Remember those dark days of 2008 and 2009? When doom and gloom were the norm? When economic catastrophe seemed imminent? When hope turned to fear, and then fear turned to panic?
Well, folks, if you haven’t been closely following events recently then I’ve got some bad news for you: It sure looks like we’re headed for more dark times. And fast.
From the world’s largest economy (the US), to the world’s largest economic bloc (the European Union), to the world’s fastest-growing major economy (China) to a former high-flyer (India), the world is a mess right now.
So let’s steel ourselves, and take a closer look at the damage:
The biggest economic report in the world’s biggest economy landed with a thud Friday.
The US added only 69,000 jobs in May — the third straight month of anemic job growth. The US unemployment rate, meanwhile, ticked up to 8.2 percent, from 8.1 percent in April.
The jobs number is so important, of course, because people don’t spend money if they don’t have money. And consumer spending makes up about two-thirds of the giant US economy. So no jobs, no money, no spending, no growth.
And that, in turn, puts pressure on company executives, who cut costs by — you guessed it — eliminating jobs or by not hiring more people.
So down and down we go, cycling ever deeper into a loop of doom.