It's early June, 2011, and the 'market' is looking like 2008. Yesterday, it was reported that there were "No net new jobs" created on Main Street in May (CNBC - Dunkelberg), and today our President made some comments on jobs that just failed to resonate.
All our President had to offer was more rhetoric: Obama on Jobs.
Rhetoric by Washington politicians on jobs should not be a surprise, since we have not added any net new jobs in the US in over a decade, as David Stockman recently noted on MSNBC.
For Republicans, job are an afterthought. Republicans advocate firing a million additional workers and spending 4 or five trillion additional dollars on tax breaks.
Speaker Boehner:
... the Ryan budget is in fact a massive spending plan. Ryan would spend trillions on tax breaks and fire a million or so government workers.
Wonderful!
Shrinking the economy will shrink the economy. Reduce the number of people employed. Increase unemployment and reduce contributions to social security, unemployment compensation and medicare. That's Ryan's plan.
In my opinion it's a plan to put the pedal to the floor, accelerate the creation of a massive, global financial crisis, and drive us off the cliff.
With China fighting their own housing bubble, and Asian economies slowing down, and the economy headed for the cliff, my best advice this Summer is, "Better Not Look Down". We are, it seems at the end of the movie...
"Thelma & Louise"
It's the Obama/Boehner/Ryan script - Put the hammer down - Full Speed Ahead :)
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