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.”
Record-setting numbers of Americans are raiding their retirement accounts just to survive. Student loan debt is a disaster - with defaults up 36% from a year ago. Homelessness is at record levels in New York City and other urban areas. 16.4 million Americans live in poverty…in the suburbs.
Almost 50 million are on food stamps. 14 million are on disability (the next handout after unemployment runs out). Millions more are on welfare, unemployment, housing allowances, aid to dependent children, and 100 other government hand-outs. Now, add in "free" healthcare. And then there's 22 million government employees whose bloated salaries, free healthcare, and obscene pensions are a gigantic liability for taxpayers- sucking the life out of the economy.
The few jobs being created are McNugget jobs with minimum wages, no benefits, and no job security. It’s now an Obamacare economy with jobs that no one wants.
The politicians’ response?
Obama disbanded his Jobs Council. Really.
Homeland Security bought 2 billion hollow-point bullets. Are these to protect the government from its own citizens when the economy collapses?
New York Mayor Bloomberg passed laws to ban large soft drinks.
And the federal government awards grants to researchers to study why lesbians are fat.
I wish I was joking.
But I say: "Don’t get mad, get even.” It’s time to put together your own “Booming Personal Economy,” which doesn’t depend on the federal government to magically provide you breakfast, lunch and dinner (not to mention free health care and a carefree retirement). The government will run out of money long before we retire – so make sure you don't.
As I explain in my brand new book, The Ultimate Obama Survival Guide, a Booming Personal Economy is what you create by seeing and seizing opportunity, where others see only misery and challenge. It’s what happens when you are dedicated to making lemonade out of lemons. And you’re in luck – because Obama is a lemon.
We’ve got no choice but to make lemonade – there is no other option.