“The heat is on you. Poised outside this chamber are the denizens of darkness. Those are the groups waiting out there in the temples of this city, waiting to shred this baby to bits" Former Senator (R) Alan Simpson
-----Even on the reported figures, the situation is bad enough. Critically, the US is at the end of a quarter-century “credit super-cycle” which has seen aggregate debt soar to 358% of GDP, a level which is unprecedented in modern times. Over the last decade, the US has added $5.58 of debt for each $1 of expansion in GDP. To be sure, the US – unlike most other OECD countries – has made some very modest inroads into this debt ratio, but the reduction achieved thus far makes no significant difference to the overall position. The US, then, is stuck in a high-debt, low-growth economic trap. How did this happen?......
“Who profits from a low-growth U.S. economy hidden under statistical camouflage[?] Might it be Washington politicos and affluent elites, anxious to mislead voters, coddle the financial markets, and tamp down expensive cost-ofliving increases for wages and pensions?”
......true inflation might be at least 9%, rather than the 3.4% reported in December. If critics are right – and we are convinced that they are – then the implications are enormous, because inflation calculations reach into every aspect of economic life. The significance of distorted inflation reporting has impacts on: • Americans’ cost of living, and the purchasing power of the dollar over time. • Wage rates and settlements. • Benefit levels, and the cost of social payments to government. • Economic growth. • Real interest rates. According to official figures, aggregate inflation between 2001 and 2011 was 27%, meaning that the dollar lost 21% of its purchasing power over that period. But, if we accept that real inflation may have exceeded the official number by 6% in each of those years, the loss of dollar purchasing power was about 55% between 2001 and 2011. Between the third quarters of 2001 and 2011, average weekly wages increased by 31%, fine if the dollar lost 21% of its purchasing power over that period but evidence of very severe impoverishment if the dollar in 2011 was worth only 45% of its 2001 value. In short, if millions of Americans feel poorer now than they did ten years ago, the probable explanation for this is
I'm glad someone was finally able to edit those reports into one viewing even though they all come from Fox News lol. Tough to watch but collaborates with well with everything I'm hearing and seeing on my end too.
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