There is lots of talk about the subject of “Recession” floating around. We hear the word just about everyday from news sources, financial advisors, critics, political pundits, family, and friends. Unfortunately, US leaders are unwilling to take responsibility for years of mismanagement over the nation’s economy. Some continue to make bold public statements despite what’s apparent.
“I still believe our fundamental underpinnings of our economy are strong,” said Senator John McCain.
“I believe we can find common ground to get something done that’s big enough, effective enough so that an economy that is inherently strong gets a boost,” declared President Bush.
Even the Chairman of Council of Economic Advisers, Ed Lazear overlooks the deprived U.S. economy: “The structure of the American economy is sound.”
The Government is inaccurately reporting the status of the U.S. economy. The country might find itself at the door of a second Great Depression before its leaders come clean? America currently has a weak labor market, large budget deficits, high fuel and energy cost, massive trade deficits, low productivity growth, high inflation, and a nationwide decline on home sales and house prices. Wall Street or Main Street, this country is in a RECESSION.
The Great Depression of 1929 was a worldwide economic downturn that started in the US. The stock market crashed on October 29, a day that was dubbed Black Tuesday. The end of the depression was the onset of the war economy of World War II beginning in 1939. Is the country on the verge of a repeat?