August Jobs Report Worse Than Expected
One headline for the August jobs report today read, “US economy added 96,000 jobs in August and the unemployment rate […]
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0 thoughts on “August Jobs Report Worse Than Expected”
Interestingly, I recall in 2008 you mentioned, and I paraphrase, when the stock market started back up that “historically it would stop and go back down and test that bottom”. Your concern, at the time, was that the stimulus might artificially hold it up, which I believe it did. Also, we never really fixed the housing market problem, though Congress made a feeble attempt (Fannie & Freddie). Then there was the bank and auto industry bail outs. Constitutionality aside, the government is still in the auto business to the tune of $25 billion+ with little talk of repayment happening any time soon. Banks?
During the DNC President Clinton compared our situation to the recession he and Congress worked through. What he didn’t mention was that it was followed by another, was it not? Testing the bottom?
Following the great depression, there was a recession, 1937 I believe; testing the bottom? We had a gold standard then; how much of the New Deal spending was borrowed money?
Many economists are saying there will be another recession in 2013, maybe even starting in 2012; testing the bottom? Our monetary standard now is paper, which some nations are already in discussions about changing; are we involved? The Fed is ready to print more. What will that do the value of our paper (dollar)? We are now borrowing what, 30% to 40% of what we are spending? How much lower can the dollar go before creditors (China) stop loaning, or worse call in the debt? Our nations credit rating seems somehow related to what ever Congress is willing to let the debt ceiling go to? This recession has lasted as long as the depression with unemployment among other things flat.
There will be another recession. Do we really think we can print and borrow enough to keep from finding the bottom this time? Me thinks our national pride boarding on arrogance? Our just desserts may just be in the form of humble pie.
Thanks for the comments Gordon. We can’t keep borrowing and spending like we have been as a country. When the spending slows, and the taxes go up, it will only slow the economy down more from it’s current turtle pace. If we don’t fix our country’s financial problems, there will come a day when China and Japan don’t want to own our Treasuries any more…and then who will buy them? I guess we’ll just keep printing new money and buy them from ourselves?? That’s when interest rates go up, and the dollar goes down. Hopefully Washington DC can fix this before that happens.