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For most Americans the depression we're in really hasn't abated.
It might be a double dip for the economy since its the wealthy whose activity is so important to what consitutes the national ecomony.
But for about 90% of us?
Hell! ~ the depression start long before the GDP started offically crapping out.
Depression LOFL, 90% are working and the economy is growing.
There are absolutely no drama queens on this board.
Depression LOFL, 90% are working and the economy is growing.
There are absolutely no drama queens on this board.
I am one of the lucky ones, and am riding this out well, other than not being able to sell my property at the moment.
But the unemployment is far above 10%. And there are all too many employed part time, and not able to pay their bills.
The worse part of the whole matter is that there is no longer any security for any wage earner.
Add the amount of debt taken on by many, unwisely, but with the encouragement of our whole financial structure, and you have a real downer for all.
What should we be doing? Well, the buildings, roads, and projects done in the '30s by the CCC, WPA, and other projects are mostly still here and serving us well. They created jobs then, and have paid us all back in service since then.
Right now, we have a need of a 21st century grid, and the people neccessary to service that grid. It would be an investment that would serve us for generations. At present, wind, geo-thermal, and even the new solar, are all cheaper than clean coal, wind and geo-thermal, cheaper than dirty coal.
We could be hiring and training people right now for the installation and maintance of the grid and energy sources right now. Do it similiar to the way we built the Interstates.
Or we can just sit on our asses and moan about the current problems.
I like to go with the economist. 2 consecutive quarters of negative GDP is a recession. We've had positive GDP for about 3 qtrs now.
I like to go with the economist. 2 consecutive quarters of negative GDP is a recession. We've had positive GDP for about 3 qtrs now.
GDP is short term. Deficits are long term.
National debt was 40 per cent of GDP 2 years ago.
CBO said today that national debt will be 62 per cent by this years' end (already now near 60 per cent).
A 20 per cent rise in national debt in 2 years IS astounding!
No GDP can keep pace with this rapidly rising national debt.
Therefore, GDP, taken alone is not a recovery/recession indicator.
I like to go with the economist. 2 consecutive quarters of negative GDP is a recession. We've had positive GDP for about 3 qtrs now.
GDP is short term. Deficits are long term.
National debt was 40 per cent of GDP 2 years ago.
CBO said today that national debt will be 62 per cent by this years' end (already now near 60 per cent).
A 20 per cent rise in national debt in 2 years IS astounding!
No GDP can keep pace with this rapidly rising national debt.
Therefore, GDP, taken alone is not a recovery/recession indicator.
Further it took George W. Bush four years to add 2 trillion to the national debt. In his second four years he added a bit more than that.
The current Administration and Congress is on track to add 14 trillion to the national debt by the end of eight years if they continue to spend money at the rate they have spent it the first sixteen months of this Administration.
There isn't an economy in the world strong enough to keep up with that. And if we don't turn it around soon, there won't be any economies in developed countries that are not stronger than ours.