HERE'S WHY THE NEW JOBS CREATED ARE MOSTLY LOW PAYING JOBS

The 5% unemployment rate does sound nice doesn't it? The government continues to boast how many millions of jobs they have created since the last crisis,

It does not take into consideration that most of the jobs are either low paying or part time jobs. Neither does it consider the fact that people are taking on two jobs to help pay the absurdly high rentals and medical bills, or just to help sustain the family.

Well, here's the fact that supports what many economists have warned about. The US is generating low paying jobs while losing high paying jobs in the manufacturing and energy sectors.

Zerohedge reported today that personal income tax revenue fell by an average of 9.88% compared to the same period last year in the 32 states in April.

And this is the chart:


Source: Zerohedge

Here's how the income tax revenue has deteriorated greatly for some of the states:

Louisiana down 81.5%
North Dakota down 34.7%
New Jersey down 14.8%, 
Illinois down 28.8%
Ohio down 41.3%

How will the badly affected states compensate for such huge losses in tax revenue?

Will it impact state pension funds? What about education and public facilities?

For sure, it is a disaster in the making.