Posted on 06/07/2010 6:54:21 AM PDT by SeekAndFind
The bad news is that there is a lot of bad news. BP, known to our president as British Petroleum, is destroying the ecology of the Gulf of Mexico, and wrecking the economies of the states that abut it. The eurozone is in a state of chaos as profligate nations prove unable to repay the money they have borrowed, creating the possibility of another collapse of the international financial system.
Tensions in the Middle East and on the Korean peninsula are rising. Japan’s prime minister has resigned, as has Germany’s president, unsettling the political picture in both countries, not good news for those hoping for robust recoveries in the world’s second and fourth-largest economies, respectively. China’s economy, the third largest, seems to be overheating. Iran’s effort to go nuclear proceeds, unimpeded by UN resolutions or sanctions.
Meanwhile, the American economic recovery is experiencing a wobble. Only 41,000 of the 431,000 non-farm jobs created in May were in the private sector, and perhaps 20% of those, by one estimate, were to help clean up the oil spill. The government hired 411,000 temporary and low-paid census takers, bringing the total knocking on doors to 564,000. They will soon return to the unemployment rolls or part-time work. No surprise that share prices plunged when the bad jobs news was released.
Still, there are signs that the recovery has not flamed out. The Organisation for Economic Co-operation and Development expects the American economy to grow at an annual rate of 3.2% this year and next. Consumers’ incomes rose in April, and it is hardly bad news that they decided to save the increase rather than step up spending.
(Excerpt) Read more at business.timesonline.co.uk ...
If government got out of the peoples way and stopped taxing them to death, they would bring this country back. But I am beginning to think the government doesn’t want that to happen.
What silver lining?
You’re even more pessimistic than the writer... hope this is not the majority feeling in the USA.
The only silver lining I see is November.
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