ELDER PATRIOT – Hidden in an Associated Press article about slowing job growth is this inescapable reason that our economy will soon collapse:
“All told, the proportion of Americans who either have a job or are looking for one fell to a 38-year low.”
President Obama and Congress bet the ranch on the stock market and large-cap corporations to the detriment of small business that has been historically responsible for the creation of the majority of jobs. Not only has President Obama’s economic policies failed to produce jobs they’ve destroyed the incentive to even look for one. That leaves fewer workers to absorb the burden of the incredible debt that has been the result of the president’s profligate spending.
Breitbart.com reports that the number of people who are employed declined by 350,000 over the last month.
Of course, the endless stream of immigrants, both legal and illegal, who now may number 40,000,000 have no effect on how many American citizens are working. Just ask President Obama.
Business Insider had this to say about the September jobs report:
“Job growth was less than expected, the unemployment rate was unchanged, wages disappointed, revisions to August’s report was bad, and the participation rate fell to a new 38-year-old.”
Of significance was this analysis from Chris Rupkey, chief financial economist at MUFG and one of the most bullish strategists on Wall Street. “He has thrown in the towel on the Fed raising rates in 2015 — and maybe ever — while also tossing out the idea that the US economy can be the engine that powers a faltering world economy.” – Business Insider
This appears to be an admission that after 102 years of its existence the Federal Reserve has only succeeded in fueling inflation for the benefit of governments fighting debt. Today’s dollar only has the buying power of $0.04 in 1913.
Rupkey’s remarks should serve as a warning to those who continue to believe that we should continue to cede economic power to the United Nations whose only goal has always been to feed at our trough. Wake up people, charity begins at home.
Finally on the economy, Market Watch quoted Douglas Holtz-Eakin of the American Action Forum:
“The September report was a complete whiff. It eliminates any hope the Fed will raise rates at its next meeting. But more important it reinforces the ugly reality that this recovery has never gained momentum and likely will not without a change in economic policies.”
It’s interesting that those who thought they’d benefit the most from the totally one-sided legislation of the past 7 years that favored corporate America and banking interests over small business are finally paying the price for their greed and stupidity.
As they anticipate the pain that’s coming their way, I’d welcome them to the party but I know that somehow the people will be forced to experience even greater pain before that happens.