History repeating itself? President Obama has been accused by some economists of making the same mistakes policymakers in the US made in the Great Depression, which followed the Wall Street crash of 1929, pictured Photo: AP America Slides Deeper Into Depression As Wall Street Revels -- The Telegraph
December was the worst month for US unemployment since the Great Recession began.
The labour force contracted by 661,000. This did not show up in the headline jobless rate because so many Americans dropped out of the system. The broad U6 category of unemployment rose to 17.3pc. That is the one that matters.
Wall Street rallied. Bulls hope that weak jobs data will postpone monetary tightening: a silver lining in every catastrophe, or perhaps a further exhibit of market infantilism.
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Update: High U.S. debt means slower growth, history suggests -- McClatchy News
My Comment: Huge debts .... and more in the future. High taxes and a hostile business environment, coupled with uncertainty of future government action and its impact on business and the economy .... sighhhh .... at moments like this I am glad to live in Canada even though we do have our own share of problems.
With such a destructive fiscal and business policy coming from Washington .... you know that it will have a medium/long term impact on the U.S. military. My prediction .... expect massive cuts in the defense budget by the end of this year and/or start of next year.