Economy maintains bleak future

Another Friday, another job report.

And another big — but unsurprising — disappointment.

In the month of June 125,000 jobs were lost because of weaker than expected job growth in the private sector and the temporary census jobs ended. But the unemployment rate did drop to 9.5%.

Before you crack open a bottle of champagne to celebrate, know this: the 0.2% drop was the result of thousands more jobless people giving up. Yes, more and more folks said “To hell with it” and left the labor market. What will they do, just sit around? Who knows, but I hope they go vote in November.

So whatever happened to President Obama’s pledge to put job creation as his #1 priority?! Besides having our own administration work against the people with their bloated government programs and irresponsible spending, there are also external threats to the American economy. Yesterday the United Nations released a report recommending the removal of the U.S. Dollar as the global reserve currency used by the International Monetary Fund:

The UN report called for “abandoning the U.S. dollar as the main global reserve currency, saying it has been unable to safeguard value,” according to Reuters.

“A new global reserve system could be created, one that no longer relies on the United States dollar as the single major reserve currency,” stated the report, adding that this new system should not be based on a basket of currencies, but on IMF-controlled SDR’s.

A weak dollar does nobody good, especially to the American economy. It is my firm belief that a strong economy is necessary for a strong national security. These latest doom and gloom in the economy makes me nervous regarding national defense. If history is any indication, a weak USA also means more bloody conflicts around the world.

And in six months the economy probably won’t get any better — in fact, it may actually get worse to welcome 2011 — because of taxes. The GOP tax relief in 2001 and 2003 will expire at the end of this year, and when January 1, 2011 rolls around, that means the tax rates are going to increase across the board. Individuals and small businesses are all going to be hit. Marriage tax, death tax, capital gains tax — all coming back in six months. At the same time, taxes for ObamaCare programs are to be implemented. Yes, not only are we going to get income tax hikes, we’re also going to pay more to fund the new health care reform.

Double-dip recession, here we come? Better continue to tighten that belt and the seat belt too, because it will be a rough ride in the months (years?) to come.