Date registered: Sep 2004
Vehicle: 83 Astral Silver 280 SL
Location: Planet Houston
Mentioned: 0 Post(s)
Quoted: 7 Post(s)
RE: Best economy of all time?
I analyze financial data for a living. The economy is a true Republican economy - if you are rich, you are doing very well. If you are in the middle, you are really hurting.
Like most Republican bullshit, it's all sematics. The unemployment figures don't mention that most of the jobs being created these days are low paying, and many of them go to illegals. Actual wages of average Americans are down. Good jobs are mostly going overseas. If you look at the numbers put out by the administration, they just don't measure up to the perceptions of the average guy in the street. He is squeezed by rising energy costs, and a larger and larger local tax burden. He fears his job will disappear. The general perception is the economy sucks, which is why it doesn't reflect in the poll numbers.
The winners in the economy are those who hold equity positions in the global economy, in other words the ones who are profiting from the disappearance of middle class jobs or in the fat profits of companies that hire illegals in this country.
The home ownership figures are also misleading - they just show that the country has been on an easy credit binge. We have had two economic meltdowns in the past twenty five years that were preceeded by high home ownership levels, only to see them drown in a sea of foreclosures when credit got tight and the economy turned sour.
The most disturbing part of our economic picture is the source of the cash that is driving economic growth. It's all debt finance. We are essentially a country on an enormous credit card binge.
Recall that earlier generations faced down fascism and communism not just with missiles and tanks, but with sturdy alliances and enduring convictions. They understood that our power alone cannot protect us, nor does it entitle us to do as we please. Instead, they knew that our power grows through its prudent use; our security emanates from the justness of our cause, the force of our example, the tempering qualities of humility and restraint.
-President Barack Obama, 1st Inaugural address