Business Insider has the cheery analysis, listing 20 reasons we’re in for a world of economic hurt. The most significant?
You want to see a hockey-stick graph? Try this unemployment chart, as businesses retract in fear over health tax mandates, cap-and-trade, card check, and heaven knows what else. In December, 6,130,000 workers had been unemployed for 27 weeks or more — another Obama record. That’s the highest total since they started keeping track in 1948.
In December, there were also nearly one million “discouraged” workers. Those are the folks who’ve given up looking for work and are therefore not counted in the official stats. You guessed it: it’s another Obama record — the highest level ever recorded.
25 state unemployment insurance funds are already broke and 15 more states are on track to go bust within 24 months. States are now borrowing tens of billions from the federal government, which also is guaranteeing all losses incurred by the “job shop for unemployed Democrats” called Fannie Mae and Freddie Mac.
More than 37 million Americans currently receive food stamps with around 20,000 joining the club each and every day. Never mind that unchecked use of food stamps encourages dependency, single-parent families and crime. Those are facts, you see, and unimportant to Democrats.
Public-sector unions like the SEIU have rung up some unbelievably outrageous bills for states, counties and cities. And many locales are simply going broke, burdened with underfunded pension plans and overly rich compensation packages. For example, more than 6,100 retired California government workers receive pensions in excess of $100,000 from CalPERS. The states’ unfunded liabilities: as much as $3.2 trillion.
The delightful Democrat inventions of Social Security and Medicare are doomed. Millions of baby boomers are retiring and the trillions they poured into the systems during their working years were stolen by bureaucrats — swept into the general fund and spent. There’s no way to make the math work. It’s that simple.
The U.S. federal debt has exploded since 2006, doubling in three years to $12.3 trillion and headed much, much higher with the proposed Obama budgets. Who will purchase the debt? What will happen when interest rates inevitably rise, adding huge additional interest payments to the debt? Just thank a Democrat.
How has the government responded to this dire situation? Has it tightened its belt? Hell, no. Last week, Senate Democrats last week raised the debt ceiling, which will allow the U.S. national debt to reach approximately $14.3 trillion. That’s $48,000 for every man, woman and child in the country.
So how is the U.S. funding its operations? Why, through a massive Ponzi scheme that would make Bernard Madoff blush. The Federal Reserve bought nearly 80 percent of all U.S. Treasuries issued in 2009. In other words, the entire Democrat-controlled government is a pyramid scheme — and taxpayers are the suckers at the bottom.
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99 weeks of unemployment compensation. Unchecked welfare payments. Fannie Mae and Freddie Mac. Disastrous socialized retirement and health care systems that are nothing more than gigantic Ponzi schemes.
And that’s before socialized medicine, cap-and-trade, card check and other disastrous policies — hawked incessantly by the Party of Economic Destruction — that simply choke free enterprise.
Democrats must be crushed in November at the ballot box, before it’s too late.
Tuesday, November 2nd. The countdown is on the right side of the page. It can’t come soon enough.
There’s my two cents.