Friday Follies – What Percentage of 12M Will be Hired?

I'm listnening to the talking heads in the MSM discuss whether wel added 75,000 jobs (the low estimate) or 150,000 jobs (the high, espoused by GS to rally us yesterday) for the month of June and I'm thinking about the 12M people in this country who are officially unemployed and the 25M additional who are unofficialy unemployed or underemployed and I'm wondering how we can celebrate any number that puts us on a path to full employment in about 10 years – providing we don't let any new people in the country or have any babies that add to the current population, of course. 

While yes, 10 years is better than 20 years – we discussed the consumer trends in yesterday's post and there's just no way we can be bullish on the economy with this many people unemployed unless we are adding MILLIONS of jobs each month – not tens of thousands! 

I'll tell you what 46M of them are doing – they are on food stamps!  A new record was hit last month with one in seven Americans requiring food assistance (an no, they are not cheating – a study indicated less than 3% misdirected aid in the program) and the assistance they are being given no longer lasts a month with rising prices and fixed program spending.