Okay, so bin Laden's dead...now what about the economy?
You are probably aware that the S&P downgraded the United States' "credit rating". Basically, the S&P feels that the United States government is likely to become a poor investment within the next two years-- "expressing unprecedented doubts over the ability of Washington to bring the massive federal budget deficits under control."
The S&P notes "that he government is on pace to run a record $1.5 trillion deficit this year, the third consecutive deficit exceeding $1 trillion." The S&P "says Britain, France and Germany have moved much more quickly to contain deficits."
Yesterday, the dollar hit a three year low in relation to other world currencies. And the outlook for improvement is not good.
About 1 in 7 Americans is on food stamps.
And what about.....Jobs?
Jobless claims are the highest in EIGHT months. And, there's been a big downturn in the services sector and less-than-expected hiring by private companies in April.
Home prices have plummeted. Over 1/3 of sales consist of bank-owned (another word for repossessed) homes.
Not to mention inflation. The dreaded I-word is not mentioned much, but with the skyrocketing price of fuel, food and other essential goods--believe me, it's inflation.
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