Friday, October 2, 2009

Disappearing people

Three tenths of one percent of the US adult population is the amount of people have stopped participating in the official work force and are not counted in the unemployment numbers. Just in September that’s 571,000 people. This number is from the Labor Department and who knows if it really is big enough. Nearly a million more people applied for Social Security benefits in the past year than was expected.
263,000 jobs were officially lost in September but that doesn’t really tell the story. For every job that comes available there are officially six people who want it.

The media keeps repeating the chant that this will some how turn around next year as if by magic. It’s just a cycle you know. No mention of the millions of jobs sent out of the country and how thousands more leave every week. Fewer and fewer people are working to provide support for the rest of the economy. Less and less is produced here and our credit card with China keeps getting closer and closer to where Beijing will not accept it anymore.

The unpleasant truth is that even if enough stimulus money was pumped into the system to inflate the "service economy" it would only make the trade deficit worse and hasten total collapse of the Dollar.

We will have a new way of doing things in America. The question is; who will decide what that will look like. Will it be the Masters of the Universe that are currently running the plutonomy? (economy for the plutocracy) They represent one percent of the population and they own more than the bottom 90%. They have half of the income and life is good. We have seen this before, it was called the Roaring Twenties. Meanwhile here in 1933, three more banks failed today.