President Obama promised “Hope and Change” when he was elected; he has definitely managed to deliver “Change,” and last week he was quoted saying “Hope” doesn’t happen overnight. Change has come at us like a freight train and repeatedly I have our covered loss of civil liberties, now our economic future has been stolen by Washington:
– The debt deal promised cuts, but the debt will increase by $8 trillion dollars to $23 trillion by 2021. “Why?” Because the government calls a “cut” less spending than was projected for the following year, not less than is spent now.
– The day after the deal passed the government spent $236 billion, or $750 per citizen, in a single day. For my family of six, the debt increased by $4500. I don’t have an extra $4500 lying around, do you?
– Standard and Poor’s downgraded the U.S. credit outlook for the first time in history on August 5, 2011. To claim this is a political move would underscore the objectivity of credit reporting.
– The official Chinese news agency commented, “China has every right now to demand the United States address its structural debt problems and ensure the safety of China’s dollar assets.”
– Food stamp usage hit a new historic high last week, 45.5 million, up from 26 million in January 2007, and 32 million in January 2009 when Obama took office.
– According to the Census Bureau, homeownership fell to the lowest level since 1998, 65.9%, and if delinquencies are included the numbers match 1965’s level of 59.2%, according to Morgan Stanley.
– Housing prices have dipped 32% since they peaked in mid-2006, again for the 50th straight month realtors call a bottom to the decline.
– Weekly first time jobless claims continued their record setting levels above 400,000 for the 17th straight week.
– The average length of time to find a job has surged to a new record, 40.4 weeks.
– The labor force participation rate fell to a new low, 63.9% not seen since the early 1980s.
– Including those who quit looking but desire employment, the broader unemployment rate reached 16.1%.
– Gold topped historic numbers last week, closing above $1660/ounce.
I believe President Obama and Congress sealed their political fate last week and I am hopeful revolution will begin with the election of leaders, not self-serving politicians in 2012. A quick read of history will point to failed governments following the same path as the United States. We will not have societal Armageddon tomorrow, but our standard of living, and more importantly future generations’ standard of living, will continue to decline.
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