This page has been archived and commenting is disabled.
The U.S. Economy is Dead
For the past quarter century; the most effective “stimulus” for the U.S. economy has been a fall in gasoline prices. This is no great surprise, given that the United States had been the most gas-guzzling nation on the planet – and by a wide margin. But times have changed!
After Barack Obama publicly admitted that the U.S. government had ruthlessly manipulated oil prices lower, as “part of its strategy” of economic terrorism against Russia; global oil prices have been cut in half. The only other time that oil prices have fallen so far or so fast in the last quarter century was the brief/temporary collapse in prices which accompanied the Crash of ’08.
Has this enormous economic stimulus kick-started the U.S.’s zombie economy? Not at all. Indeed, the collapse in the U.S. retail sector has accelerated throughout this plunge in oil/gasoline prices. This should not be possible. Economic stimulus from lower prices (in any sector) is supposed to be automatic.
What does it mean when an economy not only fails to respond to “automatic” stimulus, but continues to rapidly decompose? It means we are dealing with a deceased economy. This is a “surprise” to the irredeemable charlatans who have the audacity to call themselves economists, but it shouldn’t have been. Not if any of them were paying attention. Not if any of them lived in the real world.
Back in the real world; evidence of the U.S.’s zombie economy is both overwhelming and abundant. It begins with 0% interest rates. As has frequently been noted in the past; 0% interest rates are the economic equivalent of a defibrillator. As with a defibrillator; it is the most-extreme form of stimulus known to us. As with a defibrillator; it is a “therapy” option which is so radical/reckless that it is only ever intended to be used as a last resort, to resuscitate a patient on Death’s door.
Equally, as with a defibrillator; if it doesn’t “work” right away, it will never work (has anyone ever heard of a nation called “Japan”?). When a doctor attempts to resuscitate a patient with a defibrillator, and fails after a couple of minutes; does he continue to jolt the patient, again and again and again and again – year after year? Of course not. He quickly gives up, because it has become evident that he is no longer “treating a patient”, but merely charring a corpse.
This is what the U.S. government (and other Western governments) has been doing for the past 6+ years with its 0% interest rate: charring a corpse. Further proof that the U.S. economy is already dead comes from a chart of the heartbeat of the U.S. economy (and any capitalist economy) – it’s “velocity of money”.
As we see; the U.S. “heartbeat” (i.e. the flow of money) has nearly stopped, having fallen further/lower than at any time in recorded history. What does it mean when money stops moving, in a “capitalist economy”? What does it mean when the money (i.e. blood) stops moving in the heart of the greatest Capitalist Empire the world has ever seen? R.I.P.
But there is even further, equally overwhelming proof that this gas-guzzling, consumer economy is dead, and it comes from the gasoline consumption numbers, themselves. “Official” U.S. gasoline consumption hasplummeted by nearly 75% from its absolute peak in July of 1998. More pertinently; the gasoline consumption numbers have plummeted by roughly 66% since the start of the U.S.’s (imaginary)“recovery”.
What does it mean when the gas-pumps stop being used in a gas-guzzling economy? It means the same thing as when the money stops moving in a capitalist economy, or when a “patient” fails to respond to a defibrillator. R.I.P.
This brings us to the ghastly train-wreck known as “the U.S. retail sector”, the cornerstone of thisconsumer economy. Regular readers are already familiar with the “Black Friday Shopping Massacre” in the 2014 U.S. holiday shopping season. Yet despite that horrific 20+% (year-over-year) collapse in U.S. holiday shopping; the “news” from the U.S. retail sector has gotten much, much worse since that initial plunge.
It began with an equally large/ugly collapse in December retail sales. When adjusted for inflation, and expressed as an annualized number; the “0.9%” drop reported by the statistical liars of the U.S. government translates into a 25% plunge in December retail sales – even worse than the Black Friday collapse.
Equally important, and as noted in a recent commentary; these horrific plunges in U.S. retail sales arecumulative. After retail sales collapsed at the end of November, it collapsed by an additional (annualized) 25% in December. And now, as we move to January and a new year; we see yet another, sickening plunge in U.S. retail sales – even as gasoline prices continue falling.
The “advance estimate” of U.S. January retail sales reports another, enormous, cumulative drop. The “-0.8%” fantasy-number reported by the U.S. government translates into another, additional (annualized) collapse in excess of 20%.
