Today's employment report from the Bureau of Labor Statistics was dismal. Unemployment rate increased to 9.2%. Percentage of population employed is down. Wages are down.
The creditor class, especially the 1% at the top who own 50% of the nation's financial assets are delighted.
I wish I could say the news is surprising. It isn't. Nothing new here.
I have some more dismal predictions:
1. If the deficit hawks in Washington succeed in reducing government spending, the economy will contract further;
2. Wages will either remain stable or decline further;
3. Unemployment will increase and there will be a further decline in employed persons as a percentage of the population;
4. Our present position as 23rd in the world in terms of quality of infrastructure will decline.
There will be more bad news.
Because we will spend no more to stimulate the economy, our debt will actually increase.
No light at the end of the tunnel.
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