Newsweek Magazine claims that the recession is over. Barack Obama says he sees good signs that the economy is beginning to pull out of the hole. The government claims that the economy shrank in the last quarter by only 1% (don't know how that qualifies as good news, but it's not as bad as it was), and there are signs of at least some rebound in certain sectors of the housing industry.
However, this supposed 'good news' runs the risk of providing false assurance for Americans at a time when any celebration is very premature.
Do doubt there will be pockets of good economic news here and there. And no doubt the economy will experience some healing for the short term.
But the overall picture is dire and getting worse by the day.
There is no way the country can sustain the level of debt we are incurring without a total collapse sooner or later. And let's not forget that the baby boomers will be retiring in full force for the next 15 years, overloading an already overburdened system that teeters on the brink of disaster.
This article at Human Events is an absolute must-read for those who want the real truth concerning the consequences of 'generations of debt.'
Saturday, August 01, 2009
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