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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: Jim Willie CB who wrote (6817)2/3/2004 11:11:18 AM
From: mishedlo  Read Replies (1) of 110194
 
........we've got a slew of jobs that have still failed to materialize and 70% of the U.S. economy dependant on U.S. consumers going into debt in order to keep up with appearances. Nearly two and half million people have lost their jobs since 2001. And 375,000 of those collecting unemployment in January ran through all of their allotted federal subsidy - a fate now facing roughly 2 million more by June. The number of workers claiming "part-time employment for economic reasons" has been hovering dangerously close to 5 million for the last 4 months.

- And despite the widely held belief that new jobs are on the way, according to a report by the Bureau of Labor Statistics released last week, the average salary a U.S. worker can expect to pull down has dropped from $44,570 to $35,410 since 2001. Salaries down nearly 10k a year...in less than three...if that isn't 'deflation,' we're not sure we'll recognize it when it comes. Our friend Greg Weldon adds this ominous statistic: "disposable income" collapsed in the 4th quarter from the tax-cut-boosted $160 billion reported in Q3 to a less-than-paltry $1.7 billion. That's a 99% drop, nay collapse, in the amount of cash sloshing around in John Q.'s wallet.......
dailyreckoning.com
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