Not good news today, but not the end of the world, either. However, if you read the Market Ticker regularly he expects much worse to come. As for the statistics? Even Ben Bernanke seems to think someone is “adjusting” them to make them look better. Denninger says to look at the labor participation rate, which isn’t good. And hasn’t gotten better. Gasoline at $4 a gallon and rising is not good for us.
The bottom line is that Washington, mostly Dems but with a good deal of Rep help, have engineered a perfect storm over the last few decades and it is now breaking on us. That storm is: rising inflation and gas prices, a weakened dollar, increased spending, falling employment, rising taxes, increased regulation, sluggish growth and a weak foreign policy contributing to the danger and uncertainty around the world. We are sure not out of it and we, frankly, need to vote out one big piece of the puzzle: President Barack Obama. Of course, that leaves us with the biggest chunk of the problem: Congress, which has to be chastised and brought to heel. That is a monumental job, to be followed by a purge of the bloated federal, state and local bureaucracy.
Hard work. But we have no choice. Bring back real Republicans, sensible Democrats and sane Libertarians.