The Obama Administration has been touting
the allegedly low unemployment rate, while glossing over the
fact over 94,000,000 Americans have been removed from
employment rolls, as they’ve given up trying to find a job.
A new report reveals 1 in 6 able bodied American men is
unemployed, having given up searching for a job because they
simply can’t find one.
The record spending Obama has done to the
tune of trillions of dollars, including giving himself and
his family of four $70,000,000 worth of vacations since
taking office in 2009, has made the U.S. economy infinitely
weaker (The Obamas Cost American Taxpayers $70,000,000
In Luxury Vacations And Fought To Hide The Bills Showing The Lavish
Spending). During this time,
China, the world’s top supplier of goods, has surpassed the
U.S. economy as the biggest in the world. The U.S.
government continues to proclaim America the richest nation
on earth, but it is debatable at this point in world
history.
Barack Obama
What is on track to happen due to Obama’s
wild spending is America heading for bankruptcy. The
treasury is going to run out of money at this rate. A time
is coming when the federal government will no longer be able
to afford to financially stay afloat. Obama simply spent too
much money, more than the second biggest spender in American
history, former president,
George W. Bush.
Austerity (for a time) is not a bad thing. Austerity is not
a bad word. Throughout history it has saved global
economies.
The Site Has Been Proven Right By The Census Bureau
Barack Obama
In the September 19, 2011 Judiciary Report article "America Is Being Made Poor" the website wrote about the fact many of the nation’s citizens have seen their personal net worth significantly decline. Two months later, on November 19, 2011, the U.S. Census Bureau released stats that confirm the Judiciary Report’s claim. See the article excerpt below for details.
Some living politicians, past and present, are pretending an increase in poverty does not exist in America, but many people have seen their assets decline. Many middle class and lower income people in America I know personally, while others I have read about, are in serious financial trouble, due to the economic crisis of 2008 that is still going on. People that had a home and two cars, have had to liquidate savings, IRAs, CDs (certificates of deposits), sell one of their cars, pawn jewelry and silver, just to get by during these tough economic times.
In the 27-years I have lived in America, I have never seen anything like it, especially the record number of foreclosures (well, that's what happens when people robo-sign documents and file them with the court). People are literally being made poor. This has occurred thanks to former President George W. Bush and current Commander-in-Chief, Barack Obama.
This historic deterioration of wealth, has occurred under the failed stewardship of a few successive classes of Congress, whose approval ratings have hit single digits, signifying an all time low. Historically speaking, the only comparable financial equivalent would be the Great Depression in terms of foreclosures, bank closures and free food. Only, the iconic soup lines of the Great Depression have been replaced by record numbers of food stamps being issued to the public. The government can change course and save the country's economy, but they refuse to compromise. What a time for them to be fighting (sarcasm).
STORY SOURCE
Older, Suburban and Struggling, ‘Near Poor’ Startle the Census
Published: November 18, 2011 - ...When the Census Bureau this month released a new measure of poverty, meant to better count disposable income, it began altering the portrait of national need. Perhaps the most startling differences between the old measure and the new involves data the government has not yet published, showing 51 million people with incomes less than 50 percent above the poverty line. That number of Americans is 76 percent higher than the official account, published in September. All told, that places 100 million people — one in three Americans — either in poverty or in the fretful zone just above it.
After a lost decade of flat wages and the worst downturn since the Great Depression, the findings can be thought of as putting numbers to the bleak national mood — quantifying the expressions of unease erupting in protests and political swings. They convey levels of economic stress sharply felt but until now hard to measure. The Census Bureau, which published the poverty data two weeks ago, produced the analysis of those with somewhat higher income at the request of The New York Times. The size of the near-poor population took even the bureau’s number crunchers by surprise.
“These numbers are higher than we anticipated,” said Trudi J. Renwick, the bureau’s chief poverty statistician. “There are more people struggling than the official numbers show.”...
If the U.S. government, led by President Barack Obama, does not fix the economy, choosing to engage in the same financial discourse and decisions that is making the crisis worse, unemployment in America is going to hit 20%. Thus far, the Obama administration had two failed job creation attempts and is seeking a third with more taxpayer money the nation cannot afford to waste on the wrong things. Will common sense and good judgment finally come into play or will it be more of the same with President Obama's latest job bill.
