The US added 242,000 jobs in February 2016. On the surface it looks good but dwell deeper and you'll find some alarming figures:
1) More than 80% of the hobs created are minimum wage jobs.
2) Falling revenue from income tax, which means most of the new jobs created are lower income jobs.
3) Manufacturing and mining continue to lose jobs - jobs which are high pay.
4) Average weekly wage dropped 0.7%.
The Treasury is facing lower receipts from income tax, form the employee level and at the corporate level. Lest we forget, the S&P 500 companies are facing earning recession.
Saddled with the fact that the debt level continue to rise amidst falling tax revenue, the situation in the US has become more dire.
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