Sunday, November 25, 2012

Worst Economic Numbers in More Than a Year

The US is facing some of its worst economic numbers in more than a year with respect to unemployment benefit claims, poverty and food stamps. The Dow and the S&P 500 are down more than 5% since the election, and the US government rolled up $22 billion more debt in October 2012 than it did in October 2011. The US economy continues to slide, and there are many reasons to be pessimistic as 2013 approaches.
Despite ‘budget deals’ between the Republicans and the Democrats, US debt continues to balloon in size. The federal budget deficit for October 2012 was $120 billion, a huge increase over the October 2011 federal budget deficit of $98 billion. How long can America carry on like this?
The economic situation in Europe continues to unravel as well. The Eurozone is officially in recession, and unemployment there is at an all-time high. Violent protests and rioting occur almost daily. The largest economy on the planet is imploding before our eyes, and this is another factor that will drag down the US economy.
Things are not getting better for the US. The ‘recovery’ turned out to be extremely disappointing, and the next major downturn is almost here.
source: theeconomiccollapseblog

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