Most Americans seem to be under the impression that the millions of Americans who have lost their jobs over the last few years will soon be going back to work as the U.S. economy recovers. But that is not going to happen. In fact, even Barack Obama, the Federal Reserve and the New York Times are all admitting that millions of unemployed Americans are not going back to work any time soon – and they are some of the biggest optimists regarding the long-term prospects for the U.S. economy. Many are calling this a “jobless recovery”, but what we are experiencing right now is not a “recovery” at all. Rather, we are currently in a “lull” in the economic storm. All of the “bailouts” and “stimulus packages” have stabilized the U.S. economy for now, but they have made our long-term debt problems far worse.
So what does that mean?
It means that eventually millions and millions more Americans will lose their jobs.
So don’t count on the millions of Americans who are currently unemployed going back to work any time soon.
Even the most important newspaper in the United States (the New York Times), the most important financial institution in the nation (the Federal Reserve) and the president of the United States (Barack Obama) all say that the employment situation is not going to improve for quite some time….
*Barack Obama’s most recent budget proposal projects that the U.S. unemployment rate will remain at about 10% in 2010. Of course we all know that the current official unemployment rate of approximately 10% is actually more like 18-22% in reality.
*The Federal Reserve also caused a stir recently when they said that the official U.S. unemployment rate will continue to stay up around 10% throughout 2010.
*In a recent article entitled “Millions of Unemployed Face Years Without Jobs”, the New York Times admitted that millions of Americans that have lost their jobs during this “recession” may be out of work for years.
Meanwhile, according to the Department of Labor, approximately 2.7 million unemployed Americans will lose their unemployment check before the end of April unless the U.S. Congress decides to extend their payments.
So what happens when millions of unemployed Americans don’t even have an unemployment check coming in?
Things are getting bad out there, and many financial institutions are beginning to take steps to protect themselves.
In fact, Citibank is now telling some of their customers that they are reserving the right to require 7 days advance notice before allowing a customer to withdraw their own money.
Yes, this is true.
Citibank is currently sending the following notification to their customers all over the United States, but according to them it was only supposed to go to their customers in Texas: “Effective April 1, 2010, we reserve the right to require (7) days advance notice before permitting a withdrawal from all checking accounts. While we do not currently exercise this right and have not exercised it in the past, we are required by law to notify you of this change.”
Could you imagine having to give your bank 7 days notice before you take your money out?
Dark economic times are ahead.
The truth is that the once great U.S. economy is crumbling. Just check out the chart below. Does this look like part of a “normal” economic cycle to you?….