A little over a week ago, U.S. Treasury Secretary Timothy Geithner penned an article for the New York Times entitled "Welcome To The Recovery" in which he touted the great strides that the U.S. economy was making. But with unemployment still dangerously high and with foreclosures and personal bankruptcies continuing to set all-time records, should we really be talking about a "recovery"? The truth is that the numbers don't lie, and statistic after statistic shows that the economic fundamentals continue to get progressively worse. The U.S. government can continue to try to pump up with economy with more debt, but the reality is that there is not going to be a legitimate "recovery" until consumer spending rebounds. Consumer spending makes up the vast majority of U.S. GDP. But without good jobs, consumers are not going to be able to spend money. Unfortunately, our jobs base continues to be erode as millions upon millions of middle class jobs are shipped over to China, India and dozens of third world nations by the global predator corporations that now dominate the world economy. (Read More....)
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Would you ever accept government welfare? Would you look down on someone who does? Well, if you would look down on a fellow American who receives food stamps then get ready to look down on a massive sea of people. The truth is that over 37 million Americans now receive food stamps, and the program is expanding at a pace of about 20,000 people a day. As hordes of Americans have been forced out of their jobs and their homes, millions are finding that the only way they can make it is to accept food stamps. For many it is a tremendously humbling moment to turn to the government for help, and for so many millions to be dependent on the food stamps program is yet another indication of how deep the economic despair in America has gotten.