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Blogs by Lawrance G Lux
Labor--Further Information 8/7/2004 6:15:12 PM
The Job surveys came out Friday, and they are bad.
The estimate for new Hires in July is less than forty thousand. The Fed has to raise the Interest rate on Short-term in order to maintain the viability of the Dollar in relation to other Currencies. Business investments for July are said to be good, but this appears to be only in the area of Production outsourcing. Business investment domestically is consistent with the last Downturn. Imports are up, and Consumer Spending is down, so domestic production is losing its position in the American market.
There are serious measures which can be taken to head off further decay in the American economy, but the neoconservative approach of the Bush administration refuses to heed the warning signs, or to accept remedial action. This position will probably be forced into change, if the August Job surveys portray as bleak a picture. No Republican can enter the Election season with such economic numbers. Bush could win the Election, but lose 70 seats in the House, and several in the Senate. He will have great difficulty himself, attempting to run for office, if the numbers stay bleak through September.
The Bush enclave, even the elder Bush, has always expressed an insensitivity to Public sentiment, if that sentiment demanded a limitation to the excesses of the class to which they belong. This is Corporate Executives and One-Percenter Wealthy. I believe We have another one-term President. lgl
