The optimists over at The American Dream (tagline: “Waking People Up And Getting Them To Realize That The American Dream Is Quickly Becoming The American Nightmare”) say the claims of economic recovery are false. In fact, our apparent turnaround is actually the brief period of calm before a second, more serious collapse.
There are troubling signs everywhere:
The unemployment crisis continues to get worse. The number of unemployed Americans per job opening has started to increase again, hitting 5.5 in February… Many of those who do manage to find work have only been able to obtain part-time employment. Gallup’s underemployment measure hit 20.0% on March 15th. This was up from 19.7% two weeks earlier and 19.5% at the start of the year….
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Several prominent economic analysts are now declaring the the risk that the government of Japan will go bankrupt is very real. If Japan does financially implode, that will have major implications for the United States, as Japan is one of our biggest and most important trading partners.
The world’s five biggest AAA-rated countries (including the United States) are all at risk of soaring debt costs and will have to implement austerity plans that threaten “social cohnesion”, according to a report on sovereign debt by Moody’s. To get an idea of how popular “austerity plans” are, just check out the riots that have been happening in Greece lately.
Trillions have been pumped into the U.S. economy over the last couple of years and officially all we have to show for it is about 2% growth. Oh, and an exploding national debt that our children and grandchildren will never, ever be able to pay off.
This is turning into quite a chipper Monday. Here’s the full piece.