US Economy Facing A Depression?
I am worried about our economy. I doubt anyone here thinks it’s “just fine”. I am wondering how many realize how closely our current economy resembles what was happening just before the stock market crash that heralded the Great Depression.
The US$ has been steadily declining on the world market (50% over the last seven years), international trade declining, debt increasing, and the biggy, serious uneven distribution of wealth. In the last eight years the top 1% has gained hundreds of billions while the average American family is effectively loosing 5% to 9% annually with inflation and low increase of wages (cost of living raises aren’t covering the cost of living).
Bush’s tax cuts have helped this along theorizing the trickle down of wealth as the rich spend their extra funds will stimulate the economy. Sounds good, even worked a little bit at first… but it seems even the ultra rich can run out of things to buy so now it’s just accumulating. We lower classes, of course, are spending less because we have less to spend. With the energy crisis ($100+ oil) our effective income has dropped dramatically again as prices on everything increases.
McCain’s answer, I mean after he was told there’s a problem so many times he finally had to admit there’s a problem… more of the same. Bush tax cuts x2.
If you do the same thing you will get the same results… another reason I’m supporting Obama. I don't know if he can pull us out of this but I know he will try.