Protests against Wall Street and the general corporate sector, for bringing the worst financial crisis on the nation since the Great Depression, have been spreading from New York to other American states. People have camped out to continue their protests, regarding the poor state of the U.S. economy, which has hit a number of historic lows over the past few years.
Democrats, President Obama and Senator Nancy Pelosi, are trying to reach out to protestors expressing empathy, which is ironic, as both had a great hand in the financial crisis becoming what it has turned into on America. Pelosi and Obama, when he was a senator, during the presidency of George W. Bush, rubber stamped dangerous items in Congress and looked the other way to serious corruption in the corporate sector, which has mushroomed into a financial nightmare (with worse to come).
On the opposite side of the aisle, Republican presidential candidate, Herman Cain told protestors this week to "blame yourself" for the state of the economy, not the banks and Wall Street, which was unfair. Cain needs to remember, America has tens of thousands of people who have been the victims of ponzi schemers and fraudsters, who stole their life savings, costing them their homes, investments and other assets. He also needs to remember, banks on Wall Street colluded to raise interest rates on mortgages, making payments unaffordable, costing many their homes.
Let's face it - the government has failed. They need to own up to that and stop blaming the everyday citizen for what has transpired. The government sided with the rich and famous, allowing them to do the unthinkable in the corporate sector and that greed has destroyed the prosperity the nation once enjoyed. Full stop. It was an illegal redistribution of wealth, presided over by the White House and Congress and all involved deserved to be voted out on their backsides for it. You have failed the nation.
Barack Obama has been labeled the worst job creation president since the Great Depression hit America, which is an extraordinary statistic that should serve as a wake up call to his faltering administration. With the 2012 presidential election fast approaching, President Obama needs to take stock and ask himself if this is how he wants to go down in world history. I ask this, because he continues to push the same unruly fiscal spending that earned him this dubious distinction.
Economic numbers regarding America indicate, households in the United States saw a decline in wealth this spring. In short, America is being made poor. Many people don’t even own their own homes anymore. There has been a drastic decline in home-ownership, due to the terrible amount of foreclosures.
In the state of New Jersey, tent cities have been erected, reminiscent of the Great Depression, where the newly homeless now live. These were individuals with jobs and homes. The government needs to explain how it allowed this to happen (Heartbreaking Pictures From New Jersey's Homeless 'Tent City').
A record number of Americans are on food stamps as well. Had the government fixed the economy, more people would be on their feet and far less on food stamps. Food prices in America continue to skyrocket, increasing by 50%-100% on most items. Money is not going as far as it used to at the supermarket.
How does the government expect people to survive under such harsh financial circumstances. The so-called solutions coming out of the current administration regarding the job market, are not going to fix the problem. No matter what they tell you, judging by what the political parties are doing legislatively, meaning their actions, many on both sides of the aisles are playing politics.
Economic numbers released this week, regarding the United States economy, have caused President Barack Obama’s approval ratings to plunge like a toilet. In short, said approval ratings are in the toilet, which is not good news for the president.
Mainstream news outlets and newspapers are reporting, Americans have overwhelmingly lost confidence in President Obama's ability to fix the ailing economy, which is the populace's number one concern, not the wars in the Middle East that most want discontinued. President Obama’s policies over the past 2 and ½ years have failed to correct the nation’s financial woes, due to bad political advice and excessive spending.
A majority of Americans fear the nation is entering a second Great Depression, which marked the worst financial and social time in U.S. history. People suffered greatly during the Great Depression and the nation does not want that era back again.
Financial data released this week reveals, the U.S. economy has hit another wall, plunging deeper into difficulty. Unemployment has sharply risen again, the dollar has fallen in the world against other currencies it once dominated, the national deficit continues to climb to alarming levels, foreclosures are up and home values are so far down, they have become worse than Great Depression levels. That is not a good financial profile.
In response to the bad financial news this week, President Obama stated the nation had hit a bump in the road to recovery. No, that wasn't a bump. That was a sinkhole. It happened due to your administration's financial policies that are not working.
The national numbers painfully and irrefutably indicate, President Obama has failed to fix or stem, the significant problems plaguing the U.S. economy. America cannot take 5 and ½ more years of this current path - via a reelection - or the economy will hit the point of no return.
In fact, mainstream newspapers are openly stating the continued poor state of the economy will destroy Obama's reelection bid. He is refusing to change course, while people are suffering due to the economy, with things getting worse, not better.
