....Meanwhile, an early preview (courtesy of the Eugene Register Guard) shows Oregon's unemployment figures have climbed to 12.4% (14.2% if you count "discouraged workers" -- those that have given up looking).
“I suppose there is an outside chance, but I’m hopeful we won’t be number one,” said Oregon labor economist, Art Ayre, referring to his state's chances of overtaking Michigan's honor of being 'first with the worst' U.S. unemployment figures.
Meanwhile, just south of the Beaver State border, California's budget meltdown continues unresolved with Democrats and Republicans in a cat fight to claw their state's way out of the huge economic hole threatening to gobble up The Golden State.
With the state sliding ever deeper into the abyss, California's Senate President Pro Tem, Darrell Steinberg (D-Sacramento), has offered to cut his annual $133,639 salary by 5% -- in empathy with those unemployed and discouraged workers who have lost their livelihoods -- by saying, "We have to demonstrate we will share the sacrifice, share the pain as well."
Meanwhile, internationally, an article reveals, Russia challenges U.S. dollar as a global reserve currency, while just down the road the autumn promises to be anything but dull with the Federal Reserve needing to "borrow up to $3.25 trillion in the fiscal year ending Sept. 30".
Where will they get it? Well, China has agreed to pony up $200 billion for T-Bills, the rest of the world another $300 billion, leaving over a $2 trillion shortfall. Where will that come from? From investors lured to T-Bills by adjusting interest rates higher thus slowing or killing any shoots of economic recovery now sprouting.
It appears we have a government in gross denial of reality. A government that bails out failed banks, car companies, continues its support of a societal bankrupting health care industry, while continuing to carry on three losing wars! According to psychiatrist Elisabeth Kübler-Ross. there are five steps in dealing with denial. In the United States, when it comes to current economic conditions, I believe there are seven. You can probably guess the two steps Dada has taken the liberty to add to her list below:
- 1. Denial,
- 2. Anger,
- 3. Bargaining,
- 4. Kool-Aid, gallons and gallons with lots of extra sugar,
- 5. Depression, (that's a psychological term, the economic term of the same name is verboten in U.S. media)
- 6. BAND AIDs® (tons and tons of BAND AIDs®),
- 7. Acceptance, if you haven't drowned yourself in Kool-Aid or bled to death from hemorrhaging your *American Dream* by now