While President Bush was assuring Americans that the “fundamentals” of the economy are in good shape, the US labor department reported that consumer prices rose 1.1 percent in June, the highest one month rise in 26 years, and the 12 month inflation rate at 5.0% the highest since may 1991.
Foreclosure filings surged 53 percent in June with 252,363 homes receiving at least one foreclosure-related notice and more than 71,000 properties were repossessed by lenders nationwide in June. Additionally, it’s now reported that more than 75 million or 42% of all working age Americans either had no health insurance during 2007 or were under-insured, up from 35% in 2003 and almost 16 percent of Americans or 47 million people have no health insurance at all. The jobless rate stayed at 5.5% percent in June after soaring in May to the highest rate in 20 years, and is expected to reach 6% next year.
It’s not all bad news, of course. For example, Rush Limbaugh just recently signed a $400 million deal that will see him comfortably employed until 2016.