How much more brutal can it be when the U.S. Bureau of Labor Statistics monthly jobs report starts with these horrible words? “Nonfarm payroll employment was unchanged (0) in August, and the unemployment rate held at 9.1 percent, the U.S. Bureau of Labor Statistics reported today. Employment in most major industries changed little over the month.”
Looking down through the detail only makes you feel even worse. Comments by the White House and the Speaker of the House did nothing to make anyone feel good about the jobs situation.
Rather than actually doing something constructive our national government is tied in knots because the political parties are more interested in dueling than accomplishing anything. Would voting out the incumbents make a difference? Unlikely because the new office holders would simply comply with their party line.
While we may be dangerously close to a double dip recession that probably won’t happen because enough Americans are working and shopping to sustain the business community.
We have the kind of economy that Bill Gross of PIMCO calls “the new normal” and others call “the great reset.” Whatever you want to call this situation there does not appear to be a path back to “the good old days.”
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