Ladies and gentleman this is no recession it is a depression. The only thing preventing a full blown depression is high government spending, and that can't go on forever. The advent of the modern welfare state is preventing the reality of the true economic situation from becoming a stark reality to the masses. Food stamps and food shelves have become the modern soup kitchen.
- One in seven people in this country are on food stamps
- 48% of food stamp households are working households
- Vacant properties have increased by 43.8 percent nationwide since 2000
- banks are preparing to ramp up their foreclosure efforts again (they have to)
- Under any factual reporting the real unemployment rate should be well over 22%
- When, not if, China quits buying U.S. government debt then the entire house of cards starts tumbling down
-without some real leadership (ha ha ha) taxes are about to be raised on all of us to the highest levels in U.S. history
U.S. corporations are sitting on billions of dollars that could be invested in the economy. Why? They don't know where this administration is going, or they do and they don't like it enough to risk their capital.
I personally have a decent enough job and make a good living by historical comparative standards and yet I am squeezed every month. My bills are being paid but there never seems to be much left over. What of my savings for retirement? I'm just throwing good money after bad - it's going the wrong way!!!
Something has to be done. The first thing has got to be sending Barack Obama and Joe Biden to the unemployment office in November and then let the healing begin.
That's my 1 cent worth.