Regrettably, President Obama has ignored sound advice and serious warnings on the economy, opting to spend and borrow massive sums of money the nation cannot afford. He has also pledged billions America cannot afford, for foreign regimes, some of which have dangerous ties.
Rather than taking the principled and proven financial path the Judiciary Report recommended, consisting of sensible budget cuts, increasing exports and a small 5% tax increase on the nation's rich, Obama has borrowed and spent enormous, head spinning sums of money, more than any other president in U.S. history. Why did he do this.
President Obama has refused to listen to logic or follow the principles of sound economics. Once again, you cannot spend your way out of debt. You have to be diligent, disciplined, work within what you have and make sacrifices.
I know of what I speak in the matters of finance. I was the first one to predict the current financial crisis in 2006 on the Sound Off Column and in the article Judiciary Report article How George Bush Destroyed The U.S. Economy. I retained my view, never wavering, even in the face of former President Bush, publicly insisting the economy is strong and nothing is wrong, then scampering out of office under a cloud of shame and failure.
In 2008, the world saw that Bush had been lying about the economy and I was proven correct in my claims. Yes, I have websites read by many, but I am an everyday person that has been out there with the public, hearing people's concerns and writing about my own experiences. I am not an out of touch bureaucrat living the champagne lifestyle, as quite a few in Washington due, unaware of what is truly happening in the world among the poor and middle class.
Where Bush made this mess, Obama is spreading it with unprecedented spending that is of a fruitless nature. His job creation plan failed miserably, as I warned in advance it would (Obama Calls For Job Summit). Just as I had predicted, stimulus money was later indiscriminately doled out to companies and organizations, with no proper oversight to make sure the money was spent wisely, to create the maximum number of jobs.
There are many instances of gross waste and largesse, regarding stimulus funds. For example, in one case, a stimulus recipient, received $750,000 in taxpayer money to employ people and only created TWO JOBS with said funds. If someone gave me $750,000 I could create 40-60 jobs of varying incomes. How said company only managed to create TWO JOBS is beyond me. This pattern repeated itself, because of poor government oversight.
One also cannot expect to have a thriving economy, when you look the other way to criminals in the marketplace, because they are your campaign donors and Obama has done just that. Said criminals are doing damage to the U.S. economy every day. America’s poor and middle class are being defrauded, robbed and gouged by people in the corporate sector who have no business being there. Obama, like Bush, refuses to lock them up and to the public's detriment.
While there are successful companies in corporate America, working hard and genuinely contributing to the economy. There are also ponzi schemers, fraudsters, thieves and fakes, who do not belong in the corporate structure, as their main course of business is robbing people and engaging in scams.
It is not right that the poor and middle class be robbed and gouged to underwrite the lavish lifestyles of corporate criminals, who are a disgrace to the business sector. As long as said criminals remain in the corporate sector, the U.S. economy will not recover. The government needs to separate the wheat from the chaff or the entire financial crop will continue to be destroyed.
The US government claims it didn't see the recession (actually a depression) coming, yet for years, as attested by website statistics, they have read my websites that began predicting it in 2006via the Sound Off Column. Did you not see it coming or ignored the warnings. There is a difference.
Many of my readers have followed the site for years and read the warnings as well and can attest to what has been published (in addition to the sites being time stamped and regularly copyrighted). Then the financial crisis hit in 2008, causing significant damage domestically, which spread to the international community.
The government keeps comparing the current economy to the one that existed during the Great Depression, erroneously claiming things are not that bad. However, they are comparing apples and oranges. America's population during the Great Depression was much smaller than it is today (315 million) with a different corporate landscape, creating greater liabilities and a dissimilar dynamic. Stop consoling yourself with false comparisons, as it is going to lead to massive trouble in the short term and long run, that if you do not fix today, will lead to corrosive, permanent financial damage tomorrow.
Once again the current crisis has surpassed the Great Depression in many respects. Those angles need to be looked at carefully by the government, which is missing the implications of failure on their part. The Great Depression did not have a record number of foreclosures, business failures, bank failures and segments of the country with record job losses as the overall picture.
This is in addition to the record high food stamp count the current depression maintains. Neither were there costly wars raging in the Middle East, adding to an already swollen federal budget, negatively contrasted by a soaring national deficit. Once again, apples and oranges and you are going the wrong way.
