US Action News

Obamanomics has failed. More people suffer in poverty today in America than since the Census Bureau began keeping poverty records 51 years ago. The total is 44 million, one in seven Americans.

Glenn Beck issues a warning on what is coming in our economy.

A total of 27 states reported higher unemployment rates in August, nearly double the 14 that saw increases in July, the Labor Department said in its monthly report on state unemployment Tuesday. The jobs picture continues to look a lot more grim in places like Nevada, Michigan and California. -CNN

The Federal Reserve’s first attempt to bolster the flagging U.S. recovery shows no sign of dispelling investor concerns the world’s largest economy may slide back into a recession.- Bloomberg

How can we continue to spend almost $5 BILLION per DAY when there is no money and the continued spending WILL crash our economy?

“A growing level of federal debt would also increase the probability of a sudden fiscal crisis, during which investors would lose confidence in the government’s ability to manage its budget, and the government would thereby lose its ability to borrow at affordable rates. It is possible that interest rates would rise gradually as investors’ confidence declined, giving legislators advance warning of the worsening situation and sufficient time to make policy choices that could avert a crisis. But as other countries’ experiences show, it is also possible that investors would lose confidence abruptly and interest rates on government debt would rise sharply.” CBO

The word ‘uncertainty’ keeps coming up as a reason why businesses don’t invest and take risk to create jobs. We have two 2,000 plus page bills now that we had to pass ‘to see what they do’. They each create hundreds of new agencies and will generate thousands of new rules, regulation and unknown costs.

The public is skeptical of the Obama administration’s stimulus program and wary of more spending, with more than half saying the deficit is “dangerously out of control.”

Fears that the economic recovery is fizzling grew Thursday after the government and private sector issued weak reports on a number of fronts. Unemployment claims are up, home sales are plunging without government incentives and manufacturing growth is slowing.

We’re still working our way through the mess even as the next (and perhaps final) bubble inflates before us: the government bubble. This will prove the most intractable bubble of all. We have only to look at Europe, and particularly at Greece, to see what’s coming.