Up The Creek For 100 Years?

Recent data on retail sales, factory output, jobless claims, consumer confidence, business investment and existing home sales show that the US economy is decelerating and may be headed for recession. The Obama administration was been warned repeatedly that activity would slow when the $800 billion fiscal stimulus ran out (The American Recovery and Reinvestment Act) and net government spending became a drag on growth. And this is exactly what has happened. As it turns out, Krugman, Reich, Stiglitz, Thoma, Baker, Galbraith and others were right, and Obama’s economic advisors were wrong. The costs to the country in terms of high unemployment, soaring food stamp usage, declining standards of living and outright destitution are likely to be considerable due to Obama’s poor judgement…


I don’t think society could last up the creek for 100 years!

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