Friday, February 6, 2009

Jobs 7.6% unemployment

The US economy lost more than half a million jobs in January for the third month running, figures showed on Friday.

The number of jobs lost last month reached 598,000, while the unemployment rate - 4.4 per cent before the credit crisis - jumped to 7.6 per cent in January, its highest level since 1992.

Economists had expected non-farm payrolls to drop by 525,000 and the unemployment rate to rise to 7.5 per cent, up from 7.2 per cent the month before. Employment has declined by 3.6m since the recession began in December 2007, and half of this decline occurred during the last three months, according to the Bureau of Labor Statistics

If you think that aTrillion dollar pork spending bill that a congress with an 8% approval rating (can it get any lower!) is trying to force down the throats of all of us and our unborn grandchildren, will change these are breathing from the same bong that Phelps did.

Our president is being at least disingenuous if not startlingly naieve if he continues to push nonsense of the kind that seems to promise 4million jobs to be created from this unbelievable theft of this nations future.

Last night he pulled the petticoat off the pig and stopped calling this current spending boondoggle a stimulus and revealed it for what it is: a "pork spending" bill.

Whatever happened to "timely, targeted and temporary" that Pelosi et al crammed into the national psyche this time last year?

The political lies are well noted by the electorate.

There may be a majority of Democratic votes in Congress, but that is all it is. A majority. It is NOT a mandate from every citizen of this still great country to continue politics as usual and spend money this nation does not have. This path will lead to the ruin of the lifestyle we know, for us and for generations to come.

All this spending has to be funded. We will have to borrow unbelievably large amounts of money from anyone who will lend! At ever higher rates of interest.

The laws of economics cannot be repealed by our congress. King Canute tried that too.

If you remember inflation at 21% and Treasury interest rates at 12% or higher (remember the ruin Jimmy Carter brought to us?) hold your britches: what is to come will make us look like a banana republic or worse, like Argentina!

Revisit 21% inflation rates or higher? Very likely and as soon as 2010/2011.
Unemployment above 10%? as soon as this very year!!

Challenge Pelosi, Reid, Obama et al to stand by their responsible dogma: Targeted, timely and temporary and Mr Obama, get rid of earmarks, all of them, now . This is the moment to prove your greatness or tarnish you image forever.

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