Nemesis Is Upon Us

The ADP June jobs data was pretty sad, with just at 13,000 jobs created for the month. June unemployment data will be released on July 2, but the data is becoming more meaningless every month as it doesn't count those whose benefits have expired. Some estimate unemployment at 9.8% but does anybody really know?  I still believe that the unemployed and under-employed stand at 20% of the US workforce based upon what I see around me. The number of cars heading down the highway from Bruigville to the city in the morning hasn't increased in the year that I've been commuting.

Stocks suffered their worst quarter since 2008 and the DOW is back to it's October 2009 low. It sure looks like the recovery is over despite the soothing comments of Obama and his gang. With the national debt to reach post-WW2 proportions by year's end, interest rates near zero and chronic unemployment there aren't any tools left in policymakers kit. Nemesis is upon us.