D Clarity

What Is This Weird Balloon For

back to the 30s

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Home sales are down. Retail sales are down. Factory orders in May suffered their biggest tumble since March of last year…”

California is tightening faster than Greece. State workers have seen a 14pc fall in earnings this year due to forced furloughs. Governor Arnold Schwarzenegger is cutting pay for 200,000 state workers to the minimum wage of $7.25 an hour

[Illinois]…has a deficit of $12bn and is $5bn in arrears to schools, nursing homes, child care centres, and prisons. “It is getting worse every single day,” said state comptroller Daniel Hynes. “We are not paying bills for absolutely essential services. That is obscene.”

Roughly a million Americans have dropped out of the jobs market altogether over the past two months.

The share of the US working-age population with jobs in June actually fell from 58.7pc to 58.5pc. This is the real stress indicator. The ratio was 63pc three years ago. Eight million jobs have been lost.

The average time needed to find a job has risen to a record 35.2 weeks. Nothing like this has been seen before in the post-war era.

Republicans on Capitol Hill are filibustering a bill to extend the dole for up to 1.2m jobless facing an imminent cut-off. Dean Heller from Vermont called them “hobos”.

Washington’s fiscal stimulus is draining away.

The housing market is already crumbling as government props are pulled away.

And so on.

What is Congress going to do about it? Nothing. What are the voters going to do about it? Vote in a political party that will make things even worse.

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Written by geek

05/07/2010 at 4:04 pm

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