Europe doing well? Who exactly? Greece, Germany, the UK, Spain? The EU is a failed disaster.
LONDON -- The 17-country eurozone has fallen back into recession for the first time in three years as the fallout from the region's financial crisis was felt from Amsterdam to Athens.
»www.mercurynews.com/business/ci_ ··· ecession
And what financial crisis would that be? Debt, massive massive debt from decades of liberalism promising everything without a plan to pay for any of it...unions...pensions...debt. So all of these nations like Greece sold bonds after bonds, borrowing after borrowing to fund their liberal utopia. Well, now the bonds are due, these countries are all over leveraged and no one will loan them any more money. To get people to loan them more money interest rates skyrocket leading to even more debt. It is a death spiral, the same one we are in as we pass a debt level 100% of GDP, a level not seen since World War II. There will come a day when people look at our debt, now approaching $20 trillion and will say no more to US Treasuries. Then what? We raise the interest we pay to get people to buy.
Then we are spending a trillion a year just SERVICING our debt, not paying a penny of it down...a trillion in just interest payments. Where does that money come from? Higher taxes on the middle class? Across the board cuts in social problems? This administration is raping future generations of any hope for a better life. He is stealing from them just to get reelected, to keep his power. It is sickening.
Stock market doing okay? Great, so Obama's plutocrat 1%ers are doing well while small business and the middle class are destroyed. Middle class folks all left the market and didn't come back. So much for looking out for the little guy. So while the boy king works on his golf game, shuts down the jobs council (mission accomplished I guess), more and more people leave the workforce, the economy stalls back into recession. Now gas is $4 a gallon and it is still the dead of Winter. What will prices look like in August and how will that affect middle class pocketbooks? As if the Administration cares about the middle class...he gets free gas and a private jet...F us common folks.
This administration from day one has engaged a war against the middle class and small business while giving away the store to greedy unions and an even greedier Wall St. And we see what it gets us...the lowest worker participation rate in decades, record debt, record tax increases (on everyone except the plutocrats) and now a double dip recession.
The Summer of Recovery!
Of course by this time during the Reagan recovery we were doing 300K jobs a month, unemployment had come down from double digits to just over 7% and by the end of the 2nd term his policies led to a manufacturing boom and the creation of 20 million jobs. I know, my business was built during that time, a time when Southern California was the aerospace capital of the nation...not any more, Sacramento has run everyone out of the state.
So far with Obama he struggles to keep unemployment below 8% (the rate he said we would peak at if we didn't pass the $800B stimulus) and it is 8% even with well over 8 million people leaving the workforce. There aren't enough jobs being created to keep up with population growth. And if those people who dropped out of the workforce were still looking for work instead of having given up, unemployment would be 11%.
I already explained why blue states stay blue, the takers outnumber the makers.
Welcome to the new normal, the Obama economy.