If truth mattered, we would be in a Greater Depression than the 30's.
The current course is certain financial demise.
Anticipating expiration of the "Bush" tax cuts and other tax increases, productivity is artificially higher now than it will be in 2011. When productivity falls (due to Federal penalties, ie taxes, on work/production), the unemployment rate will rise further.
States and municipalities will in increasing numbers seek Federal bailouts to fund unsustainable public pensions and benefits, entitlements, a wildly expensive and broken public education system, etc. The Federal government's response will depend on the composition of Congress.
The practice of printing and spending could result in hyperinflation "overnight" (see link below).
The "rip cord" to break the rapid free fall would be a Warren G. Harding-like slashing of Federal spending. Federal tax cuts, or a Tax Holiday, would have the opposite effect of more porkulus spending (ie, it would work).
The US Constitution was formed with two ommisions: abolishment of slavery, and a limitation of Federal spending. The first ommision led to a Civil War. What will the second lead to?
Government from the nations capital to the local cities is out of control. You can't continue to spend and tax. If I am correct, history shows that in a depression or recession prices of goods and services drop. Not this time. Why not? Government waste has to stop or our country will never come out of this mess.
We have not bottomed out yet . These will be known as the good old times when it does hit bottom .
Lies RIGHT WING LIES
Heil saddad! Da fuhrer's creed.
Go get your shinebox.
Read the papers, our national debt continues to soar. Spending is totally our of control. This recession/depression is not going to end anytime soon. Prices on goods and services continue to climb.(just look around) Why is that? Just an opinion.
Here is one perspective from one reader. I wonder how many more across the nation share the same experiences:
In my small circle of friends and family, this current recession has impacted many of us. Four have changed jobs and are earning quiet a bit less. They have had to re-finance their debt to lower payments. They are in fear of the pending health care cost increases. One has retired early from lack of finding work, while another is considering doing the same as his job is on the block to be cut. Another lost her excellent job over a year ago, then ran out of unemployment benefits, took a minimum wage job and is on the verge of loosing her house. Meanwhile, our matriarch mother is fearing changes to her healthcare benefits that will dig into her meager savings - forcing her to proclaim she should just die now and get it over with.
Just a few years ago, we would never have imagined this scenario, but now, as we watch our government implode and our circle of friends and family struggling, scraping by to earn a living, we see how fragile we really are and how dependent we have become to elected government officials who can change the course of our lives with just one vote.
I guess I should not be mad at the politicians as much as the people who voted for them. The politicians' promises were so unrealistic and yet the voters believed in them. Some of those voters come from my own family. Hope and Change were great, exciting motivators to those who expected revolutionary changes. Now, as we sit and watch people's lives crumble around us, we are all suffering.
I suppose the lesson in this story is, we should never, ever, ever believe in what a politician says he or she will do, we should always listen to what they have done.
Weekly Jobless Claims Post Surprise Jump, Hit 500,000
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