Wondering when the economy will bounce back?

[mndapa1]

So a lot of people are.

I read this piece and am very disturbed by the projections. Remember...projects are usually wrong...and do not tend to favor the bad, not good.

So here is an interesting perspective on this:



Projection: It'll be years before jobs return to much of U.S.

Unlike the labor market collapse that killed millions of U.S. jobs in a matter of months, the nation's return to peak employment will not be nearly as uniform nor as swift.

The rest here: www.mcclatchydc.com/227/story/69823.html

As most of us realists know, the labor market and the economy go hand in hand, along with the housing market.

So here are some more stories that shed light on it:

Foreclosures, mortgage delinquencies climb at record rate
www.mcclatchydc.com/homepage/story/69014.html

Housing is bad enough, but wait — it'll get worse
www.mcclatchydc.com/economics/story/56241.html

I dont see no improvement coming for at least two years...maybe longer

UPDATE:
A former official in the George H.W. Bush White House estimates that the bloated public and private debt in the US works out to $250,000 for every man, woman and child in the country.


David Walker, the former US Comptroller General, says that the federal debt level is approaching $55 trillion and if you add in the what is owed on the state and local levels -- plus personal household debt -- it adds up to $75 trillion in obligations.

Walker, who now heads the Peter G. Peterson Foundation, named for the co-founder of the Blackstone Group, warned that without fiscal restraint, Uncle Sam may be guaranteeing that our future is not as prosperous as our past.

At the $75 trillion deficit level a family of four owes $1 million, he said.

www.nypost.com/seven/06142009/business/us_debt_is_at_1m_per_family_174238.htm

It is worse than I thought.

[piperdown]

Ugh, that is terrifying! It appears those numbers don't include SS/medicare/medicade either!

I am one of those strange people that absolutely abhors owing anyone anything. I financed one car (back in1988) and really didn't like the payment book at all, told myself I was done with that, and never repeated the financing-fiasco. Cash-only can really open one's eyes as to the value of a new-anything. I can't comprehend a gov't that has a desire to work it's way deeper into debt every second.

Lots of good, but depressing information at mwhodges.home.att.net/nat-debt/debt-nat-a.htm The data he has extrapolated matches the treasury's webpages. I didn't poke away at the calculations, but they seem to make sense.

No one is figuring the results of the ongoing slow collapse of the commercial real estate sector, or the 2.5% of all multifamily structures that is headed into default. That bailout is going to make us think we got a real deal on that last TARP shaft-job.

But we need gov't paid medical insurance for illegal aliens. It all makes sense, doesn't it?

[valvalentino]

Not good. Take a look at northeast Minnesota. We are close to that area. Have you all noticed the number of businesses that have gone under in the Pequot Lakes, Nisswa and Crosslake areas? Just down the road from us are the old Ossipee Store and Northwoods Inn. Both sit vacant with for sale signs. I'll be stunned if either open again, at least not in the near future.

Oh I forgot, *61's stimulus package will correct all of that.

[cubbieblue]

SPEND, SPEND AND SPEND SOME MORE. The economy has no chance with these big spenders in Congress. Perks and more perks. Read about the trips or should I say vacations the special ones are taking on our dime.

Taxpayer-funded travel is a big and growing perk for lawmakers and their families so why can't I tag along? I have never been to Jamaica, the Virgin Islands and Australia's Great Barrier Reef. I need to learn more about the world.

online.wsj.com/article_email/SB124650399438184235-lMyQjAxMDI5NDA2MjUwMDIzWj.html

The spending on overseas travel is up almost tenfold since 1995, and has nearly tripled since 2001, according to the Journal analysis of 60,000 travel records. Hundreds of lawmakers traveled overseas in 2008 at a cost of about $13 million. That's a 50% jump since Democrats took control of Congress two years ago.

The cost of so-called congressional delegations, known among lawmakers as "codels," has risen nearly 70% since 2005, when an influence-peddling scandal led to a ban on travel funded by lobbyists, according to the data.

