Wednesday, June 8, 2011
The Coming Economic Hell For America
Since the financial collapse of 2008, the Federal Reserve and the U.S. government have taken unprecedented steps to stimulate the economy. But even with all of those efforts, we are still living in an economic wasteland.
So what is going to happen when the next wave of the economic crisis hits?
During one recent interview, Peter Schiff made the following statement....
If you look at the economic relapse that’s going on right now, look at Friday’s abysmal job numbers, look at the housing numbers, understand that all of this is taking place with record monetary and fiscal stimulus. What happens if we remove those supports?
At the end of June, the Federal Reserve's quantitative easing program is slated to end. The U.S. Congress and state legislatures from coast to coast are talking about budget cuts. The amount of borrowing and spending that has been going on is clearly unsustainable, but will the U.S. economy start shrinking again once the current "financial sugar high" has worn off?
Already, all sorts of bad economic news has been coming out and all kinds of economic indicators are turning south. The American people are becoming increasingly restless. One new poll has found that 59 percent of the American people disapprove of Obama's handling of the economy (which is a new high). According to another recent poll, 63% of Americans say that they feel "not good" or "bad" about how the U.S. economy is performing.
If most Americans had good jobs, could afford their mortgages and could pay their bills, the economy would not be such a big issue.
Unfortunately, times are really tough for American families right now and they are about to get a lot tougher.