The US economy is dead in the water. Today's bleak job's report cinches it. The entire thing will remain stalled until the election is over and the newly elected (or re-elected) federal office holders are in office. This will happen in early 2013. Even then, improvement is only possible if voters make a clear choice.
There is no psychological momentum for spending on anything. Consumers are afraid of losing their jobs, don't have jobs, are underemployed or otherwise watching their investments produce zero or negative earnings. They won't spend. Governments can't hire people because elected officials are too scared to spend. Companies are likewise afraid of hiring because earnings are so spotty.
The voting public of the USofA is almost entirely to blame for this condition. We elected Obama and put a conservative House in place to resist any liberal leanings he had when he was a Senator. We have put a paralyzed Federal government into place and now they are powerless to agree to any solutions to our problems.
President Obama will propose some very conservative job creation measures next week, including an extension of the gasoline tax to pay for road improvements and a continuation of the payroll tax 'holiday'. Republicans have already shot these ideas down. Nothing will get done and our economy will continue to sputter, our leaders blame each other and we citizens toss bullshit rhetorical devices at each other to cheer on our respective chosen team of politicians (party).
We suck, but at least we have football season coming.
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