If you listen to Ben Bernanke, Barack Obama and the mainstream media long enough, and if you didn’t know any better, you might be tempted to think that the economic crisis is long gone and that we are in the midst of a burgeoning economic recovery.
Unfortunately, the truth is that the economic crisis is far from over. In 2010, more homes were repossessed than ever before, more Americans were on food stamps than ever before and a smaller percentage of American men had jobs than ever before.
The reality is that the United States is an economic basket case and all of these natural disasters certainly are not helping things. The Federal Reserve has been printing gigantic piles of money and the U.S. government has been borrowing and spending cash at a dizzying pace in an all-out effort to stabilise things. They have succeeded for the moment, but our long-term economic problems are worse then ever. We are still in the middle of a full-blown economic crisis and things are about to get even worse.
If you know someone that is foolish enough to believe that the economic crisis is over and that our economic problems are behind us, just ask that person the following questions….
It takes somewhere in the neighbourhood of 150,000 jobs a month just to keep up with population growth. So shouldn't we hold off a bit before we declare the economic crisis to be over?
Source: Fox News
The combined price of cotton, wheat, gasoline and hogs is now more than 3 times higher than it was back in 2002.
So how in the world can the Federal Reserve claim that inflation has been at minimal levels all this time?
Today, banks have a total of approximately 1.5 trillion dollars in excess reserves at the Fed. So what is going to happen when all of this money eventually hits the economy?....
If the U.S. economy is recovering, then why are shipments by U.S. factories still substantially below 2008 levels?
Why are imports of goods from overseas growing much more rapidly than shipments of goods from U.S. factories?
According to Zillow, the average price of a home in the U.S. is about 8 per cent lower than it was a year ago and that it continues to fall about 1 per cent a month
During the first quarter GDP declined by a stunning 3.7 per cent.
Of course I have been saying for months that the Japanese economy is collapsing, but most mainstream economists were absolutely stunned by the latest figures.
So will the rest of the world be able to avoid slipping into a recession as well?
Next week, Republicans in the House of Representatives are going to allow a vote on raising the debt ceiling
Everyone knows that this is an opportunity for Republican lawmakers to 'look tough' to their constituents (the vast majority of which do not want the debt ceiling raised).
Everyone also knows that eventually the Republicans are almost certainly going to cave on the debt ceiling after minimal concessions by the Democrats. The truth is that neither 'establishment Republicans' nor 'establishment Democrats' are actually serious about significantly cutting government debt. So why do we need all of this political theatre?
In the city of Detroit today, there are over 33,000 abandoned houses, 70 schools are being permanently closed down, the mayor wants to bulldoze one-fourth of the city and you can literally buy a house for one dollar in the worst areas.
According to one new survey, about half of all Baby Boomers fear that when they retire they are going to end up living in poverty
According to the U.S. Bureau of labour Statistics, an average of about 5 million Americans were being hired every single month during 2006
According to the U.S. Census, the number of children living in poverty has gone up by about 2 million in just the past 2 years, and one out of every four American children is currently on food stamps
59 per cent of all Americans now receive money from the federal government in one form or another.
U.S. households are now receiving more income from the U.S. government than they are paying to the government in taxes. Americans hate having their taxes raised and they hate having their government benefits cut. So is there any hope that this will ever be turned around before disaster strikes?
The combined debt of the major GSEs (Fannie Mae, Freddie Mac and Sallie Mae) has increased from 3.2 trillion in 2008 to 6.4 trillion in 2011
If the U.S. national debt (more than 14 trillion dollars) was reduced to a stack of 5 dollar bills, it would reach three quarters of the way to the moon
The U.S. government borrows about 168 million dollars every single hour. If Bill Gates gave every penny of his fortune to the U.S. government, it would only cover the U.S. budget deficit for 15 days.
So how in the world can our politicians tell us that everything is going to be OK?
Source: The Daily Mail
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