How bad will it get?
America just experienced the most dismal Christmas retail season on record. We are already seeing massive retail failures which are tearing at the guts of economy (e.g., KB Toys, Linens and Things, Comp USA, Sharper Images, Circuit City). And this is just the tip of the iceberg.
Not even the corporate controlled mainstream media will be able to deny that we have slipped into the mother of all depressions. The media will label this event The Greatest Depression as it will be far worse than the Depression of the 1930’s.
Back then, most Americans did not have a home mortgage.
Back then, Americans did not have credit cards.
Back then, America had a trade surplus.
Back then, Americans had a sense of self-reliance and possessed real skills.
Back then, America was an ascending society whose people valued education.
Back then, America had an enormous and emerging manufacturing base.
Today, Americans are awash in $15 trillion dollars of credit card debt. Today, America has the greatest trade deficit in the history of the planet. Today, Americans are spoiled and possess a personal belief in their own entitlements. Today, our manufacturing base has left the country in search of a cheaper labor force. Today, we are a descending society in which we are witnessing the emergence of a permanent underclass created in large part by the 50% drop out rate present in many of our major metropolitan areas. Today, we do not have the capacity to push out of the current calamity.
Real unemployment numbers are about 13%. By the end of 2009, we will approach 25% unemployment and the end may not be in sight even by the end of next year. Where are these unemployed persons going to get a job? Where are the college graduates going to work? Most will not even be able to get a job at Kmart, assuming Kmart is still in business. Ask yourself why we are bailing out the auto industry. Who can afford to buy cars? Are we even aware that the only job gains in the present economy are in the government? FULL STORY.