Job Creation Numbers [Monty]

Teh Bernank is saying it'll be 2015 or 2016 before we even get to a 6.5% unemployment rate.

My guess? Since we voted for a European-style welfare state, we're going to get European levels of unemployment...probably well into the next decade, and maybe forever depending on how things turn out. There's no way to fund the entitlement state other than a combination of high taxes and low interest rates, which translates into a massive hit to job creation and investment.

The real unemployment rate is well over 10%, as everyone knows, and the situation is worse if you think of the declining workforce participation rate. We'd need to double our GDP growth every year for five or six years just to achieve homeostasis, and we're certainly not going to do that with Bammer in the White House for the next four years.

This, my friends, is why I'm still buying gold and silver.

UPDATE: Link fixed. [Monty]

posted by Guest Blogger at 12:13 PM

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