With U.S. gasoline prices now hovering just above $2/gallon; this represents roughly a $1.50/gallon plunge from average prices through most of 2014. In other words; (for the first time) Big Oil has chosen to pass along to consumers nearly the entire plunge in crude oil prices, in the form of lower gas prices. Yet despite this massive stimulus to the U.S. economy; the U.S.’s pauper consumers haven’t even been able to maintain their level of spending.
Supposedly, their wallets are all full of the dollars they have been saving from dramatically lower gasoline prices. Yet outside of gasoline purchases; Americans continue to buy less of everything else. So-called “core retail sales”, which excludes (among other things) gasoline consumption, fell in January by nearly 10% when adjusted for inflation and annualized.
The near-bankrupt consumers (in this near-bankrupt economy) don’t have “more dollars” in their wallets thanks to the huge plunge in gasoline prices, they have simply been going further into debt at a slower rate. The only “benefit” the U.S. economy has received from (much) lower gas prices is that this corpse is decomposing at a slower rate than it would have, if the U.S. government had not manipulated oil prices lower.
Yet note what the liars/charlatans expect us to believe (inside and outside the U.S. government). In theirfantasy-world; despite the horrific and unprecedented collapse in U.S. retail sales in November and December, we’re supposed to believe that “consumer spending” for the fourth quarter (as a whole) rose by 4.3%.
In the Wonderland Matrix fabricated by these liars; the faster U.S. “retail sales” fell each month, the faster U.S. “consumer spending” rose for the whole quarter. It’s exactly the same as someone claiming to have traveled downhill in order to get to the peak of a mountain. It’s not simply a lie, it’s a ridiculous lie.
It is precisely these sorts of perverse, utterly absurd lies which will inevitably shatter the brainwashing which the One Bank (puppet-master of the U.S. government) has laboured so diligently to perfect over the past several decades. Yet what choice does it (and its media/government puppets) have?
Ultimately any lie one uses to attempt to cover-up a corpse is quickly perceived to be ridiculous and/or perverse, for one, simple reason. Corpses tend to smell very bad, very soon. Soon the stench emanating from the U.S. zombie economy will be so overpowering that it will be perceptible even to the deadened senses of its zombie population.
»
- advertisements -
Scathing article. Uses dishonest/deceptive statistical trickery to back it's assertions.
Good article. Except you don't need to "annualize" everything to attempt to make the magnitude of the collapse more dramatic. The collapse is plenty dramatic.
It's perfectly okay to talk about annualized behaviors over the past year (because that's all fact). But this taking a single month of fact, and then projecting that forward into the future to describe what the effect MIGHT BE if the one-month trend holds steady for a year... is just way too flimsy and fictional to make a big deal about.
Not that I doubt the collapse could continue. In fact, it could get worse, and blow these annualized numbers out of the water in the direction of worse.
Anyway, good article. Just don't adopt devices that smell a little bad, even thought technically you're being correct. We all know the cliche about lies, damn lies and statistics. Well, statistics about a year in the future based upon one month of real data are just a bit better than wild guesses.
Yep, our economy is deader'n a doornail. And that's the way, uh huh uh huh, they like it! TPTB r robnume!
SHORT METALS
SHORT SPROTT FUNDS
Holiday sales were down due to the enormous influence of Islam on the country. look at the Eads sale at the end of Ramadan if you want the truth! I'm sure that more than compensates for the drop.
Hello everybody, i am Malissa; God has bless me with two kids and a lovely husband, I promise to share this because of God favor in my life, 2 months ago I was in desperate need of money so I thought of having a loan then I ran into wrong hands who claimed to be loan lender not knowing he was a scam. he collected 2,000USD from me and refuse to email me since then I was confuse, but God came to my rescue, one faithful day I went to church after the service I share idea with a friend and she introduce me to Mr. David Wilson, she said she was given 52,000.00USD by Mr. David Wilson who is the C.E.O of (CREDIT PERMIER INTL), so I decided to contact them using the below email: {credit.permier001@gmail.com} ... And to my greatest surprise i got my loan of 96,000.00USD... So if you are really in need of a loan, i would advise you to contact Mr. David Wilson because he is a Man of his worlds.. Thanks
Malissa, isn't it about time you blew your head off with a shotgun?
The elephant in the room is that the historically productive white population has been on a steady decline while government employees, welfare recipiants, baby boomer retirement, business regulatory burden, and public debt have all been increasing for decades.
