More than half of Americans (55%) describe the U.S. economy as being in a recession or depression, even as the Federal Open Market Committee (FOMC) reports that “the economic recovery is proceeding at a moderate pace.” Another 16% of Americans say the economy is “slowing down,” and 27% believe it is growing.
Gallup–More Than Half Still Say U.S. Is in Recession or Depression
Posted in * Culture-Watch, * Economics, Politics, Consumer/consumer spending, Corporations/Corporate Life, Economy, Federal Reserve, Housing/Real Estate Market, Labor/Labor Unions/Labor Market, Politics in General, Psychology, The Credit Freeze Crisis of Fall 2008/The Recession of 2007--, The U.S. Government
Wow, who knew?
Well let’s see.
Unemployment is close to 17% if measured honestly. And inflation is close to 6% and rising, again if measured honestly. (If we used the methodology for measuring inflation in place until the mid 1980’s it would be above 9% and rising.) Real income has dropped for the average American household every year for the last decade. The disparity in wealth is at its highest level since before the Second World War.
Why on Earth would people be anything other than sanguine about the economy?
And to add to the list, first quarter GDP growth was at 1.8%, and does not factor in all the run up in gasoline/diesel and food prices so the 2nd Q figure may be at standstill. Meanwhile we are loaning money for Brazil to do oil exploration as we continue to shut our own energy production down—-EPA shuts down Shell in the artic ocean after $4B investment.
How many times have we heard about that “Obama laser-like focus on jobs”? How’s that working out for us.
The only things growing are the Federal Govt and Federal regulations strangling the economic breath out of this country and restricting the liberty and freedom of every American.
For those old enough to remember, it looks almost exactly like the Jimmy Carter years. Remember stagflation? Remember getting kicked in the groin by every two-bit dictator around the world? Remember the shortages of everything? Remember the stirring leadership of Jimmy Carter? Well, once the inflation bug really takes hold and interest rates follow, that’s what we will have. Only this time with the staggering level of debt, will the debt service actually collapse the economy if we lose our AAA rating?
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