Is A Recession Lurking Around The Corner?
Ok, I’m going to just go out and say the dreaded R word. America may be skidding into another recession and the latest abysmal jobs report is the latest sign of troubled waters ahead.
One thing is for sure: When Barack Obama traveled to Elkhart, Indiana on Wednesday, and boasted of how brilliantly the economy is performing his timing couldn’t have been worse. He now looks like he hangs out on Fantasy Island. No, things aren’t going well at all for workers.
A microscopic 38,000 jobs were created in May and with downward revisions from the previous two months, the net jobs reported was negative.
America lost jobs in manufacturing, construction and mining. Some 200,000 mining jobs have been lost over the past two years thanks in no small part to the Obama war against coal. Another 40,000 manufacturing jobs have vanished. Construction was supposed to be the one high point in middle class jobs, but they shrank too in May. No wonder the union Democrats are fleeing to Trump.