"historically productive white population has been on a steady decline while government employees, welfare recipiants,..."
This is exactly what has been happening also in post-1994 South Africa.
OMFG can we discuss economic circumstances without somehow bringing race into it? Jeeeeezus.
There is only one war; the class war - everything else is identity entrapment to keep you divided and conquered.
Because, like it or not, it's true.
We just can't say it. Oh no. Raciss. Racist. How dare you. Knuckldragger.
Chance to prove me wrong.
Shut me up.
Prove your point, not mine.
Name ONE, country, city, county, state, business, organization; that is more than 25-30% black, and is considered a success. That people want to move to. Be a part of. Model themselves after.
Basketball teams don't count.
I did not make it so.
Let me add another perspective.
Several years ago, I took several months to study the Federal Reserve’s financial statements. I happened to notice that bank float fell from a steady $250 to $275 billion to negative numbers; the latter were unprecedented over a period of 10 years.
So, what’s the significance of bank float? These are the checks that bank customers write on a daily basis. This float represents the dollar volume of such checks received by banks that have been added to books of the receiving banks before they have been subtracted from paying banks. They represent, roughly, the volume of payments made by the American economy almost on a daily basis.
In other words, for several years, these payments averaged between $250-$275 billion; then, over a period of a few months, plunged into negative numbers; which seems like an impossibility; but, that’s what Federal Reserve publications revealed. The results of my study are, ‘Anatomy of a General Plunder, part 1.
"75% Gasoline retail sales collapse"??!! Hardly. This is intentionally misleading as it confuses "Retail Sales" with the "Total Retail Gasoline sales by REFINERS," the latter being the data series Jeff refers to above as "evidence" of plunging gasoline consumption. (Conveniently, Jeff did not include the EIA chart that he included in last year's article from which he makes his claim of a 75% collapse.) Refiners have been getting out of the retail sales business for years now, so it's no wonder their sales are down although it appears that there has been a recent spike up in refiner sales from November 2014 to present. From the EIA's available data it also appears that US regular grade gasoline total sales have maintained roughly the same level since 2005. Hardly the "collapse" in retail sales the article would have one believe....
Data: http://www.eia.gov/dnav/pet/pet_cons_prim_dcu_nus_m.htm
So we revisit this once again. From Mish...
Understanding Gasoline Sales "By Refiners"
"I asked Tim Wallace what to make of this. Wallace writes ..."
I believe the only way out of this mess is a massive tax hike to not only service but also to reduce our debt. I don't think any pres will be willing to impose such austerity, so we will keep adding to it as the only real option they seem to agree to work with. Maybe we will have just enough dry powder to do another bail out, but that will most likely depend on the public's belief & confidence in this horribly insane monetary scheme. This goodwill is only as good as the depth of ignorance & arrogance of the American people. Yes, many see what's happening, but I think many more do not.
petedan
The is no effort being made to avoid anything. We are headed toward dollar destruction full speed ahead.
Enough people know this that any effort to slow things down would only arouse suspicion and would probably cause it to occur sooner.
We will spend our way right to the very end.
Even when the toilet if flushed we will frantically spend to appear we are swimming against the swirling torrent.
Name a single step taken since 2008 that indicates anyone thinks spending less might be helpful. It won't and so why suffer as the dollar dies. Enjoy the last of the exorbitant privilege while it lasts...or use what ya got to buy gold.
“I believe the only way out of this mess is a massive tax hike to not only service but also to reduce our debt.”
I have a much better solution.
An option conspicuously absent from all discussions pertaining to the federal debt is an investigation and recovery of $9-$11 Trillions that went missing from DoD, HUD and SSA (among other agencies and amounts). See, SSA Redress.
Or what about the $2 to $5 Trillions in surpluses that show up on books of cities and counties, special districts and state governments. These surpluses are held as cash and bonds, real estate and stocks, domestic and international; they represent taxes over-collected… for who knows how many years? When I did my research on this (about 2000), such surpluses for California divided out to $20,000 for every man, woman and child in the state; then I factored in amounts hidden in footnotes, the “dividend” ballooned to over $40,000 for each individual. See, for example, “Who Owns City Hall?“ and Of Lords and Cattle.
These surpluses lead to a couple of questions, at least, ‘Who owns them?’ and ‘When do I get my dividend?’
