unemployment

We are fast approaching the end of President Barack Obama’s first year in office.  The banks, Wall Street, and the military-industrial complex have looted the US Treasury, and our leaders have created a multi-trillion dollar debt that they placed on the shoulders of American taxpayers. There is also news that the Democrats want to create a new Amnesty Bill, so that illegal immigrants can fill the jobs that "Americans don’t want" in an economy where we wonder if those jobs still exist. In short, under President Obama's leadership (with Democrats in control of both the Senate and the House), if things have changed, it's for the worse. 

Yesterday, at the National Press Club, AFL-CIO President Richard Trumka pointed out that tough economic times call for “political courage.” In an opening salvo lobbed at lawmakers, Trumka shared that the courage necessary for that economic salvation of the country and its citizens wasn’t clearly evident in American leadership:

“Too many people in Washington seem to think that now that we have bailed out the banks, everything will be okay."

Though it may not seem like it, we're living in a golden age that's about to come to an end. This is the Golden Age of healthcare, the best in the world. Maybe the longest recession since WWII is coming to an end but it'll take years to get back to where we once were in terms of jobs and personal wealth.

This is indeed a great golden age in many respects but only in comparison with the future in store for us, thanks to this president and this Congress. During the 2008 presidential campaign, candidate Obama said, "America is the greatest country in the world and together, we can change it!" Now, we have a clear idea what he meant.

The current House and Senate healthcare reform bills now before Congress amount to massive tax increases and do nothing to reduce costs. The main reason the public ever wanted healthcare reform was lower costs. Why, then, is any effort to reduce costs blocked by the Democrats? These bills are the opposite of what the people want because they actually would cause an increase in costs and deficits, according to the CBO. There would a great shortage of doctors, there would be rationing of care, and a big increase in inconvenience. Healthcare as we know it today would devolve, resulting in higher death rates and misery.

I've been spending a lot of time lately reading up on the economy and reassessing my expectations for the stock market. I've also discussed my findings with a government economist who's in agreement with my understanding of what's going on. Suffice it to say, things are going to get a lot worse before they get better and we haven't seen a bottom in the stock market yet.