The June employment numbers came out a day early so that everybody can take an extra day off for the holiday, but the numbers show a record number of Americans will be taking an extended "holiday" with no prospect of employment. This is the first time since the Great Depression that the number of existing jobs has dropped below the number created during the previous business cycle. There are now fewer jobs than there were in May of 2000 even though the population has increased to produce 12.5 million more people who need jobs.
The "real" unemployment rate is in the range of 17.5% if you counted jobs the way they did forty years ago and with 467,000 fewer jobs in June alone any reversal of this trend has been pushed back into 2010 by even the most Pollyanna of forecasts. The elephant in the room that everyone is ignoring is that the jobs being lost are the real economy drivers. This fact had been concealed by massive imports from China paid for by printing money. Republicans continue to chant "global economy" but they have no answer for where the "global" money will come from to pay the trillions and trillions in debt obligations the Republicans have created, let alone pay for future imports.
The Republicans used to point to the empty store shelves in the Soviet Union in contrast to the plenty manufactured here to demonstrate the superiority of "capitalism". Once the Communist Chinese cut up our credit card, the empty store shelves will be here. The plenty here was in spite of "capitalism" and not because of it. Capitalism brought us the last Great Depression and thanks to Republicans and some Democrats like Clinton we are on the verge of a Depression that has not been seen anywhere, ever.
FDR was urged repeatedly to declare martial law in the thirties to bring the corporate robber barons under control and once war broke out that is basically what he did. Is Obama planning to use the martial law apparatus created by the Bush Crime Family? Will he have any choice? Is he really on our side?