"Budget deficit tops $1 trillion for first time"
That would be bad enough under any economic circumstances, but it's appalling when you consider that the recession is no where near bottoming out. Consider this point of view from the Wall Street Journal:
"The Economy Is Even Worse Than You Think"
"The recent unemployment numbers have undermined confidence that we might be nearing the bottom of the recession. What we can see on the surface is disconcerting enough, but the inside numbers are just as bad.
"The Bureau of Labor Statistics preliminary estimate for job losses for June is 467,000, which means 7.2 million people have lost their jobs since the start of the recession. The cumulative job losses over the last six months have been greater than for any other half year period since World War II, including the military demobilization after the war. The job losses are also now equal to the net job gains over the previous nine years, making this the only recession since the Great Depression to wipe out all job growth from the previous expansion."
My own anecdotal evidence confirms what I'm reading in the news. I hear from well established quarry operators and contractors that they are considering shutting down because the business climate is so bad.
The president has made it pretty clear that he intends to punish business for whatever real or perceived wrongs they may have committed in the past. For him I have one simple question--who the bloody Hell does he think is going to hire all these unemployed people? Chrysler? GM? The government?
This is getting way beyond petty partisan bickering, people. If we continue on the current trajectory, things are going to get ugly in ways that we've never seen in America.





