by Jack Lee
Everybody is making cuts to make ends meet and this is very telling of a weak and stagnant economy. One of the main reasons we’re still coming out of the Great Recession is simple…the jobs aren’t here!
Nobody is being fooled by the White House’s smoke and mirrors labor statistics, the stats they put out are built on lies. The two critical areas of the employment are false. The count being on welfare or dropping off the search for jobs as being [employed]. Well, I’ve got news for this Administration, dropping out of being a job-seeker is not the same as being employed. And being on welfare is not the same either! What a crock!
Americans now existing on some form of welfare is over 50,000,000 and a fair number of these folks are not even Americans,but that’s a whole other topic. The point is we’re really hurting and everywhere you look people are simply trying to make due with less, even the next generation of young American’s are facing future earnings less than their parents.
“Most investors know that current levels of share prices are unsustainable; it is said that George Soros has already started betting against the US stock market.” Guardian
Just in moments ago…gold is now at a 16 week high as a result of weak US economic data.
The White House Press security reported to the news today that “We’re going to have to adjust to our new reality.” This was in reference to a 20% cut in our military, that brings our numbers down to pre-world war two levels.
Meanwhile Sales of previously owned US homes dropped in January to the lowest level in more than a year, data showed on February 21. This was part of the data that has sent gold up.
Is there real cause for concern, can’t we just continue to live on a credit card like we’ve always done and just keep raising the national debt? According to an article in the Guardian today, no we can’t, those days are over! “In March 2013, the Standard & Poor 500 stock market index reached the highest ever level, surpassing the 2007 peak (which was higher than the peak during the dotcom boom), despite the fact that the country’s per capita income had not yet recovered to its 2007 level. Since then, the index has risen about 20%, although the US per capita income has not increased even by 2% during the same period. This is definitely the biggest stock market bubble in modern history.”
In the last 4 years Congress has absolutely failed miserably to pass any sort of meaningful tax reform, business stimulus, or curb pork and help create jobs. They’ve wimped out on deficit spending and instead given the president a virtual blank check. They’ve ignored those big red flags going up all over the place, from a genuine lack of jobs to social security going bust because Congress can’t keep their hands off the money.
This Congress has been the worst on record when it comes to dealing effectively with the economy and protecting the dollar.