It seems to me that recovering this booty would be more sensible than authorizing more debt; and, certainly, a tax hike. It would enable the government, for example, to cut taxes in half, or even collect no taxes for several years. It would make it easier for men to raise their children; for, when money is taken from men without an equal exchange, men are less able to provide for their children. The government has even acknowledged this in the Supreme Court, yet it still imposes confiscatory taxes.
Ah, the mind spins with possibilities.
Recovery of this plunder will favorably impact some 130 million Americans: 50 million private retirees, 60 million who work in the private sector and probably another 20 million who are looking for work. ACTIVE private workers will benefit from lower taxes enabled by recovery of such booty.
What I aim at here, is a tad bit more complicated and comprehensive than what I did before: the establishment and operation of a gold-based banking service. Here, I aim at nothing less than a re-establishment of ideals confirmed by the American Revolution, and immediately lost by lethargy and ignorance. The nation of America, as known today, is irretrievably lost (governmental debt is the means and measure of that loss). It is corrupt beyond recovery; after all, what less can be said about a nation that voluntarily, and ignorantly, allowed its following generations to be so badly used (by taxes made necessary by government debt), as I have described many times in other places; for example, Bad News….
The vast majority of affected following generations are not even born yet; they had no voice in the transactions that doomed them to a birth without promise; no voice, that is, but ours.
M2 is not a good measure of what is happening. It does not capture asset price inflation which is fueled by its own VoM. The deflation in certain commodities like oil is from improved and increased production, and the strengthening of the dollar. This is possibly a transient as it was in the 90s.
We're going to lose. I see it now. We're going to lose.
They are not trying to keep the patient alive, they are pretending so as to continue rifling his pockets for spare change.
The banksters need to repay us.
What does one say about a bankster's head in a basket below a guillotine? Next!
“What does one say about a bankster’s head in a basket below a guillotine? Next!”
I can certainly understand your feelings about them; but, killing them would only be an act of mercy.
And I just don’t have it in me; I want them to suffer a very long time.
I would rather suggest an investigation and recovery of the plunder they took; and watch them agonize over every morsel we recover.
If we are to do this, we have to duplicate what American Founders did, minus their mistakes. You see, we have the same powers they had; and all but a few Americans know it. Here is a brief introduction.
Hey, wtf? Let's at least hang a few of them.
Line them up! I will trigger the falling knife.
Obamacare has anally raped the middle class. That's why spending is down elsewhere
Obamacare is just another violence backed fascist money and power (future money) grab from the American people, by the connected, and Amongst. Another grab at what little is left to grab. Obamacare has little to next to nothing to do with HOW we got where we are.
How we arrived here in the land of tyranny took flight long before, but reached new heights of tyranny in 1913 with the sale of the US governmnet (DC US) to Zion by way of their banksters. The result has been that the DC US became not the backers of justice, but the partners in, and violent backers (violence-puppet) of, Zion's and their banksters' plunder of the American people.
To continue to feed the beast of Zion, the DC US has come to resort more and more to unheard of levels of plunder, and murder, of those abroad, and those at home. They are nothing more than an Unconstitutional cabal criminally occupying the American country of the American people, and the land they inhabit.
They, and their law, are null and void under the still "Law of the Land," the Constitution, and that which lifts us above the animals, and defines our humanity--Life, Liberty, Property. To allow them to take, and hold our Life, Liberty, and Property in their hands, is to allow them to strap on us a yoke and reins, and drive us like farm animals.
I will not be driven, or ridden. I will bite and maul he who tries.
The banksters need to repay us.
Funny how, if I mention the IRA, I am not somehow anti-Irish, but to mention Zion, is to be antisemitic.
-A fifth-column is those that undermine a country, and a society, so as to clear the way for the conquest of that country, and society, by a foreign entity.
-Zionism is those that use, and plunder, a country, and society, on behalf of a foreign entity.
It has more to do with Greenspan, Bernanke and Yellen.
THEY are just talking heads.
They haven't gone full zombie yet. That will be when they go deep into NIRP. NIRP reanimates the corpse -- for a while. They will eliminate physical cash, and go all-electronic with NIRP. High negative rates force spending by making it impossible to save any money. Velocity has to pick up. But the zero-bound is like an event horizon. Once it is crossed, there is no way back. A reanimated corpse cannot be restored to life.
The FED cleared over ONE QUADRILLION DOLLARS of transactions last year. Velocity is not the issue, since money is moving and changing faster than ever before. The problem is that transactions and the movement of money are not generating economic activity (even BLS'd economic activity). The velocity of money is another matter, but it has nothing to do with the velocity or money, it's simply a division of (fabricated) GDP by the (inflated) money supply...
