Morning Journal-The entitlement time bomb

Economics

This Week’s Data

The June budget deficit was $59.7 billion versus expectations of $69 billion and $43 billion recorded last June.
http://www.zerohedge.com/news/us-june-deficit-60-billion-17-billion-worse-prior-year

The June producer price index rose 0.1% versus estimates of a 0.4% decline; core PPI increased 0.2% in line with forecasts,

Other

China reports a fractional miss in GDP (+7.6% versus +7.7%) and a beat in retail sales (+13.7% versus +13.4%).

And as an aside (short):
http://www.zerohedge.com/news/fbi-get-involved-us-china-trade-wars

Politics

@AllAmerInvest Depression, Jobs Rate, Trade War, Euro

Is US economy flirting with 'modern-day depression'?

While economists have made no secret of their fears that another recession is about to strike, the real danger could be worse.

Instead, the country could be headed for a 21st century version of a depression, an economic term that, unlike a recession, defies a standard definition but instead conjures images of soup lines, 25 percent unemployment and a devastated economy.

http://bit.ly/p1KdqM

U.S. Adds 103,000 Jobs; Rate Steady at 9.1%
http://bit.ly/pdm4Vx

The Trade War With China
http://bit.ly/nCssZN

THE CHINESE UNDERGROUND BANKING SYSTEM: What It Is And Why It Should Scare You
http://read.bi/oZjwFG

All American Investor

CNBC Bonus Bucks Answers for Friday, October 7, 2011
http://bit.ly/nB3v74