This Friday, we’ll get the June jobless figures. Today, we learned the consumer confidence number fell nearly ten points since last month. It’s not hard to figure out why: The unemployment number for May showed a dismal growth of just 41,000 in American civilian jobs. That’s terrible news, and people know it. Look ahead to the influence that this news and Friday’s report will have on the country’s morale: We’re facing a double-whammy going into the weekend. All this – the bad unemployment number, the bad consumer confidence number, the drop in the Dow – working together, and we’re looking at the plausibility of that “second dip” we’ve been warned about. Fasten your seatbelts. Politically, I hear this has the folks in the White House looking past a big defeat in November, towards what they can do going into 2012. It’s a brutal conundrum. Countries in Europe just made clear at the G-20 that they’re in no mood to boost spending in order to create markets for American goods. They’re tightening their belts and trying their best not to be accused of doing what Greece did – living beyond their means. So, we’ve got everybody in the world cutting back. What’s that do to the prospect of an economic expansion? It kills it! If you’re looking for good news, I have one suggestion: Stop listening to Europe, stop listening to the conservatives, and do what has worked in the past. What got us out of the Great Depression was production, massive industrial production to support the Allies in World War II. We need production for this country now. We need to build rapid rails to catch up to the Allies from World War II: France has the TGV; China is building its rapid rail system. It’s time we joined the movement. We need to go back to the future and become a country that builds things. It’ll create jobs. It’ll catch us up to the rest of the world. It’ll cut our reliance on oil. It’ll give us hope you can believe in. Look, Lincoln built the continental railroads even in the midst of the Civil War. Ike built the inter-state highway system in the supposedly do-nothing 50s. President Obama … Just do it!
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The pathetic state of the economy