9 Out of 10 Reports Agree, We're Screwed

Wow, ABC must stand for the All Barack Channel for the amount of spin they put on this story about our worsening economy and jobs picture. It seems to them all of the news is good while everybody else is reporting how this bodes ill for America.

California is well represented on our list of the areas with the most layoffs as four other cities made the list including: San Francisco (No. 4), Riverside (No. 5), San Diego (No. 6) and Sacramento (No. 9). California leads the way among the 50 states with 390 layoffs statewide which affected 48,497 employees. That is three times more than any other state.

But ABC seems to be arguing with itself over just what the jobs numbers mean.

"We do not see a double-dip recession or hyper-inflation in the future, but we do think U.S. economic growth prospects are pretty weak," he said.

From CNBC:

“Let’s face it — no matter how you cut this data, it’s lousy,” Mesirow Financial Economist Diane Swonk told CNBC Friday.

From the White House mouthpiece, and head of Obama's economic counsel, Austan Goolsby we get this little pearl:

"There are always bumps on the road to recovery, but the overall trajectory of the economy has improved dramatically over the past two years," he said in a statement. "This report is a reminder of the challenges that remain."

While I can agree the the overall trajectory of the economy has moved dramatically, improved is not the word I would use. More like stagnant at best.

Even the BBC, which tries to take a more balanced approach to the news finds little good news, and the person they defer to for analysis brings up the specter of yet another bailout.

And that prospect will fuel speculation that the US Federal Reserve may embark on a third round of "quantitative easing" - purchasing government bonds to pump more cash into the financial system - later this year.

"Arguing about the merits of whether QE3 would be a good idea, is irresponsible right now," said Tod Schoenberger, managing director at Landcolt Trading in Delaware.

"It would be proactive for the [Federal Reserve's monetary policy committee] to discuss and develop a strategy for implementing QE3, because it's painfully clear the United States is headed for a very messy second half of 2011."

Just imagine how much more "Change" Barry O can accomplish in his remaining two years.