Thursday, July 2, 2009
Are we in a depression yet?
A look at the jobs numbers this morning shows that we're slipping again. I know Obama is trying his best but it looks like that's not quite enough. 467,000 jobs were lost last month putting the unemployment rate at 16.5%. We're beginning to see an increase in crimes such as bank robberies and break ins. I see an increase in business fires and wonder if they're not intentionally set making sure it looks like an accident.
As I've reported before even those working are having their hours cut. So at what point do we declare this a depression? Ah oh I said the D word. Would it be 20% or 25% as in the last "great depression"? We now have an entire state that may go (is) bankrupt. IOUs aren't going to pay the bills. The contractors and subcontractors who do business with the state can't pay their bills. Wonder if they'll just hand out IOUs instead of pay checks? Wish I could pay my bills with IOUs.