I predict tax revenues to states and the feds will continue to decline as the business and economy worsen even more. I also predict we are in a Great Depression or soon will be. Therefore I believe we will see more and more people doing what they have to do in order to survive. More will move into low or no tax states. Businesses, large and small, will also move for economic reasons. The commercial real estate market will plummet even more than it is already. Housing prices will probably begin to decline after having leveled off for a bit. Consumers will buy only necessities and then only sparingly. Big ticket items will remain on shelves and not sell. Inventories will grow and become stagnant. Unless the government takes immediate steps to bolster the dollar, it will continue declining. REality is a big pain in the ass but a recovery can take place next November if republicans win the election in a landslide and take back both houses of Congress.
It started with subprime crisis.
1st talking point: this is only the tiny fraction of financial market. No crisis.
The crisis spread over the entire financial sector
2nd talking point: this is a crisis which can be easily contained. It will be remedied quickly. No chance of recession.
The financial sector are visibly hemorrhaging
3rd talking point: the real economy is fine. This is only the financial problem. Factories are running, and people are working
People start losing jobs. Government spends trillions to plug massive hole in the financial sector.
4th talking point: Don't panic. We are only in a recession. However, green shoot will arrive soon. This is an ordinary recession.
Unemployment level is going up. Some say 'D' word.
5th talking point: This is not a depression. You won't say depression until unemployment hits 10%
unemployment hits 10%
6th talking point: OK, this is a 'Great Recession,' not another Great Depression.
In the future.....
Inflation skyrocket.
7th talking point: See! Prices are rising left and right. I told you this is not another Great Depression.
I was with you right up until this:
“Reality is a big pain in the ass but a recovery can take place next November if republicans win the election in a landslide and take back both houses of Congress.”
I’m not sure the current crop of RINOs is capable of steering this ship out of the sea of icebergs we currently find ourselves in.
As much as I loved President Bush & Laura, he was a huge spender, too. Not to mention that we have been saddled with a Congress that’s gotten WORSE each and every year since 1994!
It’s going to take some serious candidates to come out of the woodwork to clean up this mess. Who, in their right mind would WANT that job? (And that leaves us a lot of people who may not be in their right minds, LOL!)
If we truly are in another Great Depression, it’s going to take a World War to pull us out of it. Those who do not learn from History are destined to repeat it. And we’re ripe for the pickin’ with our dumbed-down electorate and a full HALF of our population on the dole in one way or another.