being sown.
"We need a war room dedicated to reviving the moribund labor market," yet administration policies are killing it.
In a recent commentary, financial expert and investor safety advocate Martin Weiss listed "11 startling facts that Obama and Bernanke do NOT want you to think about:"
(1) the official $12.68 trillion national debt equals 88.5% of the real economy, all goods and services produced annually;
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