The U.S. Economic death spiral: All the pieces are coming together
By Mary Halloway Love
INTELLIHUB.com
February 17, 2014
The U.S. Economic death spiral: All the pieces are coming together
The Social Security Trust Fund should be solvent and able to continue to pay all benefits (including cost-of-living adjustments each year), except for the fact that although everyone paid into the trust fund with every paycheck and their employers had to match it, Congress stole, pilfered, plundered, and embezzled it all.
The term “trust fund” is quite ironic, because there is no accountability. Is the answer really to cut the benefits for the most downtrodden?
The costs of fiscal tightening will soar and even more workers will lose their jobs with the implementation of Obamacare—only one of the many consequences that will result from this atrocity. High unemployment is here to stay with this president, especially when the statistics are fabricated to make his numbers meet whatever level or point he says they will. On April 5, 2013, the unemployment numbers warned us that the economy was still slowing. The U.S. Bureau of Labor and Statistics said that March’s participation rate was at its lowest since 1979.
Along with these troubles, the quantitative easing that the Fed has done results in nothing more than creating additional U.S. Federal Reserve notes. As Bill Gross said, it is nothing but then “monetary Red Bull.” Quantitative easing may be a quick shot in the arm, but the crash is hard. In addition, there have been no increases in recovery to speak of in the most crucial areas: jobs, inflation, and a bloated federal government. Instead, it seems the federal government is trying to completely take over all the states and absorb their power.
As if a slowing global economy along with slow domestic growth wasn’t bad enough, news breaks of $1 trillion in student loan debt on the books in the country (much of it co-signed for by parents). Remember when Obama “nationalized” the student loan debt program? No more local banks would be on the hook for those iffy loans: they could put them on “his” (yours, our children’s) back.
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