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"Every reading of the Philly Fed survey of this magnitude has either meant we were in a recession or heading into one within 6 months."

So when did we get out of the first one?

Expectations were for a reading of +2, signifying slight growth (more like a mild swelling), but it came in at -30.7!

Yikes!

*drink*

We are now in a recession.

The only question is whether we go into a depression.

The solution really is out there...it HAS been done before...however the present minds...the one that have created the problem ...are not capable of the solution.

It will be up to We the People to implement this...and unfortunately it will be somewhat painful for those dependent upon entitlements.

Warren Harding had it figured it out in 1920...

Congress and the Executive Branch have lots to do.

So far they’re not doin’ it right..

Its been done before..

Harding cut the government’s budget nearly in half between 1920 and 1922. The rest of Harding’s approach was equally laissez-faire. Tax rates were slashed for all income groups. The national debt was reduced by one-third. The Federal Reserve’s activity, moreover, was hardly noticeable. As one economic historian puts it, “Despite the severity of the contraction, the Fed did not move to use its powers to turn the money supply around and fight the contraction.” 2 By the late summer of 1921, signs of recovery were already visible. The following year, unemployment was back down to 6.7 percent and was only 2.4 percent by 1923.

http://www.firstprinciplesjournal.com/articles.aspx?article=1319&loc=r

BTW..ole Warren ALSO fixed immigration...

Mr. Harding signed into law the Emergency Quota Act[3] which sought to control immigration following World War I and preserve the distinctive American culture by ensuring the majority of immigrants came from the historically compatible cultures of Northern Europe. This law aimed to bring wages of hard working Americans under control by limiting immigration to 3% of the 1910 census. It was followed on by a similar act in 1924, after Mr. Harding’s death.[4]

A Warren Harding prescription...if filled ...would ignite the afterburners on the US job machine and the economy. However DC would have to yield on a tremendous amount of power. Our job as We the People...is to persuade them of the “utility” ..shall we say..of doing so. In all probability the same minds that made the mess...aren’t capable of the solution however.

BTW any takers that ‘Bammy couldn’t even tell you that Warren Harding was one of his predecessors in office?

Even more telling about what our betters in the RinoCracy think of a Constitutional President..

http://www.usnews.com/listings/worst-presidents/warren-harding

A 50% cut, for example, can be achieved in Medicare easily. The current 2012 Medicare budget is 916.00/mo per beneficiary.Eliminate Medicare entirely. Add a 408.00/mo benefit to the monthly SS check of beneficiaries..who may then CHOOSE whether or not they want health care after age 65-67 by using this to buy a health insurance policy.

We the People can take control of this inevitability now...and let it proceed in an orderly fashion...or let the markets take us out and the International Banker's solutions will be uglier than any of us have the capacity to imagine. CW II will be far uglier and divisive than CW I was...and there will be no USA at its conclusion.