As I watch the economy tank I take note of how this is effecting real communities. Let's see, gas is over $3 a gallon and heading higher. The stock market has only had one up day this year (down 246 on Friday). The dollar is down and the price of gold is over $900. Unemployment is up (7.4% in Michigan). People are foregoing paying their credit cards and phone bills. And even the Shrub in chief is talking about trying to help (God help us all. You know he'll screw it up). Remember all of the safety nets that had been cut years ago have now been eliminated. I just wonder how really bad it will get in the months to come.
They showed some shots of Cleveland on the news. One homeowner in that area noted that when homes go abandoned (forclosed) squatters move in bringing drugs and prostitution. The mayor is concerned as the tax base falls. There are over 10,000 forclosures in that city. With a falling tax base police and fire departments must be cut adding to the problems.
2 comments:
Yet we dare not raise taxes - especially the taxes of the extreme upper class. The fur, jewelry and SUV industries might go completely into the tank if the rich are required to make cutbacks in their way of life. But seriously, Bush has pushed us into a recession and it's only by luck that we haven't performed a nose dive into a complete depression.
Yes, Bush, the way to pay for things is to continue to borrow from China and hope our grandchildren can afford to pay off the interest rates someday.
Robert
The depression is comming because for the last year and a half the "prevention team" has been pumping billions into the economy to try and prop it up. It's now gotten so bad that we're getting an influx from Europe (something like $50 billion). Add to this China moving more money to European markets as we lower our interest rates. Well you get the picture.
Oh, just saw an impeach Bush rally up here the other day and thought of you. Honked loudly and gave them the thumbs up.
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