Here in America we hear the same lies and distortions about the economy as we heard about the EU: “Everything is fine”… “It’s getting better”… “Unemployment is improving”… “The crisis is under control”… and of course, “The recovery is already underway.”
We now know they are delusional lies. Cyprus citizens had their life savings stolen by their own government directly from their bank accounts. In Spain bankruptcies were up 45% in the first quarter. In Italy public buses were recently forced to return to the depot because there was no money to pay for gas. In Greece 33,000 citizens a month are losing their electricity, for failure to pay the bill. In France the Jobs Minister let it slip that “France is completely bankrupt.” In the UK the economy is headed for a dreaded and unprecedented “triple dip recession.” It is clear Europe is entering a Great Depression.
How far behind can America be? Our media says we are in a “recovery” incessantly. We are told that because the stock market is rising, because housing is enjoying a few signs of life (at bankruptcy prices), and because cars are selling better than the terrible rate they sold at last year, that the U.S. economy is doing well. It’s a mirage.
Stocks are rising because the Federal Reserve is printing $85 billion per month in fake money and dropping it onto Wall Street. Housing is rising because the Fed is buying mortgage-backed securities that no one else wants, to keep interest rates artificially low. Cars are selling because government itself is buying record numbers of GM cars, and handing out billions in checks (welfare, food stamps, disability, and unemployment) to prop up consumer spending.
Take the government checks away and the economy collapses overnight. Sounds like government is our savior- until you realize this is debt that has to be paid back. The only accomplishment is the destruction of our children’s and grandchildren’s future. They’ll be enslaved for life to unimaginable taxes just to pay just the interest on the debt. Thanks mom and dad!
With record-setting debt we should at least be experiencing a recovery. We are not. The U.S. economy, despite trillions spent to artificially prop it up, is nearing complete collapse:
Last month we added a miserable 88,000 jobs. But much worse, 660,000 Americans dropped off the job rolls...in one month. 90 million working age, able-bodied Americans are no longer in the workforce. 90 million. The workforce participation rate is the lowest since 1979. For men it’s the lowest since 1948 (when record keeping began). Disposable income in January was the lowest since 1959 (since record-keeping began). Under Obama we’re truly “back to the future.”