Jim Rogers, as usual, gives a spot-on interview about the state of the US Economy and answers questions about the threat of lowered credit rating. ALL spending must be cut. I hope the Republican president that wins in 2012 understands this.
Watch the video here:

For a while now (pretty much since Obama was elected), we’d been hearing how things were so bad that they were approaching Great Depression levels. Well, get ready to start hearing a new phrase: “Worse than the Great Depression”.
What was the Great Depression known for, primarily? Out of work men, soup kitchens, [...]

So, according to ADP, only 38,000 jobs were added in May.
ADP’s number has been weaker than the government’s private payrolls figure for 12 of the last 14 months, making Friday’s government numbers likely to come in above ADP’s report, Credit Suisse said.

It’s not surprising that ADPs numbers are lower than the government numbers because [...]