Is U.S. entering a depression?
Posted: 05:00 PM ET
FROM CNN's Jack Cafferty:
Forget all the talk about an economic recovery - the U.S. just might be headed in the opposite direction.
Paul Krugman - who has a Nobel Prize in economics - writes in the New York Times that he fears we are in the early stages of a depression.
Krugman says a failure of policy is to blame - that it's a mistake for governments around the world to raise taxes and cut spending at this time. Krugman says nations should be spending more to stimulate the economy.
And, at the end of the day - it is the unemployed and their families who will pay the high cost of this depression. Krugman writes about the "tens of millions of unemployed workers, many of whom will go jobless for years, and some of whom will never work again."
Speaking of the unemployed - almost one million Americans are losing their unemployment benefits because the Senate failed to extend the deadline.
The bill didn't get the 60 votes needed to pass because lawmakers are looking for ways to put the brakes on skyrocketing deficits.
The same bill also contained another $24 billion for Medicaid funding for various states. And since they won't be getting that money right now, they will be forced to cut hundreds of millions of dollars, on top of what they've already cut.
It's getting very ugly out there.
Despite the Obama administration crowing about the so-called recovery summer - 78% of Americans say the economy is still in a recession according to a new CNN/Opinion Research Corporation Poll. Some recovery.
Here’s my question to you: Is the U.S. entering a depression?
Tune in to the Situation Room at 5pm to see if Jack reads your answer on air.
And, we love to know where you’re writing from, so please include your city and state with your comment.
Filed under: Economy •United States
If you want to save the fall of the empire you have to do these few points and quickly:
1- End the crazy wars of the empire. The Muslim leaders who America is using to fight along with for the wars are very corrupt and for many Muslims they are considered hypocrites or apostates. Very expensive wars for nothing. America already had lost the hearts and minds of Muslims, look at my early writings in http://www.commonsensemessiah.blogspot.com/ to see how I was looking for the empire to succeed however Muslims have big doubts about the intentions of the empire.
2- Direct the 700 billion dollars of yearly budget of defense to the American people and to Marshal like program that help a lot of people in the world.
3- Stop the piece-meal approach to problems and think vision and great new ideas.
4- Get the corporation out of Washington and let them stop controlling the politicians.
5- Stop talking from the tip of your tongue for a minute talk form your heart (to all politicians).
6- Before all of the above repent for the millions of people the empire had killed over the decades for economic domination and false doctrines