By God's grace the Judiciary Report foresaw the financial crisis and can see what's coming again. The terrible, escalated spending President Obama is still engaging in, combined with the fact the government refuses to raise taxes on the rich, whilst supporting untenable wars in the Middle East, shall lead to a greater, shall lead to an unprecedented financial calamity. It is poised to bring about the collapse of the U.S. federal government and deteriorate the American standard of living as never before.
The White House and Congress have taken an other detour to disaster in not raising taxes on the rich and reducing massive spending. If it is not corrected soon, things will turn very ugly. The 2008 financial crisis was caused by an illegal redistribution of the nation's wealth, in gouging the poor and middle class. It needs to be reversed, via a small tax increase on the rich, with the money placed in the Treasury to balance the deficit and compensate for tax cuts given to the middle class and lower income Americans.
To the rich citizens in America that gouged the poor and middle class and profited from terrible, unethical conduct that led to the financial crisis, you should be ashamed of yourselves. It was an act of treason against America. You have damaged the nation - the same one and your families live in.
In closing, you are quite deluded to believe you can continue abusing the poor and middle class and it not end in a revolt. The Judiciary Report is not encouraging anarchy, but if one looks back into world history, anytime the populace is abused to intolerable, unbearable levels, they revolt and it results in the calamitous fall of the wealthy.
Wednesday, December 8, 2010 | 6:10 a.m. - Americans no longer think the U.S. economy is No. 1, a new Allstate/National Journal Heartland Monitor poll shows. In the global race for jobs and economic prosperity, the United States is No. 2. And it is likely to remain there for some time. That’s the glum conclusion of most Americans surveyed in the latest Allstate/National Journal Heartland Monitor poll.
Henry Luce famously labeled the 20th century the “American Century.” This survey suggests that most Americans now doubt that this new century will bear that name.
In the poll, only one in five Americans said that the U.S. economy is the world’s strongest—nearly half picked China instead.
U.S. Federal Reserve chief, Ben Bernake, did a telling interview with the CBS News program 60 Minutes. Voice quivering and eyes somewhat teary at points, he fired off a list of all he is planning to do in the hope of reviving the U.S. economy. He did not seem very sure of himself and the Judiciary Report is of the belief the proposed plans will not work.
Bernake stated he is open to the idea of spending an additional $600 billion or more, to buy bonds from banks, which he believes will stimulate the economy into a recovery, but the financial easing he has done thus far, to the tune of $3 trillion dollars, has been very ineffective. He would have gotten the same results had he eased his body.
Banks are hoarding money and President Obama is grossly overspending on programs and incentives that are not a priority during a financial crisis. Proper and long term jobs are not being created and the government is overpaying per position, which means less people are being hired on the job front.
Ben Bernake
The Democrats and Republicans are fighting in the U.S. Congress, not raising taxes on the rich, when the money is sorely needed to aid in repairing the very damage wealthy citizens caused the nation. Furthermore, any bank found not productively using funds furnished to them by the government, should be forced to return the money.
There currently exists no sound and viable job creation plan in America, hence unemployment skyrocketing. Bernake stated, in his estimation, it will take five years to replace the millions of jobs that have been lost, with unemployment sitting at roughly 10%.
He also stated something yesterday, which the Judiciary Report has been stating for a year. If the economy continues in the direction it is currently going, there will be no money to fund the federal government (see video at 9:40).
Barack Obama
Side Bar: How can Bernake state in the aforementioned video, it is not the right time to lower the deficit, yet Obama is spending a fortune on a non-priority, risky health care program that has added a massive amount to national debt (and saying as President, it is the time to lower the deficit). You can't have it both ways.
Economic expert, David Rosenberg, has publicly stated something the Judiciary Report has insisted for the past two years, the U.S. economy is not really in a recession, but a depression and some of it has surpassed the Great Depression.
Rosenberg, detailed this information in a report to investors this week, which should serve as a wake-up call to the White House and Congress, to desist with the massive spending sprees and work on solid job creation.
The Bush Administration created this catastrophe. But make no mistake, President Obama and his team have greatly exacerbated it, digging a deeper hole of financial woes. What Obama is relying on to save the day, is not going to work, as no nation enjoys the status of being able to print up an unlimited supply of money. The U.S. dollar will become worthless in the world, national debts will become due, while the standard of living in America will continue to decline.
Some difficult budget cuts should have been made and the President's ill-timed and costly health care plan, should not have passed, as it has wreaked havoc on the nation's finances. The till that is the Treasury is empty and its time the President faces this fact and stop spewing more red ink.
