Friday's US Jobs Report Is So Stunningly Bad It's A Danger To The Global Economy

Business Insider ^ | Jun. 3, 2012 | AP Writers

[Son House]

Alan Krueger, head of the president's Council of Economic Advisers, pointed out that the country has added jobs for 27 months in a row, including 4.3 million jobs in the private sector. The economy still has a few bright spots. Americans bought cars and trucks a strong pace last month, giving automakers their best May since 2008.

Underscoring the challenge for Obama with five months to go in the campaign, a May poll by The Associated Press and GfK, a research company, showed that 52 percent disapproved of Obama's handling of the economy while 46 percent approved.

Some financial analysts said that the dismal job figures put pressure on the Federal Reserve to take additional steps to help the economy, but it was not clear how much good the Fed could do beyond trying to inspire confidence.

The central bank has already kept the short-term interest rate it controls at a record low of almost zero since the fall of 2008, during the financial crisis, and pledged to keep it there through late 2014.

It has undertaken two rounds of massive purchases of government bonds, starting in March 2009 and November 2010, to help drive long-term interest rates down and stimulate stock prices. Another program to lower long-term interest rates, known as Operation Twist, was announced last September and ends in June.

But low interest rates, other analysts pointed out, are not the problem. An investor stampede into bonds on Friday drove the yield on the 10-year U.S. Treasury note as low as 1.44 percent, the lowest on record.

Fed Chairman Ben Bernanke testifies next week before a joint committee of Congress, and the Fed next meets June 19 and 20.

[kiryandil]

After two years on SS you eat up your little bits of contribution and though they still call it SS, it is welfare once you've spent through your contribution.

So, if you've contributed $100,000 ($50,000 by you, and $50,000 by your employer), you "eat up" that money in "two years"?

Do tell. Show your math.

[kiryandil]

It's just like the scene in It's A Wonderful Life during the run on the Bailey Savings & Loan where "Tom" demands all his money. "I got two hundred and forty-two dollars in here and two hundred and forty-two dollars isn't going to break anybody."

So just cut us a check for our "little bits of contribution". I imagine you & I would both be happy with that check. :-)

[GailA]

TIME FOR A REAL TEA PARTY, and that does NOT include the RINO ROMNEY!

[dsc]

“This will be the story going forward.”

They’ll certainly bang that drum. But how can we persuade that certain type of person that the lamestream misleadia are and have been lying to them?