U.S. Economy “Headed For A Wall”

“Over the last 19 months, since the recession ended, we had 130.7 million jobs in the economy. This morning they said we had 130.2, we’re still down a quarter of a million jobs from when the recession ended,” 

In addition, the U.S. is issuing three times more bonds a month than the GDP is growing. “I don’t think we are headed for a cliff, I think we are heading for a wall.”

“The fiscal situation is certain, in my view, because the political parties are totally paralyzed, to lead to a bond market conflagration—that’s when the yield really soars, that’s when the sell off really begins to happen, and that’s when Congress and the White House finally wake up,” 

David Stockman former federal budget director under Reagan commenting on why we lost a million-and-half people and jobs. People aren’t looking and aren’t in the labor force.