Ladies and gentleman it is with great sadness and reservation that I must report that the United States is on the verge of entering another Great Depression.
Regardless of what anyone else tells you or how much the mainstream media works to cover the truth and to protect a Democrat President, we are about to experience the worst economic conditions that we have seen in our and our parents’ lifetime.
Let me be clear, these economic conditions are the result of poor policies by this President. They are also a result of a failed progressive liberal agenda both here in the United States and in Europe. And, they are a result of an energy policy that has pandered to the whim of environmental extremists.
Many will accuse me of “the sky is falling” hyperbole, but I can not stress enough that over the past few weeks the latest economic numbers, the selling of the market on strength, the stockpiling of gold by the Chinese, the steady rise in consumer staple prices, and other indicators point to disaster on the horizon.
The time has come for the Obama Administration and Democrats to stop playing politics and to start the serious business of cutting spending, reducing borrowing, encourage hiring, and it allow for the drilling of oil.
Reports today point to a slowdown in hiring in the private sector to less than 40,000 people a month far less than the 150,000 who enter the workforce each month. Employers announced 37,135 planned job cuts last month, up 1.8 percent from 36,490 in April. U.S. private-sector payroll growth slowed sharply in May, falling to the lowest level in eight months. The economy grew at a anemic 1.8 percent annual rate in the first three months of the year, weaker than analysts originally anticipated. The pace of growth in the U.S. manufacturing sector tumbled in May. The Institute for Supply Management (ISM) said its index of national factory activity fell to 53.5 in May from 60.4 the month before.
Ladies and gentlemen this is not good news. In fact, it is so severe that if there isn’t some improvement by the end of July, I would suggest those of you who have 401k’s, stocks, IRA’s, etc. to consider liquidating those holdings.
It is up to Obama to show some real leadership, get off the golf course, stop playing the gotcha politics game and bring the Democrats to the table to talk about seriously fixing this economy and creating jobs. Temporary fixes like failed stimulus bills and playing the class warfare game of taxing the rich will not solve our problems only exacerbate them.
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