US debt bubble at bursting point

BRIAN O’MAHONY’S praise for US Federal Reserve Board chairman Alan Greenspan (Irish Examiner, July 3) is misplaced, as any objective analysis of the US economy would indicate.

For example, the reported US job creation figure for June was 112,000, half that expected, with the estimated figures for April and May being revised downwards.

The US jobs market is merely treading water, with the unemployment rate at 5.6%; however, the Economic Policy Institute (EPI) argues that this figure is really about 7.4%. When the quality of the new jobs is factored in, a grim picture emerges, and this questions the health of the 'recovery.'