Editor’s Comments: It is hard to believe that people are buy the mainstream media’s ignorant statements that the economy is in the recovery stage. Borrowing money is not the way to get out of debt. Try getting into massive debt then going to your bank to ask for a loan; you will be laughed right out of the bank. It might even be seen as criminal; I am sure that will happen one day – the way the laws have been going. The economy is not a science as people may think it is, but it can be predictable. Sort of like a bunch of dominoes: when one goes, you can bet that they will all go. Guess what, the dominoes are falling you just cannot see it behind the curtain. Watch the Secret of OZ! Continue reading →
The federal debt will represent 62% of the nation’s economy by the end of this year, the highest percentage since just after World War II, according to a long-term budget outlook released today by the non-partisan Congressional Budget Office.
For more detail on the report, check out this post in USA TODAY’s The Oval.
Republicans, who have been talking a lot about the debt in recent months, pounced on the report. “The driver of this debt is spending,” said New Hampshire Sen. Judd Gregg, the top Republican on the Senate Budget Committee. “Our existing debt will be worsened by the president’s new health care entitlement programs…as well as an explosion in existing health care and retirement entitlement spending as the Baby Boomers retire.”
At the end of 2008, the debt equaled about 40 % of the nation’s annual economic output, according to the CBO. Continue reading →
With the mainstream media focusing on the country’s leveling unemployment rate, improving retail sales, and nascent housing recovery, one might think that the US government has successfully navigated the economy through recession and growth has returned. But I will argue that a look under the proverbial hood reveals a very different picture. I believe the data shows that the US economy is badly damaged, and a modern-day depression has begun. In fact, just as World War I was originally called The Great War (and was retroactively renamed after World War II), Peter Schiff has said that one day the world will refer to the 1929-41 era as Great Depression I, and the current period as Great Depression II. Continue reading →
