This was the good old days. The vaunted Obama jobs recovery (waitresses, retail clerks, fry cooks, and maids) has petered out. The trade data earlier this week confirmed negative GDP for the 1st quarter. The Atlanta Fed model already shows only 0.9% GDP growth in the 2nd quarter. That will go negative as people with no jobs and those with jobs seeing their real wages decline have stopped spending.The 4th quarter GDP was boosted by citizens having to pay more Obamacare and heat for their cold houses. Winning!!!
Corporations are reporting declining revenues and profits, while using their spare cash to buy back their stock at all-time highs to boost executive stock compensation. Why spend money on capital investment or pay your workers more when you can pump your EPS, fire 5,000 people and outsource their jobs to India? It’s the American way.
The 99% are experiencing a recession in the real world. People around the globe are experiencing a depression. But Wall Street, aided and abetted by their Federal Reserve puppets and Politician cronies in DC, is joyous and overflowing with riches for the .01%. How long can they artificially prop up financial markets before the floor gives out?
If people in this country could just look up from their iGadgets and think for one moment…..
Continue reading “UM, YEAH… I’M NOT GONNA NEED YOU TO COME IN ANYMORE”
