Posted on 04/12/2010 6:01:33 AM PDT by SeekAndFind
In the wake of the 2008 financial meltdown and the deep, long recession that followed, the decline of America has become the preferred intellectual preoccupation of the elite—left, right, and center. Joseph Stiglitz, the Nobel-winning economist, has argued that the Obama administration's tepid response to the recession and the financial meltdown will sandbag the U.S. recovery. Historian Niall Ferguson has made the case that high debt and profligate spending will cause the downfall of a once mighty American empire. Harvard economist Ken Rogoff frets that the United States could become the next Greece. In January, French President Nicolas Sarkozy, once dubbed "l'Americain," delivered a blistering speech at the World Economic Forum in Davos that criticized the U.S.-led model of global capitalism.
SNIP SNIP
But the long-term decline of the U.S. economy has been greatly exaggerated. America is coming back stronger, better, and faster than nearly anyone expected—and faster than most of its international rivals. The Dow Jones industrial average, hovering near 11,000, is up 70 percent in the past year, and auto sales in the first quarter were up 16 percent from 2009. The economy added 162,000 jobs in March, including 17,000 in manufacturing. The dollar has gained strength, and the United States is back to its familiar position of lapping Europe and Japan in growth. Among large economies, only China, India, and Brazil are growing more rapidly than the United States—and they're doing so off a much smaller base. If the U.S. economy grows at a 3.6 percent rate this year, as Macroeconomic Advisers projects, it'll create $513 billion in new economic activity—equal to the GDP of Indonesia.
(Excerpt) Read more at slate.com ...
Yes, our politicians love spending our money. And just keep coming back for more. And they have gerrymandered themselves into safe seats that they hold for as long as they want. I hope enough of them are bounced out of office this Fall. That’s our best hope for any “recovery” from the current status quo.
I appreciate it and will pass it on to Don. That is terrible luck for your friend. I am personally on the cusp of closing two of my three businesses due to this recovery. After 36 years, with even catah unable to kill of the economy... hussein has just about ended my American Dream. I will not tolerate these propagandists telling me something that I know to be a lie.
LLS
LLS
This guy is as bad as those in the 30s saying the exact same things. I’ve been reading “The Great Depression - A Diary” which is fascinating.
Some quotes:
June 1933
“People must be optimistic because automobile sales for the past 60 days have reached record proportion...The upturn continues without interruption...The boom continues and prices soar upward in the most spectacular recovery the world has ever seen. I still cannot believe it is permanent.”
July 1933
“Industry continues to boom and the entire public seems to be speculating in the stock market. Almost as bad as 1929....The whole recovery has been so spectacular as to be almost unbelievable. Because so much of it is based on inflation theories I have doubted its permanency. The next few months ought to tell the story...Col Ayres of the Cleveland Trust Bank says in his bulletin that he is convinced the depression definitely turned the corner between the 1st and 2nd quarter of 1933.”
The exact crap is going on today. Everyone out touting the so-called ‘recovery’ and just watch. Another crash is inevitable.
We are in a depression and if there were any truth left in media and government... we would not even be debating that fact.
LLS
for some reason, I don’t believe them.
CBO chief says debt ‘unsustainable’
http://www.politico.com/news/stories/0410/35546.html
California’s $500-billion pension time bomb
http://www.latimes.com/news/opinion/la-oe-crane6-2010apr06,0,6247734.story
The Worst of All Worlds”: Fannie and Freddie Losses “Can’t Be Calculated,” Posner Says
http://finance.yahoo.com/tech-ticker/”the-worst-of-all-worlds”-fannie-and-freddie-losses-”can’t-be-calculated”-posner-says-464813.html?tickers=FNM,FRE,XLF,JPM,MS,BAC,C&sec=topStories&pos=9&asset=&ccode=
Nearly half of US households escape fed income tax
http://finance.yahoo.com/news/Nearly-half-of-US-households-apf-1105567323.html?x=0&.v=1
Billions already have been charged against revenue of America corporations due to the ObamaDeathCare. That will impact hiring. Real estate is suffering and will continue to suffer.
Well, it worked for global warming, didn't it?
How many trillions were dumped into that sinkhole?
Figures do not lie, but the interpretation of them is a lot trickier. The Democrats are stressing the positive side of this, the opposition is pointing out the shortcomings. If employment and unemployment is rising, the obvious conclusion is that the labor force overall is increasing, and by implication, rising at a faster rate than the economy can handle.
That would be interesting to know, although quite difficult to work out exactly. I bet the Federal government has done the sums though.
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