The non-partisan Congressional Budget Office has announced that our national economic problems will continue at least through 2014, given current trends. This includes a predication that unemployment will continue at levels above 8.0% through at least that period.
COMMENTS:
The key language here is “given current trends.” That means that as long as Obama and friends
are in charge, we’re screwed.
TODAY’S QUERIES AND ANSWERS:
Q. I heard yesterday that new EPA rules will force the
closure of several major coal-fired electrical generating facilities, thereby
causing power shortages and blackouts.
That’s criminal. What’s EPA’s
stance on the power shortages? (Norm ~ Reno, NV)
A. “We don’t manufacture electricity. You can talk to the Department of Energy
about that, but our rules will be met.”
Q. How bad is the housing situation? (Marguerite ~ Beverly Hills, CA)
A. Overall, it’s in the worst situation it has been in since
the Great Depression. The trend over the
last 4-5 months is down, down, down.
That means it is likely to get worse.
I believe we are entering a depression if we are not already there.
Q. Who on the potential Republican Presidential list do you
think can resolve our economic woes?
(Lew ~ Palo Cedro, CA)
A. Any one of them, Cain being the best qualified.
TODAY’S QUOTE:
“The sources of deflation are not a mystery. Deflation is in
almost all cases a side effect of a collapse of aggregate demand.. a drop in
spending so severe that producers must cut prices on an ongoing basis in order to
find buyers.” ~ Ben
Bernanke
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