August 7, 2009

Jobless rate falls to 9.4%

This morning the numbers came out and the jobless rate fell to 9.4%.

WASHINGTON (Reuters) - The U.S. unemployment rate fell in July for the first
time in 15 months as employers cut far fewer jobs than expected, providing the
clearest sign yet that the economy was turning around.
Good news for America, and good news for Team Obama. But one month does not a turnaround make. This could be a blip, or a sign of recovery. The only thing certain is the uncertainty of it. But expect the evening news to parade the number around and glorify the recovery plans of the current administration. Never mind that the vast majority of the ARRA money has not been spent yet and the recovery is therefore in all likelihood self-propelled.

Never mind that 9.4% is still pretty abysmal. Never mind that the government is still actively working towards promoting a dependency class with 34 million already on food stamps and an ever growing populace of taxless peasants and a shrinking base of those facing ever-increasing taxes. Because that won't lead to more unemployment.

Never mind that no matter if the country were 150% employed they still couldn't pay for Medicare and Medicade and Social Security, not to mention the still coming attempt at Government Funded Health Care for all.

Never mind that all of this will be combined with massive government debt and the possibility of hyper-inflation as the money floods the market (see the M1 line below).

Chart of U.S. Money Supply Growth

Never mind anything. Happy Days Are Here Again! Why? Because they just told you so.

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