Rick Santelli's Chicago Tea Party |
| Posted: 08 May 2009 06:32 AM PDT National unemployment spiked from 8.5% to 8.9% in April. With at least another 539,000 layoffs last month, employers have cut 2.6 million jobs this year so far. Ironically, there was one sector that saw 72,000 new jobs: government. As we all know, there won’t be a whole lot of production here. How high do you think unemployment will go under President Obama’s administration? For comparative purposes, here are the unemployment rates under the previous five presidents. Each of these presidents inherited and/or presided over some type of recession. Jimmy Carter: High- 8.6% Low- 5.6% Ronald Reagan: High- 10.8% Low- 5.0% George Bush Sr: High- 7.8% Low- 5.0% Bill Clinton: High- 7.1% Low- 3.8% George Bush Jr: High- 7.6% Low- 4.2% |
| Posted: 07 May 2009 02:11 PM PDT Many “pundits” are bewailing the fact that consumer borrowing fell to its lowest point in 18 years. Consumers are beginning to ditch their credit cards and save more during these tough times. Despite being heralded as bad news, this is a good thing. This is what we need to as Americans. Excess borrowing and profligate spending got us into this mess, both as a government and as a nation. We need to put away our credit cards for awhile, save a little each month, and get our budgets under control. Yes, the economy will suffer in the short term. There will be some intense pain for awhile. Lifestyles will have to undergo a painful adjustment. However, we will rebuild a foundation based on savings, investment, production, and a strong Dollar. But, such a policy takes vision and intestinal fortitude. Washington D.C. and a lot of the Wall St. elites don’t possess either. Read the article here. |
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