Grim economic news

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Recession deepens, and politicians promote more tax and spend policies: taxing those who create jobs and increasing government spending, both moves that obviously hurt the economy.  Have they gone mad?  Already saddled with insurmountable debt, the federal government now wants to nationalize healthcare, and institute cap and trade, both dubious proposals carrying enormous price tags, furthering debt, and deepening recession.

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RECORD UNEMPLOYMENT ACROSS THE COUNTRY: UNEMPLOYMENT LOW IN WASHINGTON D.C.

Excerpt from Heritage Foundation

Last week, Michigan’s Bureau of Labor Market Information announced that their state’s unemployment rate spiked in June, hitting 15.2%, the highest rate since mid-1983. Five other states, Rhode Island (12.4%), Oregon (12.2%), South Carolina (12.1%), Nevada (12%), and California (11.6%) all have either matched or surpassed their all time unemployment highs. Nationwide, a total of fifteen states are now suffering from 10% unemployment. The Federal Reserve predicts that double digit unemployment will envelope most of the country later this year.

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Unemployment tops 10 percent in 16 states in June

Rising unemployment report

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Housing prices probably won’t rebound, stock market might drop further

Excerpt

Esteemed economist Dr. Robert Shiller was among the very few to warn of a housing bust before it happened.

Now he tells Newsmax and Moneynews.com that, although the housing market could be approaching a bottom, prices might remain in the “doldrums” for years to come as the United States remains in a “liquidity trap” comparable to the one it faced during the Great Depression.

Though stock market prices are valued fairly now, Shiller said, equities remain a “risky” investment because the United States has not turned the corner on its fiscal crisis. He warned that stock prices “could fall dramatically.”

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Record high foreclosures

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Losses at Bank of America

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Don’t Worry: Biden says stimulus is working

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WAIT! BUCHANAN SAYS WORRY!

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