Americans in Deep Denial about Worsening Economy


I woke up at 3 am to this news:

U.S. stocks post worst weekly decline in nearly three years

Other headlines scream:

Back in April, the IMF declared that by the year 2016, in just 5 years, the U.S. of A. will be supplanted by China as the world’s leading economic power, which means that whoever is elected as POTUS next November will preside over the sunset of America.
But, as Mark Steyn notes in his op/ed of Sept 23, Americans are oddly complacent about all this although the net meaning of these headlines is nothing less than the end of the world as we’ve known it. As he puts it:

“But there’s not a lot of sense of America’s looming date with destiny in these presidential debates. […] On Thursday night, there was a question on gays in the military but none on the accelerating European debt crisis. […] the curious complacency about the bigger questions is disturbing.

Greece is reported to be within weeks if not days of default. […] Greece is insolvent, and given its rapidly aging population (100 grandparents have 42 grandchildren) is unlikely to be non-insolvent under any conceivable scenario, no matter how tightly German taxpayers are squeezed to pay for it. By the same measure, so are many other western nations.

On the other hand, attempting to postpone the Club Med welfare junkies’ rendezvous with self-extinction will destabilize internal German politics […] and strain to breaking point what’s left of the European banking system.

As its own contribution to the end of the world as we know it, the Obama administration has just released a document called “Living Within Our Means And Investing In The Future: The President’s Plan For Economic Growth And Deficit Reduction.” […] Veronique de Rugy pointed out at National Review that under this plan debt held by the public will grow from just over $10 trillion to $17.7 trillion by 2021.

In other words, the president’s definition of “Living Within Our Means” is to burn through the equivalent of the entire German, French and British economies in new debt between now and the end of the decade.

If this is the best America can do, there won’t be a 2022, not for the United States, or anything that would be recognizable as such. Like REM says, it’s the end of the world as we know it. And, as their split suggests, they no longer feel fine. And nor should you.”

~Eowyn

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Dave
Editor
Dave

Having watched the last three presidential elections closely, and seeing how close people that were at the very least Marxist came to getting elected (Gore and Kerry), and then seeing Obama elected (who is probably a full blown commie), I formed the opinion that this country has now become too stupid collectively to survive as founded. Try as I might, I just cannot come up with any other explanation. It is unbelievable to me that, given the wealth of information available today, most Americans didn’t even bother to do even a little research on this mysterious man who was running… Read more »

DCG
Guest

Groan….this is just too depressing.
Called Morgan Stanley this am cuz I’m so worried about my investments. Bob didn’t have any encouraging words for me though 🙁 Get the feeling my investments will be worth nada in 5 years.
Living within our means? What a friggin joke. Even if Soros, Gates, Buffet’s et al gave the US their money the government would still figure out a way to spend it all. ugh, cranky now 🙂

dan
Guest

Terminal stupidity….the dumbing down of America:the one Federal program that worked as conceived.
Go John Galt and buy the dips on real money ( ie AU and AG)…you may yet preserve some of what you saved.

igor
Guest
igor

we certainly have become something other than one nation under god.. more like several nations with many different objectives. this morning in my local newspaper (the news-sun) a sort of step sister to the chicago sun times anyhow some moron claimed that obamas stimulus has created 1.5 million jobs and that these jobs helped keep the deficit down 2 trillion dollars and they cited the gao for their data… how delusional is that thinking and can we continue to be one country with people that stupid voting.

Lone Wolf
Guest
Lone Wolf

Same all over the “free world”.