+100 Exactly. My comment http://www.zerohedge.com/news/2015-02-19/us-economy-dead#comment-5809673 asking for a possible Williams' SGS M2V chart went un-answered. You've hit the nail on the head, junk-in-junk-out statistics from FRED/FED/.gov. But I wonder why they have not steered the M2V to look more inline with their meme; recovery.
One thing, I think that the velocity of money in the "main street" economy (goods and services we use) is improtant to understanding why our perceptions don't align with .gov's propaganda. I think the transactions you are talking about are the "financial services", banking, government activity, et al which offers no understanding of the cause for the gap in perception of which I speak.
good comment though
The semantics of the debate in academic circles gets everyone looking at the problem precisely bass ackwards. The "official" calculation measures the efficiency of money supply in creating GDP, not velocity. In the Micro level of an individual bank - the more appropriate statistic (in line with what people subconsciously associate with the velocity of money) would be DTR - deposit turnover ratio - How long does that one dollar bill stay in the bank before going back out the door in an economic transaction?
There would appear to be 2 primary drivers of the falling/misnamed velocity of money (but since I don't want a Krugman Award- I won't do the calculations and write a paper) 1) the increase of the shadow banking system and the use of "other/credit money" for financial transactions in general, and 2) the increasing use of money (in general) for non-economic transactions (in the sense of zero impact on GDP) - for example a human Wall Street trader could generate one billion dollars in monetary "velocity" annually per million in assets, and if they are making/skimming 10% profit per annum then that billion dollars in "activity" creates a meager $100,000 in income (and zero actual production), HFT algos are even worse but the financiazation trend predates even the original quants.
Then there are lessor factors such as certain elements of G in C + I + G + (X - M) being double counted which mathematically boosts GDP and necessarily slows the official velocity of money as government grows... it's not rocket science, only dismal pseudoscience.
Thank you for your cogent reply; FED/.gov's perpetuation of "dismal pseudoscience" indeed.
When the government takes over 16% of the economy and forces you to participate in that economy that takes up most if not all of your disposable income to then have you purchase any durable good on credit with interest to do a slow motion bleed you dry scheme, take a breath, what the fuck else does anyone expect to happen except slow death.
16% ??? Lucky you, in Belgium, "government" takes 56% of the GDP for keeping "functioning". Average taxing rate ( all over, direct income taxes, VAT, whatever hidden other taxes ) exceeds 66% for any average wage .... speaking about say 30 grand PER YEAR. Welcome to the Belgian communist party.
What kind of economy is based on a government that hands out free credit cards to millions of people who can’t pay their bills? Those are the EBT cards which are paid for by declining resources of the economy’s producers.
“In March 2013, the Washington Post reported that one-third of Woonsocket, Rhode Island's population used food stamps, putting local merchants on a 'boom or bust' cycle each month when EBT payments were deposited. The Post stated that 'a federal program that began as a last resort for a few million hungry people has grown into an economic lifeline for entire towns.' And this growth 'has been especially swift in once-prosperous places hit by the housing bust.'"
Further, according to Wikipedia, “SNAP benefits cost $76.4 billion in fiscal year 2013 and supplied roughly 47.6 million…the largest nutrition program of the fifteen administered by FNS and is a critical component of the federal social safety net for low-income Americans…"
As for the macroeconomic effect on economic growth:
“In 2011, Secretary of Agriculture Tom Vilsack gave a statement regarding SNAP benefits: 'Every dollar of SNAP benefits generates $1.84 in the economy in terms of economic activity.' Vilsack's estimate was based on a 2002 George W. Bush-era USDA study which found that 'ultimately, the additional $5 billion of FSP (Food Stamp Program) expenditures triggered an increase in total economic activity (production, sales, and value of shipments) of $9.2 billion and an increase in jobs of 82,100,' or $1.84 stimulus for every dollar spent.
