The Economy: "All Hell Is About To Break Loose!"
failed to notice that we are seeing some of the worst economic numbers
that we have seen in more than a year. For example, it was announced on
Thursday that initial claims for unemployment benefits have hit their
highest level in a year and a half. Hopefully this is just a temporary
blip in the data, because initial unemployment claims tend to have a
very strong correlation with the overall performance of the economy. We
also continue to see poverty statistics rise. According to government
statistics released earlier this month, the number of Americans living
in poverty and the number of Americans on food stamps are both at
all-time record highs. Meanwhile, the Dow and the S&P 500 are both
down more than 5 percent since the election and the U.S. government
rolled up 22 billion dollars more debt in October 2012 than it did in
October 2011. The unfortunate truth is that things are not getting
better. The U.S. economy continues to become weaker and more unstable,
and there are a whole lot of reasons to be very pessimistic about our
economic situation as we move into the winter months.”
- Official Real Retail Sales Signal Recession
- Storm’s Impact on October Activity Was Mixed
- Official Real Earnings Sink to Four-Year Low,Down 2.7% Year-to-Year
- Annual Consumer and Wholesale Inflation Continue to Rise
- October Year-to-Year Inflation: 2.2% (CPI-U), 2.2% (CPI-W), 9.8% (SGS)”
From Forbes: “Obama’s Real Unemployment Rate Is 14.7%, And A Recession’s On The Way”
American households are receiving government funds to support
themselves. No matter which way you slice it, this number isn’t good
news for the Obama administration — they can spin the jobs numbers by
ignoring the number of people who dropped out of the workforce, but this
statistic is pretty straightforward. The 49.1% of the population in a household that gets benefits is up from
30% in the early 1980s and 44.4% as recently as the third quarter of
2008.”
statistics on America’s poverty rate indicate that nearly 50 million
Americans, more than 16 percent of the population, are struggling to
survive. New figures released by the Census Bureau this week found a spike in
poverty numbers last year, going from 49 million in 2010 to 49.7 million
last year. The numbers may come as a surprise to Congress, which
estimated in September that the poverty rate would drop to 46.2 million.
One of the most startling findings showed that almost 20 percent of
American children continue to live in poverty.”
Vincent Reinhart nicely states the insane nature of policymaking in
America right now. “As for substance, the sequence most talked about is patch and promise,
followed by a plan. The patch would be stop-gap legislation extending
most features of the current system accompanied by the promise of
significant ten-year budget reduction legislated by a certain date later
in 2013. In that regard, politicians’ solution to the 2012 fiscal
cliff will be to create another one in 2013. Thus, only a portion of
the uncertainty about policy will be resolved by the patch and promise,
as much could go wrong with the plan.” Of course, the existence of the 2012 cliff is a hangover from the 2011
debt ceiling negotiations, and the 2010 Bush tax cut expiration
negotiations.”
2012-11-18 14:45:43
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