For some time now my Sunday page is dedicated to the Bard of Murdock and I take the day off. The Bard’s poem is posted as usual so not to worry. However, I am writing today because this most important news is being drowned out by the debt ceiling drama of the last many days. The information I am about to share with you would normally dominate all media even the MSM, but instead it has received almost no attention.
Yesterday, Friday, I read a post at the Inform the Pundits blog that knocked my socks off. For two years now, we have been told by our political leaders, by our government, by Fed Chairman Bernanke and, by Treasury Secretary Geithner that the Great Recession officially ended in June of 2009. “Officially” because it was then, we were told, that the GDP had increased X months in a row and that meant that the country had finally began its recovery. We the people living on Main Street America have consistently sad that we aren’t seeing any evidence of a recovery. From our point of view, the country has continued to be in recession. And guess what? We have been right all along and the “experts” were wrong!
From the Inform The Pundits article we learn:
The U.S. Department of Commerce through the Bureau of Economic Analysis (BEA) released updated GDP figures today.
This month’s report is especially important because it contains annual revised figures covering the period from 2007 to present. The changes aren’t good.
Some BEA Report figures that stand out:
- Real GDP from 2007-2010 shrank at an annual rate of 0.3%
- Real disposable personal income revised downward by 0.6%
- Consumer price index revised upward 0.2%
- Q1 2011 GDP growth revised downward to 0.4%
- Q2 2011 GDP growth reported at 1.3%
Please, spend a few minutes thinking about those numbers. This article should be considered a must read. THERE HAS BEEN NO RECOVERY! We intuitively knew that there had been no recovery. Now we have the proof. Everybody on Main Street needs to be talking about this everyday through out this election campaign season.
We are still in the greatest recession in our history. All this talk by Obama and Geithner and Bernanke that we must be careful not to do anything that would stop our fragile “recovery” and plunge us into a double dip recession is NONSENSE! There has been no recovery. We were sold a bill of goods on TARP. It did nothing to get us out of recession. We were sold a bill of goods on the Stimulus Package. It did nothing to get us out of recession. We were sold a bill of goods on QE I and QE II. they did nothing to get us out of the recession.
Isn’t it time that all elected and unelected officials is Washington sat back and said we have to stop what we have been doing and reverse course? What does it take to galvanize Americans into a united action to save this blessed country?
The attack on Pearl Harbor was a wake-up call that galvanized America behind a common goal. The financial crisis of 2007-2008 was a wake-up call that should have brought all Americans together to again save our blessed country. It didn’t. This time the threat is not a foreign power. This time we are the threat to the survival of America. We brought this mess on ourselves. If you missed the chance to read the zerohedge.com article linked in yesterday’s Guest Saturday post, I implore you to read it now. This is by far the best and clearest analysis of how we got where we are today that I have seen. Once we all understand how we got into this mess, the way out should be clear to everyone.
There are only two things our country can do to save itself, assuming it is not already too late. We must get serious about reducing government spending and, maybe even more importantly, we must create an environment in which our economy will start growing again and thereby create the jobs that are so desperately needed.
Do you see any sign that the people who govern us are serious about saving America? I don’t. This three-ring circus taking place in Washington on the debt ceiling is disgusting. A handful of Republicans are serious about spending cuts but only a handful. And no one has made any serious proposals to get the economy growing again (cut corporate and business taxes and remove the regulatory constraints to doing business). Over regulation is killing our economy and killing job growth. Please read this short article and watch the video. Atlas is shrugging, my friends, and for good reason.
So, I ask again. What does it take to galvanize Americans behind the common goal of saving America from complete collapse? Is it too late? Must the total collapse occur first before we will unite to save ourselves from the monster we ourselves created?
Well, that’s what I’m thinking. What are your thoughts?