June 1, 2012
Editor's note: We need to understand that the President's office is just a means for the Globalists running the country to deflect the blame for the destruction of our economy away from them , and toward the President. He will then be replaced by another "whipping boy" and the policies of globalization and the furtherance of a Police State and middleclass downgrade will then continue under the next "whipping boy" president until he is thrown out of office.... We need to focus on the legislation, congress, and the education of everyone in a position of power. Until we understand the true agenda that is our enemy, we can never defeat it and recover....
The new jobs numbers are giving Mitt Romney ammo for his run against Obama in the 2012 election. According to the US Labor Department, in the month of May 69,000 jobs were created, but the number fell way short of the 150,000 jobs that were expected and for the first time in 11 months the unemployment rose to 8.2 percent. Peter Schiff, president of Euro Pacific Capital, joins us to discuss what this means for the Obama administration.
Another month, another bad jobs report. For the month of May, the U.S. economy only added 69,000 jobs and the unemployment rate rose to 8.2%. Many are calling this a total "disaster" and are worried that the U.S. economy could be headed back into another recession. Economists had been expecting 150,000 payroll jobs would be added, so the 69,000 number really shocked a lot of people. The truth is that the economy needs to add approximately 125,000 new jobs every single month just to keep the unemployment rate steady. So yes, this bad jobs report is not welcome news at all - especially for the Obama administration. When Barack Obama first took office the unemployment rate was sitting at 7.6 percent and now it is sitting at 8.2 percent. Some "recovery", eh? But the reality is that this jobs report was really not that "devastating" even though the stock market had its worst day of the year. Unemployment in America is still about at the same level as it was back at the beginning of 2012. The tough stretch that we are going through right now is only a very small taste of the economic nightmare that is on the horizon. If you think that things are a "disaster" right now, just wait until you see what is coming.
At the moment, 53 percent of all Americans with a bachelor's degree under the age of 25 are either unemployed or underemployed, and there aremore than 100 million working age Americans that do not currently have jobs.
But this is only just the beginning.
During the next major economic downturn, the unemployment rate in the United States is going to soar well up into the double digits.
Many Americans will look back on 2010, 2011 and 2012 as "the good old days".
Right now, there are only small pockets of the country that are total economic hellholes.
For example, Yuma, Arizona has an unemployment rate of 26 percent, and El Centro, California has an unemployment rate of 26.2 percent.
In the future, those kinds of numbers are going to become the norm all over the nation.
Sadly, most Americans have no idea what is coming.
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