Spending Has Collapsed, the Economy Is Next

Saturday, July 30, 2011
By Paul Martin

Mac Slavo
July 29th, 2011
SHTFplan.com

We’ve been warning about it since the beginning of this crisis – that consumers are simply not interested in spending money they don’t have. In the first quarter of 2011 the government attempted to convince us that the economy was growing at a slow, but steady, rate of 1.8%. This was used as evidence the economic recovery had taken hold.

President Obama and his administration specifically told us that a depression had been avoided:

We can safely say that we are no longer facing the potential collapse of our financial system and we’ve avoided the depression many feared.

President Barrack Obama – December 9, 2009

But today’s growth domestic product revisions suggest otherwise.

That 1.8% that convinced the average uninformed American economic activity had increased was nothing but a fabrication – a bold faced lie – and that’s official. The government revised that number to 0.4% – a significant difference. They were only off by about 75%.

Today, the government released it’s second quarter GDP numbers, and as was predicted in many alternative media circles, it’s a clear indication that things are turning for the worse. Karl Denninger weighs in:

The Rest…HERE

Leave a Reply