Economy Caught in Depression, Not Recession: Rosenberg
Published: Tuesday, 24 Aug 2010 | 11:23 AM ET - Positive gross domestic product readings and other mildly hopeful signs are masking an ugly truth: The US economy is in a 1930s-style Depression, Gluskin Sheff economist David Rosenberg said Tuesday.
Writing in his daily briefing to investors, Rosenberg said the Great Depression also had its high points, with a series of positive GDP reports and sharp stock market gains.
But then as now, those signs of recovery were unsustainable and only provided a false sense of stability, said Rosenberg.
Rosenberg calls current economic conditions "a depression, and not just some garden-variety recession," and notes that any good news both during the initial 1929-33 recession and the one that began in 2008 triggered "euphoric response."...
The U.S. economy is in dire straits, as 15 million Americans are unemployed and 18.9 million homes are in foreclosure. The national deficit is set to hit $11 trillion dollars as well. These problems are compounded by the fact, there exists a terrible breed of corruption in government, stealing and squandering billions in taxpayer money.
It was reported today, $8.7 billion in taxpayer money designated for rebuilding Iraq, cannot be accounted for by the U.S. Pentagon, also known as stolen. The FBI has wasted close to $1 billion dollars on a failed computer system that is being deemed a failure, as it was announced this week, the remaining phases of the roll out have been scrapped.
The FBI's parent agency, the Justice Department, headed up by, Eric Holder, have also been accused of wasting huge sums of taxpayer money on trips, parties, arcading and skateboarding.
This year, President Obama's alleged job creation program was also an unmitigated disaster, as billions in taxpayer money was misappropriated and squandered by government officials (see: stolen). It bears the handprint of corruption.
Billions in U.S. taxpayer money is also being wasted on illegally spying on millions of Americans, in criminal violation of the Constitution, when that money could go to better things. However, President Obama, like Bush before him, has engaged in this misconduct as a continuation of illegal programs at the FBI, CIA and NSA.
The nation's finances are a mess. America is hemorrhaging money everywhere and it is adding up quite negatively. The government and bands of the corporate sector are deteriorating America - the same America they will have to live in. There is a crass phrase that states you don't defecate where you eat and that's exactly what the government is doing.
This unprecedented corruption is not conducive to prosperity. The American way of life is being destroyed and replaced with something unfavorable, laden with hardships.Prevalent misconduct, overspending and corruption in government is not funny or amusing, as it is building up to a serious financial calamity that will make 1929 and 2008 look like good fiscal years.
U.S. Attorney General, Eric Holder and First Lady, Michelle Obama
Side Bar: U.S. Attorney General, Eric Holder, has announced he plans to investigate and prosecute financial corruption in government in nations such as Africa. Open your eyes. You need to start in Washington, but you wouldn't lock up your own buddies, now would you. Furthermore, since when does your Congressional mandate extend into other sovereign nations you have no jurisdiction or authority in.
U.S. President Barack Obama stated there has not been a financial depression in America, thanks to his record spending, but he is incorrect. Aspects of the financial crisis automatically place it in the category of a depression.
More Americans lost their homes during the 2008 financial crisis, that is ongoing, than during the Great Depression. Real estate tracking agencies and banks repeatedly reiterated that a number of financially derogatory records had been set during the current crisis.
Unemployment hit record highs in a number of U.S. cities (not all), surpassing Great Depression figures. America's national debt is the highest it has ever been in history, once again, surpassing Great Depression levels, even when adjusted for inflation.
U.S. Vice President Joe Biden and President Barack Obama
Now, logic dictates, if the Great Depression was classified a "depression" as its name implies and several aspects of this modern day financial crisis have surpassed it, wouldn't the current financial free fall be a "depression" by default.
All these calamities happened under former President George W. Bush, due to his reckless war spending and inattention to Corporate America. Then, it carried over into Obama's tenure, leaving a mammoth mess for him to clean up. Regrettably, President Obama has exacerbated the current crisis via overspending.
And, if you want to get technical, the dictionary defines an economic depression as, "A period marked by slackening of business activity, widespread unemployment, falling prices and wages" and I think we can all agree that has happened between 2008 to 2010 and will continue if not properly corrected.
Side Bar: *light bulb* Maybe I should have just quoted the dictionary to begin with, instead of writing that long, drawn out article.
