I’m no economist (I never even balance my checkbook) but I recall learning that a depression is technically 2 consecutive quarters of negative job growth. The revised previous quarter of this year is now 0.4% growth and this quarter it was 1.3%. We are dangerously close to a “technical” depression but I think if you asked most Americans, they’d say “technical schmechnical – I’m living in a depression, NOW!”
Considered, by some economists, a rare and extreme form of recession, a depression is characterized by its length, by abnormally large increases in unemployment, falls in the availability of credit— often due to some kind of banking or financial crisis, shrinking output—as buyers dry up and suppliers cut back on production, and investment, large number of bankruptcies—including sovereign debt defaults, significantly reduced amounts of trade and commerce—especially international, as well as highly volatile relative currency value fluctuations—most often due to devaluations. Price deflation, financial crises and bank failures are also common elements of a depression that are not normally a part of a recession.
Does this not sound like our world today, our nation today?
Today, Obama said that in the coming weeks he will have ideas on solving our economic problems. Not a plan, he never used the word plan. He said ideas.
I have ideas. I bet you have ideas, too. One of mine is – hey, maybe he should just resign! Yea, there ya go! Go back home to Chicago and hob-nob with his Marxist and terrorist pals!
He got my hopes up when he said that income tax reform had to be on the table this fall when the super committee in congress meet. But then he fell back on the “rich have to pay their fair share.” So nothing has changed, his failed ideology is ever hardened even in the face of this disgraceful down grade by S&P.
It’s not disgraceful to him to see our nation faltering. In fact, what embarrasses him is that America IS a great nation. We all remember his apology tour of 2009. He will not be pleased until America is a full fledged 3rd world nation and he’s very definitely put us on the road to that.
Well, I’m depressed. I had hoped (stupid woman that I am) that he would come out with something uplifting and inspiring in his speech today, especially in light of the tragic lives we lost this weekend in Afghanistan, but I was once again let down. It was the same ol’, same ol’:
Tax the rich. Tax the rich. Tax the rich. And if he keeps saying this enough maybe he really will start a class war in this nation.
How about reading the headlines at Drudge:
Minnesota Wisconsin state fair-goers (by all accounts, all white) attacked by a mob of at least 100 black youth. He’s at least empowering and inspiring someone- unfortunately, it’s in an entirely wrong way!
Update: Was corrected by a poster that this was not in Minnesota but I’m sure you’ve all read or heard about this story, regardless of the location.