[hasset]

Did any of you see Hannity tonight? He had a whole list of frivolous spending all over the country. After seeing that and the other things in the news lately, I am wondering if B.O. is trying to bankrupt us all. I am not saying that in jest. I really believe he wants to see us all as the lowest peons who ever lived. Then when he has us where he wants us, he can really control us to do what he wants. I am totally convinced that he does not care for ME at all and he doesn't care for YOU either. What is wrong with our country. Has it been this bad and I never knew how really bad things were?

[hasset]

Mollohan Scandal Drags On by Connie Hair

"Mollohan (D. of W. Va.) is alleged to have steered nearly $200 million to a network of nonprofit groups in West Virginia that are run by people who regularly contribute to Mollohan’s political action committee, Congressional campaigns and his family foundation. The contributors also include private companies that are recipients of contracts through these nonprofits."

"With the trial of William Jefferson, the former Democrat Congressman from Louisiana finally underway, perhaps the Justice Department’s slowly grinding wheels will next turn to the Mollohan matter."
Read more at www.humanevents.com/article.php?id=32490

To read more interesting bad news, go to:
Most Corrupt members of Congress
www.crewsmostcorrupt.org/node/159

[hasset]

I think we could fill up this whole blog with wasted spending by Congress. It shouldn't have to be like that. Now look at the wasted money and time Congress is getting into:
Jewish World Review July 20, 2009 / 28 Tamuz 5769 By Mark Steyn

Government housing, federally funded contraception now the fate of many wild mustangs (our government at work!)

On Friday, July 17, the House of Representatives met to debate ? Go on, take a guess: Health care? The cap-and-tax racket? Stimulus Two? No, none of the above. Don't worry, they're still spending your money. Wild horses couldn't stop them doing that.

And, as a matter of fact, that's the correct answer: wild horses. On Friday, the House passed the Restore Our American Mustangs Act — or ROAM. Like all acronymically cute legislation, its name bears little relation to what it actually does: It's not about "restoring" mustangs. The federal Bureau of Land Management aims for a manageable population of 27,000 wild mustangs. Currently, there are 36,000, and the population doubles every four or five years. To prevent things getting even more out of hand, the BLM keeps another 30,000 mustangs in holding pens — or, if you prefer, managed-care facilities. That's to say, under federal management, one in every two "wild" horses now lives in government housing. The American mustang population is road-testing the impending demographic profile of Japan and Germany: one worker for every retiree.

read the rest of this awful article: www.jewishworldreview.com/0709/steyn072009.php3

[cubbieblue]

It is an excuse for another land grab. In New Mexico where my relatives live, I saw an area that had been for public recreation get taken over by the government so it could stay "pristine". People are not allowed there anymore and neither are animals. The roads are covered with big boulders to keep people from driving into that area. Gosh, how I hate that word "pristine". The people could no longer go for walks there or do any camping. The farmers could not let their cattle roam the area to keep the sage brush down and prevent fires. Now you should see the fires that the dry lightning cause! That sage burns like oil and is black as night. It is the same old story, government first and people last. I think the problems Congress is getting into could be better handled by the local people who know their own area and its problems. I do not think Congress is really interested in horses. They just want something to control. I say to let the locals decide if there is a problem and what is the best way to handle it.

[cubbieblue]

(Someone sent this in an email today. It sounds good)

History Has Always Been The Greatest Teacher     So here it is.

"The budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to  foreign lands should be curtailed lest Rome become bankrupt. People must  again learn to work,  instead of living on public assistance."
                                                                           
                                        Cicero  - 55 BC


                                So, What have we learned in 2,064 years? 
                                evidently nothing..

 

[dtothelux]

You should send that quote to *61 although it would do no good.

[colonelbuckrobely]

Amazing, Cicero was smarter than Onumbnuts. I wonder if his college records are readily available. Odumbo's are off limits.