Recession heading to depression.
I am not an economic guru, but we appear to be on the edge of a depression.
The numbers are not good across the board with debt of all types (public/private), another real estate bubble, and the struggles of small business and even corporate America (look at Target’s numbers yesterday).
Personal and consumer debt is increasing at the fastest pace in my lifetime as is the cost of living (prices of necessities).
In the midst of all of this we now have rampant inflation with government printing even more money as the Fed is trying to deflate the balloon that Wall Street depends on.
We now have political leadership that appears to be deliberately destroying our economy via policies. Our current construct as a nation is dependent upon unfunded mandates and liabilities kept afloat by deficit spending/printing money.
We have an enemy state, China, who are openly talking about our destruction and our economic health is intertwined with them. They also wield enormous power over our industries and even among our politicians.
Despite all of the bad news above, the thing that scares me most is that the people who have been wrong about everything for decades are telling us that there is NO WAY we could fall into depression.
The same people who have been wrong about everything for decades are telling us that we might dip into a recession but there is no way it becomes a depression. Examine their track record in recent history beginning with the 2008 housing crisis and on......
We should prepare now for what looms on the horizon.
I read how FDR kept the Depression going for like thirteen years; we were just about to come out of it in 1936 when he instituted Social Security and plunged us right back into it.