Commentary:
By next Friday September 30th, 2011, the entire world will know what most of us already know and see daily – The U.S. economy is at a complete standstill. The worst economy since the depression. Next weeks incoming 3rd GDP estimate will probably show a stagnant economy at no more than 0.7% annualized – meaning – zero economic growth. Pessimistic individuals seem to think our economy contracted further and that means – we are back in a recessionary period.
The billions and trillions of dollars wasted by the Obama administration to create jobs and spur growth, may have created some contractor millionaires with good White House connection, but made no dent in the economy and did not spur growth at all, only more debt. The only visible growth is the increase in public debt and daily ballooning interest on that debt.
How bad is the economy?
One supermarket manager told me he bought 200 shopping carts four weeks ago. Today, he said, no more than 80 are left. “They cut off the wheels, compress the basket and either melt or sell the metal”. Every day or night, plastic Coca-Cola pallets are stolen, as are the wooden pallets. Each can be turned in at recycling facilities for small change. “My costs are going up”, the manager said in hiring additional security personnel. Within the store, Security already patrols the floors, despite these security measures, theft ratio increased to more than double of last year. When costs go up, customers go look elsewhere for better deals, and he wondered aloud ” a non-performing store” with be closed by the supermarket chain. This is not an isolated case. Surely, there are similar reality stories out there. Let me know, if you will?