We are in for chronic high unemployment exacerbated by Obama-pressure on businesses and the fear, angst, disgust and paralysis of their owners. And let’s not forget that his financial reform bill will impose a whole new load of burdensome, costly regulations on healthy, well-managed community banks, thus retarding lending.
In his progress report on the economy delivered as lunch-time speech last week, the president spoke of expanding their successful small business programs. If he can show me a single successful small business program he and his gang have created so as to call it theirs, I’ll donate $50,000.00 to any charity of his choice. Except ACORN or any controlled by George Soros.
Layered atop this mess is the ever-rising national debt measured in trillions that is talked about plus trillions more concealed in special time bombs. Forty cents of every dollar now doled out by the federal government is borrowed. Every citizen owes nearly $50,000.00 as share of the debt, and few can pay up – although every person ought be invoiced, and charged interest, as wake-up call. We are a bankrupt nation run by wild spenders who deny their drunkeness and continue with irrational, irresponsible spending. The extreme level of their irresponsibility borders on treason. When Kruschev banged his shoe and said “We will bury you” he assumed more work than needed. We are burying ourselves. Deep. Fast.
In November 2009, North Korea declared its currency worthless, wiping out whatever savings any citizen had, and issued each person a small starter supply of new money according to need. It attempted price controls so people could at least buy rice to eat, but – surprise – farmers and merchants refused to sell below their costs, so the black market took over instantly.
A comparable dark scenario in the United States is unimaginable to most, yet the unprecedented irresponsibility by our government and utter destruction of our business community and of private wealth by that government portends of exactly that.