As President Obama visits Racine, Wisconsin to preach his “Summer of Recovery”, more bad news is made public today. First was the release of the ADP Payroll numbers, showing that only 13,000 new jobs were create in the private sector from May till June. Professional economists has expected there to be 60,000 jobs created.

Next came a report from the CBO claiming that the U.S. public debt is nearing crisis, that by the end of the year, it will top 60% of the GDP, compared to 40% in the end of 2008. Optimistic projections from the CBO put the Debt at 200% by 2037. But the CBO assumes that the American economy will grow at a rate of 5-6% every year during that period and that interest rates will remain at their historic lows. Not likely!

Later this morning, RealtyTrac released a report that nearly 31% of all home sales in the first quarter of 2010 were foreclosure sales. The average sale price being around 27% less than a non-foreclosure sale home. In a normal, healthy economy, foreclosure sales would only represent about 1 to 2 % of all home sales.

What this all adds up to is that the so-called “recovery” is a myth. Most of the short-term numbers that appear to be positive are generally the result of some government gimmick program, like “Cash For Clunkers”. Most jobs created in the past eighteen months, including those by the Federal government through the ‘stimulus’ package, are temporary jobs, often lasting mere days in length. The National Debt is already nearly equal to the GDP, and when you factor in state and local government ‘public debt’, at around 130% of GDP. The all crucial housing market is still in the toilet.

But President Obama and his side-kick, Joe “Smart Ass” Biden, continue to float the notion of a “Summer of Recovery”. It is a political ploy to forestall the looming ballot box disaster this November, where Democrats will lose control of the House and possibly even the Senate. Even the ‘White-Shoe Club’ of the elitist economists from Harvard, Yale and Princeton cannot hide the truth forever.