Excessive Spending - As Low As It Can Go....

Fed's Moskow says higher rates "appropriate"
Wed Aug 24, 2005 05:59 PM ET

Moskow said the U.S. jobless rate of 5.0 percent in June and July "is about as low as the unemployment rate can go on a sustained basis."

Between falling unemployment and rising capacity utilization, "we've come quite close to eliminating what had been a significant output gap," he said.

Except of course...

By Tim Martin
Associated Press

Michigan's unemployment rate edged up to 7 percent in July, the state said Wednesday.

The seasonally adjusted rate is up from 6.8 percent in June, which was second-highest in the nation behind Mississippi. The national jobless rate for July was 5 percent.

But, then, Michigan is just one of those manufacturing states... you know... where they build stuff... things we can buy from China now... not real jobs like... you know... real ones... you know?