The US economy was supposed to be in bloom by late spring, but it is hardly growing at all…Meanwhile, housing prices continue to fall. They are now 33 per cent below their 2006 peak. That is a bigger drop than recorded in the Great Depression.
Former sports handicapper turned libertarian pundit Wayne Allyn Root is not bashful about pointing the Fickle Finger of Fiscal Irresponsibility directly at our less than beloved Chief Executive. Root’s outlook is not sanguine–and he’s a guy that should know how to set a betting line :
I predicted doom if Barack Obama was elected. Sadly the results are far worse than imagined. The economy is in shambles. America is staring at economic Armageddon.
Even me, the eternal optimist is scared at what the future holds. We are the Titanic, headed straight for the iceberg.
I am a successful small businessman and a patriot who loves America and always sees its greatness. I am also an optimistic, positive thinker who always sees the glass half full.
But not this time.
… This time the results are going to be dramatically worse than 1929. This time we are facing the worst depression ever.
Anthony Martin opines that Obama and his Democratic henchmen are doing exactly what they want:
For over a year political and economic observers who are not on the public payroll or cheerleading for the Obama agenda have warned that the supposed ‘positive signs’ that the economy is in recovery are false.
Despite these warnings, the Obama Administration has gone on a spending spree like never before in U.S. history. And to add insult to injury Obama and company have shown absolutely no sign or willingness to address the one single issue that is creating the current crisis–the national debt that is being fueled by new programs and expanded existing programs that must be paid for by borrowing money from China and other foreign nations.
And that raises the question, is America being set up for a mega-depression? The answer to such a question is not far to find. This Administration has done the exact opposite of what the government should do when it faces such a crisis. Either this is deliberate, or the Administration is populated by the largest group of imbeciles ever assembled under one roof. And these people are not imbeciles, meaning there is only one answer left.
For every Presidential inaction there is an equal and opposite reaction, and with Obama, none of them are good:
DEBT CEILING: Moody’s Just Threatened To Slash The US Credit Rating (Business Insider)
Moody’s is out with a comment saying that if there’s no imminent progress on the debt ceiling fight, the US credit rating will be cut
Don’t Look At What The Dollar Just Did After That Moody’s Threat (Business Insider)
Obama, of course, is content to golf while the dollar burns, leaving Tiny Tim Geithner to confound Congressional conservatives:
House Republican freshmen emerged from a closed meeting with Treasury Secretary Timothy Geithner with much of the same frustration they had after the White House meeting yesterday, saying they do not expect a plan from the White House on massive spending cuts to accompany the debt hike.
Meanwhile, Investors.Com reports that real wage growth over the last 10 years has been even worse than during the Great Depression. And they identify the main perpetrator:
Under this ‘president’, more people than at any other time in the history of the misbegotten welfare state are using federal food stamps. If the American people are dumb enough to allow Barack Obama to commit 4 more years of unparalleled Marxist economic destruction, we’ll all soon be eating government beans.