CA unemployment jumps to 8.9%
So much for California being “back,” as Gov. Jerry Brown keeps badgering us. State unemployment jumped to 8.9 percent in August, from 8.7 percent in July. That's well above the U.S. rate of 7.3 percent.
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And the 8.9 percent rate is nearly double the 4.9 percent of the summer of 2006, before the Bush-Greenspan-Schwarzenegger Depression struck, then was continued by the Obama-Bernanke-Brown Depression.
Meanwhile, the U.S. Census just reported that median annual income dropped $2,627 during Obama's first term. And a record 46,496,000 people now are “poor.”
Inflation sure is back. My rent was just raised another 6 percent — after a 6 percent increase last year. Gas is rising again. Food is way up.
And on Jan. 1, Obama and Republicans in Congress agreed on a bipartisan tax increase that hits the middle-class, such as me, with another $1,000 yearly payment.
Bernanke, following Greenspan, is keeping interest rates at 0 percent; meaning the middle class can't save — as inflation eats away what little “savings” it still has. That forces people to gamble on the stock market, pushing up the value of rich people's portfolios.
There has been no “recovery.” There is just the gradual grinding down of the middle class under the Bush-Greenspan-Obama-Bernanke-Schwarzenegger-Brown policies of high taxes, massive debt and absurd regulations.
Time for some Gil Scott-Heron:
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