“A 2013 report by the USDA gave another estimate in the middle of Zandi's and Vilsack's estimates, finding that "an increase of $1 billion in SNAP expenditures is estimated to increase economic activity (GDP) by $1.79 billion.' The same report also estimated that the 'preferred jobs impact … are the 8,900 full-time equivalent jobs plus self-employed or the 9,800 full-time and part-time jobs plus self-employed from $1 billion of SNAP benefits.'”
http://en.wikipedia.org/wiki/Supplemental_Nutrition_Assistance_Program
The USDA reports that ”in May 2002, the Food Security and Rural Investment Act of 2002 was enacted and made these major changes to the FSP included:
· restoration of eligibility for food stamps to qualified aliens who have been in the United States at least five years;
· restoration of eligibility for immigrants receiving certain disability payments and for children, regardless of how long they have been in the country;
· adjusting the standard deduction to vary by household size and indexed each year for inflation;
http://www.fns.usda.gov/snap/short-history-snap
The Millennial Generation, those aged 18-34, now larger than the nation’s previous largest, the Boomer generation, and 43% non-white, unfortunately is in large part is being paid for and subsidized by America’s older and declining generations. How is that going to work out for America?
And, according to a 2014 Pew Research survey: "About half of newborns in America today are non-white…"
And they vote liberal Democrat (think Obamacare and socialism): …”Millennials stand out for voting heavily Democratic and for liberal views on many political and social issues, ranging from a belief in an activist government to support for same-sex marriage and marijuana legalization.
http://www.pewsocialtrends.org/2014/03/07/millennials-in-adulthood/
What five food producing giants forced congress to continue with food stamps? Food stamps are ALSO corporate welfare, well disguised.
IF we had no food stamps we would have the long awaited riots. I am ok with that if they start and end in Greenwich, CT or just Manhatten. Banks are fire proof but not immune to insiders with malicious code. Or Mercaptin.
Yup, Walmart (WMT) is a TLA. They get the bulk of their revenue from the United States taxpayers vis the countless entitlement systems being used to buy their votes. Take away the damned freeloader's right to vote!!!
Damn the taxpayers, full speed ahead...
;-D
"More pertinently; the gasoline consumption numbers have plummeted by roughly 66% since the start of the U.S.’s (imaginary)“recovery”
I think you are looking at the "Gasoline deliveries by refinery" chart that was making the rounds a few months ago. That is NOT total consumption. That chart does not show total gasoline sales. It shows sales from refineries who are selling off their retail stations, ergo the collapse.
http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=A103600001&f=M
Here are the more accurate numbers:
http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MGFUPUS2&f=M
I mean how can you believe 66%? Cities would be on fire at 66%.
There is NO WAY our gasoline consumption was down 75% AND THEN down another 66% since 2008/9! Not possible. I'd like to see a source for that statement...
"I'd like to see a source for that statement..."
Whenever you need to check a "Jeff Nielson" column. head over to his site, where the original will contain links to the data.
U.S. Total Gasoline Retail Sales by Refiners (Thousand Gallons per Day)
How can a 70% consumption economy be sustainable.
I don't care what anybody says, health care premiums brought on by Unaffordale Health care is the final nail in the middle class coffin.
I think that is the point...
"We're just going to kill the dollar" - from the White House
Obomba said the crisis be passed. So all you muthas be hate'in.
What eveh da nigger sez, dat be da truff - yo!
There's only one f in "truff".
Just sayin'.
roflmao...
I'm not an expert in linguistics, maybe only a cunning linquist, but I believe the recognized and preferred term is "nigga."
The near-bankrupt consumers (in this near-bankrupt economy) don’t have “more dollars” in their wallets thanks to the huge plunge in gasoline prices, they have simply been going further into debt at a slower rate. The only “benefit” the U.S. economy has received from (much) lower gas prices is that this corpse is decomposing at a slower rate than it would have, if the U.S. government had not manipulated oil prices lower.
This is akin to the govt saying they have cut spending, LOL, what it really means they have cut the growth in spending only! they are STILL spending more than they take in...
lies, damn lies and statistics my friends!
We never had a chance after Obamacare was passed. Obama supporters can deny all they want. There is zero chance of a recovery with that crap in place. Putting everyone on incredibly expensive healthcare when health insurance was enough, and putting employers in a position where they cannot hire more than a handful people without massive penalties was not a recipe for growth. The problem is Obama never built anything and never had a real job. He has no respect for work, much less the hard work and sacrifice required to build something.
If you want this economy back: 1. Make the standard tax deduction 50,000 instead of 5,000, and 1 million for self-employed. 2. Bring back Glass-Steagall and prosecute financial fraud. 3. Repeal Obamacare. Let people keep what they earn without being robbed.
Quinvarius for President !!!