CBS News, the Wall Street Journal, Politico and a number of other news sources are refuting the White House’s job creation numbers as grossly inaccurate and overstated. The fact of the matter is the U.S. economy is still in very bad shape and sugarcoating the problem is not going to solve it.
$160,000 Per Stimulus Job? White House Calls That 'Calculator Abuse'
October 30, 2009 7:12 PM - Posting its results late this afternoon at Recovery.gov, the White House claimed 640,329 jobs have been created or saved because of the $159 billion in stimulus funds allocated as of Sept. 30.
Officials acknowledged the numbers were not exact, saying that states and localities that reported the numbers have made mistakes...
Brian Schmidt, director of planning and programming for the commission said that his staff originally reported to the Obama administration that the stimulus money saved 250 jobs. Then, realizing they had mistakenly double credited, they later changed that to 125 jobs. Tuesday, they updated it again to 74 jobs...
So let's see. Assuming their number is right -- 160 billion divided by 1 million. Does that mean the stimulus costs taxpayers $160,000 per job?
Jared Bernstein, chief economist and senior economic advisor to the vice president, called that "calculator abuse."
He said the cost per job was actually $92,000 -- but acknowledged that estimate is for the whole stimulus package as of the end of 2010...
‘Jobs Created or Saved’ Is White House Fantasy: Caroline Baum
Oct. 28 (Bloomberg) -- ...But the government has no money of its own to spend; only what it borrows or confiscates from us via taxation. Oops.
“Government job creation is an oxymoron,” said Bill Dunkelberg, chief economist at the National Federation of Independent Business. It is only by depriving the private sector of funds that government can hire or subsidize hiring.
That’s why “jobs created or saved” is such pure fiction. It ignores what’s unseen, as our old friend Frederic Bastiat explained so eloquently 160 years ago in an essay...
Fiction Lags Reality...
Only 30,383 jobs were created or saved by the American Recovery and Reinvestment Act, according to Recovery.gov, the government’s once-transparent Web site that has become a complex blur of numbers, graphs and pie charts. These are only the jobs reported by federal contract recipients. The Obama administration will report the larger universe of ARRA-related jobs on Oct. 30...
I'm getting sick and tired of everyone talking about how much worse shape we would be in, but for (fill in the blank: TARP, stimulus, auto bail outs...) Even if it's true, it doesn't make anyone feel better. That's what I keep thinking when Obama Administration officials sound like cheerleaders claiming victory over job creation that occurred as a result of the $787 billion stimulus...
Oct. 30, 2009 - Where are all the jobs the White House is talking about? California got $18.5 billion in stimulus money, producing more than 110,000 jobs. Illinois got nearly $6.5 billion, and turned that into more than 24,000 jobs. CBS News correspondent Ben Tracy brings us the story from California, and CBS News correspondent Dean Reynolds reports from Illinois.
At Fairfax High School in Los Angeles, classrooms and budgets are tight despite the influx of stimulus dollars.
California received $7 billion for education. The government says that created or saved 62,000 jobs. But the teacher's union says California also made $6 billion in cuts to education resulting in 20,000 jobs lost. Friday, California's governor said that number could have been much worse...
MARTIN CRUTSINGER, AP Economics Writer Martin Crutsinger, Ap Economics Writer – Fri Oct 30, 4:42 pm ET
WASHINGTON – Flat incomes suggest more weakness ahead in consumer spending, reinforcing concerns about a ho-hum holiday shopping season and a sluggish economic recovery.
"This recovery is going to be very weak. Consumers are in no position or mood to spend. Their wages are down and they can't get credit," said Sung Won Sohn, an economics professor at California State University's Smith School of Business...
The Obama Administration used today's GDP numbers, which reflect small growth, to proclaim the "recession" over, but is it. The administration is in danger of falling into a false sense of security.
Unemployment continues to skyrocket, foreclosures still soar, corporate revenue declines are still massive and consumer spending is way down. The crisis continues to surpass the Great Depression in the areas of foreclosures and revenue declines, among other things.
The aforementioned growth is actually the many billions in stimulus money, the government doled out that certain businesses are claiming as revenue. Therefore, said growth is not the real deal. It is artificial growth.
The government cannot sustain this form of growth by spending one to two trillion per year, as it will wreak havoc on the national deficit. Corporate America needs to start cutting back on waste and creating actual products and real services again. No more ponzi schemes, rip-offs or gouging.
