Economic prospects continue to grow gloomier as the Commerce Department on Friday revised the second-quarter growth rate substantially downward from the initial estimate of 2.4 percent to a mere 1.6 percent. Just to stay on an even keel in terms of job creation, the growth rate needs to be at least 3 percent. It has averaged only 2.9 percent for the past four quarters. Virtually every key economic indicator is pointing in either the wrong direction or is barely leaning to the positive side.
Unemployment remains officially at 9.5 percent and is likely to head upward in the near future. If you are counting people who are either underemployed or have given up looking, the unemployment number nears a Great Depression level of 20 percent.
The really bad news, however, is that things are going to get worse before they get better unless President Obama and the Democratic Congress reverse course and abandon their plan to impose a huge tax increase on Jan. 1, 2011.
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The White House and the Democratic Congress have a mindset that is anchored in cement. They will not change course or even consider minor adjustments. The US ecomony is grinding to a halt if not receding. Only elections will focus these big spending liberals. November is coming and hopfully the new Congress will have the courage to cut taxes, programs and allow Americans to do what they do best – adapt and innovate. Cheers.
Its going to take more than a few cuts like to taxes, many of which some americans wont like.
Everything has to be on the table like the Military, space exploration etc plus their corrupt banking system has to be addressed before it screws up again.
All state and federal politicians should set an example for their citzens to follow by cutting their own salaries, benefits, expense accounts, support staff, contract employees etc. In other words, ‘walk the talk.;
And no more ‘pork barrelling’ for their districts.