The "Booming" Economy
Analysts say that the American economy is booming but, when you look at the hard facts, one must question for whom it is booming.
- Gold on Tuesday broke through the $700 a troy ounce level for the first time in 25 years. http://news.ft.com/cms/s/8251cfee-df89-11da-afe4-0000779e2340.html
- The dollar slid to one-year lows against the euro, sterling and the Swiss franc on Wednesday.
http://news.ft.com/cms/s/bf333230-e007-11da-9e82-0000779e2340.html - The economy is on track to grow by about 3.5 per cent for the second consecutive year. [But] strong growth has also owed much more this time to higher debt and lower savings. During the late 1990s’ boom the savings rate dropped from 3.6 per cent to 2.4 per cent. In the past three years it has fallen more steeply from 2.1 per cent to minus 0.5 per cent.
http://news.ft.com/cms/s/c46fc310-deba-11da-acee-0000779e2340.html - Maytag axes 4,500 Whirlpool jobs
http://news.bbc.co.uk/2/hi/business/4758625.stm - Despite the "booming" economy, there is now an average of 2,000 new bankruptcy filings each day here in America. http://moneycentral.msn.com/content/Banking/bankruptcyguide/P143823.asp
If the economy is indeed "booming", who is reaping the windfall? If economic growth is fueled by increased consumer debt, what happens to the economy in light of the lack of bankruptcy protection and the questionable future of Social Security? Are we simply delaying the inevitable?
posted by Intellectual Insurgent @ 8:58 AM
15 Comments
15 Comments:
Exactly. We are delaying the inev.
The simply fact is we are living on borrowed dollars. Which will come due, with interest (which will go overseas to our creditors).
I run an aerospace engineering firm. I could easily make the "bottom line" look great by borrowing on our future -- increasing salaries, hiring more people, buying more equipment... The company would appear to be booming.
But unless A LOT new business comes in to cover the debt such a move would be foolish.
We have fools minding the store.
a failure of leadership.
I do fear that these crooks are borrowing like there's no tomorrow because they actually think there's no tomorrow.
They either think they're going to be raptured up, Bentley and all or live like medieval lords in their fortified castles while the serfs go hungry.
The one thing I'm sure of is that they don't believe what they're telling us.
Yeah, the lies are becoming too outrageous. Hence the 31% approval rating.
We are delaying the inevitable and, when it comes, keep your doors locked and your gun loaded because it's going to be ugly.
our leaders know exactly what they are doing. It is the I am going to get mine at the expense of everyone else.
While some may believe there is no need to plan for the future (rapture) I think most are motivated by simple greed. Because they can the will.
II- do you really think things could get that bad? Worse than the great depression?
JJ -
I am not sure if things will get as bad as a depression, but I can't see how it can be anything short of a major, and long overdue, "readjustment" of our super-sized lifestyles.
This economic boom has been fueled by financial foolishness, spending on credit and now we are seeing bankruptcy filings and foreclosures on the rise, the dollar down and gold up.
Now the repugs want to cut taxes and raise the debt ceiling to $10 TRILLION and they are a Senate vote away from accomplishing it. How on earth do we, as a society, dig ourselves out of this without hitting rockbottom?
I agree we are over due. I think soon we swill be in a 5-10 year minimal growth with some back sliding.
Much will depend on when or if we get some real leaders. You know ones that know better than to do this-
Congress poised to pass $70B in temporary tax cuts
...Some analysts say the plan favors the rich. An analysis by the non-partisan Tax Policy Center estimates that millionaires would save an average of $42,000, while people earning less than $50,000 would save less than $50. ..
We're not going to have real leaders anytime soon; not until we change the culture of corruption that permeates the government. With increasing privatization of everything, it's only going to get worse.
Whether the tax cuts favor the rich or poor really is beside the point. The end result is that the cuts take away money needed to service the interest on the national debt, which means that more currency will be printed, which means we will have greater inflation, which will ultimately require the Fed to raise interest rates, which will jeopardize a good chuck of the middle class who bought homes with adjustible rate mortgages.
So, which is it? You claim that debt is growing. Who's debt? The citizens, or the government? Keep in mind that the government has always operated in debt (I'm not talking about budget deficit either). You cite private folks borrowing more. And? That's a personal choice is it not? Who are those private folks by the way? You cite ambiguous (at best) figures, and claim that there's a huge conspiracy that will destroy our economy. That seems like the msm's job (but you claim that the media is helping to hide it over fear of panic? They'd LOVE to incite panic).
Debt is growing in both the private and public sectors. That is incredibly dangerous.
You are correct that the government operates at a deficit, but when was the last time the US Congress had to pass an emergency appropriations bill to raise the debt ceiling to prevent the country from defaulting on its debts.
And the effect of more people being in debt is that they can't spend more, which means they can't keep the economy moving, thus gutting the taxbase. No worries, however, the Republican answer to that is to just print more money. And that's always good, right?
Yeah -- printing money is the solution.
We need a good bout of inflation (jkg).
The gov and the people are both living on credit: a recipe for disaster. Credit reduces future buying power, so we're just mortgaging our future.
Reagan put us on this road... Clinton and the republican congress tried to fix it, but Bush flushed that all away in his first 6 months in office.
We are looking at disaster.
There is a sound school of thought that tax cuts increase actual revenue for the government to operate on and there are facts to back it up.
However, the problem is that this tax and spend congress and a President that has never seen a spending bill that he didn't like are making things worse.
FAR.
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