With big government boost, U.S. economy grew in 3rd quarter
The U.S. economy roared to life this summer, as an array of government actions led to the strongest quarter of growth in two years.
The Commerce Department reported Thursday that the nation's gross domestic product rose at a 3.5 percent annual rate in the July-through-September quarter, the clearest evidence yet that the country has begun to emerge from the deepest downturn in decades.
But there were few signs in the new data that the private sector will be able to sustain that growth once the government pulls back, or that the rise will soon translate into an improving job market.
The unemployment rate has continued rising in recent months, to 9.8 percent in September, as businesses remained reluctant to hire...
Foreclosures Spike Again, Deficit Higher Than Expected, Dollar Decimated
More proof illustrating the economy is still heading in the wrong direction, due to massive spending, surfaced this week, with the news the U.S. dollar is no longer the preferred world currency reserve. Now comes word, foreclosure filings in America have spiked yet again, reaching new record highs.
The U.S. deficit also set another record this week, matching and surpassing Great Depression levels, much like the astounding foreclosure rates.
Once again, the Judiciary Report, would like to emphasize, the solution to the crisis is the government saving money, not spending it.
Published: October 16, 2009 - WASHINGTON — The Obama administration said Friday that the federal budget deficit for the fiscal year that just ended was $1.4 trillion, nearly a trillion dollars greater than the year before and the largest shortfall relative to the size of the economy since 1945...
The shortfall for the fiscal year 2009, which ended Sept. 30, translates to 10 percent of the economy, according to a joint statement from the Treasury secretary, Timothy F. Geithner, and the director of the Office of Management and Budget, Peter R. Orszag. For the 2008 fiscal year, the deficit of $459 billion was 3.2 percent of the economy, as measured by the gross domestic product.
Economists generally agree that annual deficits should not exceed 3 percent of the G.D.P., and that is the level President Obama had vowed to reach by the end of his first term in 2013.
But subsequent spending and tax cuts to stimulate the economy, and lower-than-expected revenues as the recession deepened before bottoming out, combined to push the administration’s deficit forecast to 4.6 percent of G.D.P. for the fiscal year 2013.
At 10 percent of the gross domestic product, the 2009 deficit is the highest since the end of World War II, when it was 21.5 percent. At that level, it already has become a bigger economic and a political issue than any time since the late 1980s...
Why Obama's Housing Rescue Hasn't Prevented Record Foreclosures
Fri Oct 16, 9:53 am ET - After taking withering criticism for the Department-of-Motor-Vehicles pace of its initial efforts to keep struggling borrowers out of foreclosure, the Obama administration proudly announced last week that it had hit its goal of 500,000 trial loan modifications almost a month ahead of schedule. But with the foreclosure rate hitting a new record in the third quarter, the government's ability to put a meaningful dent in the tally of housing-crisis victims faces renewed skepticism.
Foreclosure filings were reported on 937,840 homes in the three-month period, a 23 percent jump from a year earlier, according to a report real estate firm RealtyTrac released Thursday. Home foreclosures in September, meanwhile, decreased 4 percent from August but remained 29 percent higher than a year earlier...
Video: Brown agrees to TV election debate - ITN NEWS
Labour leader and Prime Minister of Great Britain, Gordon Brown, has agreed to television and radio debates with rival, Conservative counterpart, David Cameron. This should prove very interesting. May the best man win.
The climate has grown quite tense in the British political world, due to Britons displeasure with U.S. led wars in the Middle East and the economic downturn that began in America, hitting investors in the United Kingdom, that bear ties to Corporate America, much like during the Great Depression.
U.S. President Barack Obama (left) and British Prime Minister Gordon Brown (right)
This in turn created a massive decline in employment and a spate of foreclosures, shadowing the decline that transpired in America. Due to heavy taxation of 40% on personal income and 40-61% on business income, Britain had more reserves to tie them over during the crisis.
However, the U.S. government has been printing more money as the solution, which places the nation in firm danger of inflation. A tax increase on the rich in America would have been the more appropriate, prudent choice.
David Cameron and wife Samantha
There have been improvements in the financial state of Britain since the 2008 global financial crisis began, which Gordon Brown will no doubt tout, but conversely, David Cameron will state, the incumbent Prime Minister and his predecessor, Tony Blair, created the problem in the first place. Ah politics.
