From JIM HIGHTOWER
The good news is that America’s economy continues to grow. The bad news is that most people’s personal economies continue to shrivel.
The June report on jobs glows with the happy news that America’s unemployment rate has fallen to 9.5 percent – the best we’ve had in a year! “We are headed in the right direction,” trumpeted President Obama.
Great … if true. However, the ballyhooed jobs statistic is a mirage. It looks good only because 650,000 more Americans became so frustrated with their fruitless search for work last month that they quit looking. In StatWorld, such “discouraged” seekers are – abracadabra! – no longer considered unemployed, even though they are. There are now 1.2 million Americans in this statistical purgatory.
That’s not the only shadow on June’s economic glow. Those lucky enough to have jobs, for example, saw America’s average workweek shrink. It’s now down to only 34 hours – which means less income for “full time” working families.
There also was another drop in the average hourly wage. Fewer hours, lower wages. That’s not what most people would call an economy “headed in the right direction.” more here