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Wednesday, July 8, 2009

Is The Economy Getting Weaker? CNBC reports

Right click on Bloomberg TV on the left to stop broadcast and listen to CNBC.

Please take a few minutes and listen to this CNBC clip. Again it is a yes it is no it's not report. The main points of this report are that a true indicator of improvement is an increase in jobs which we know is not happening. In addition it is mentioned that the number of hours worked in the month of June declined by .8% which, they say, is the equivalent of one million people losing their jobs for the month.

There are some other good points and ideas brought up here but all in all it just reaffirms my belief that not only is the economy not getting better it will get worse. Commercial real estate has yet to hit, more foreclosures are on the horizon and credit card defaults are on the rise.

This tells me there does not seem to be any discretionary money out there. More then no discretionary money there is not a sufficient supply of money for the population. All around me people from all walks of a previous life are hurting.

What does seem to be improving are the bottom line for the banks and other financial institutions that we have given billions upon billions to. The oil companies are also profiteering which in turn raises prices on food and overall transportation. It limits people's ability to travel to work or even seek employment within what used to be an acceptable commuting distance.

Where are all of those jobs that were going to be created by improving our infrastructure? No money has yet trickled down to the street. We continue to give vast amounts of money to "those too big to fail" companies when it is basic economics that small business drives the economy.

We should be investing in small business. Small business creates more jobs then all of these high and mighty corporations led by grossly overpaid executives who create failure not success and are continually rewarded.

Is the economy getting weaker. I think it is. What do you think?

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