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"They'll pay the debt. I don't see a default coming, but the collapse is coming regardless. Let's look at the real numbers." They're bad and getting worse. The solution is "let the people vote on these issues," not corrupt politicians only "representing the rich and powerful."
Congress operates like Mafia "mob rule, the Bonannos and Gambinos. Just put a different name on it. The Republicans and Democrats....At least if we the people vote, we'll get the future we deserve, not the one being foisted on us."
In his straight-talk analysis, Celente pulls no punches. Neither does Progressive Radio News Hour regular, economist Jack Rasmus. His latest economic analysis explains a "double dip recession on the horizon."
In fact, Obama's "recovery" was due "to what economists call inventory adjustment and export-driven manufacturing. But both are now slowing sharply." With the global economy decelerating, export sales "hit a wall."
Moreover, consumption is also slowing, except for "the wealthiest 10 percent." At the same time, "(r)eal weekly earnings continue to fall, meaning less real consumption spending as prices for gasoline, food, health care, education and local taxes continue to soar."
In addition, inventory accumulation ran its course. Housing is in depression. Job prospects are bad and heading south. John Williams calculates real unemployment at 22.7%. Expect it to rise as conditions weaken.
In 2011 Q I, 400,000 discouraged workers left the labor force. From December 2010 - May 2011, only 14,000 full time jobs were created. Most private sector ones are low pay, low or no benefit part time or temp ones.
Now, recent National Association of Independent Business surveys show small firms (responsible for creating half of all jobs) plan cutting back. So are larger companies. At the same time, state and local governments are slashing payrolls at a rate of about 25,000 a month.
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