IS THE RECOVERY LOOSING IT'S MOMENTUM?
* All art courtesy "Google Images". (About the Charts: Up to date official
statistical charts are difficult to obtain. The charts in this article are the
most representative of all the researched information available. FBN)
On Wednesday August 1, 2012 a story released through the Associated Press reported the Federal Reserve Chairman Ben Bernanke released a statement on the weakness of the US economy which sounded very alarming to me. A weak economy in an already fragile economic recovery compounded by a poor employment report. A triple play for the Obama administration.
Fed says US economy has slowed, takes no new steps
The Associated Press 8- 1-12
Wall Street Slips After Fed Comments
Reuters "news agency" UK 8- 1-12
The typical American household would have paid nearly all of its income in taxes last year to balance the budget if the government used standard accounting rules to compute the deficit, a USA TODAY analysis finds.
Under those accounting practices, the government ran red ink last year equal to $42,054 per household — nearly four times the official number reported under unique rules set by Congress.
The two above charts illustrate the growing Federal Deficit.
Something which is hardly mentioned is what happens when the Government is borrowing huge amounts of money to meet US obligations. Known as the "Debt Sealing", Congress must approve this borrowing. In today's economic climate this creates a situation known as "Tight Money". Tight money affects borrowing rates for everybody and pushes up the banks prime lending percentages making it much harder to buy homes, automobiles, financing college educations and loans for small and big business. The cost of every goes up dramatically, that is if these kinds of loans can be obtained!
have exausted their benifits and have applied for General Assistance and Food Stamps.
(Below) Food Stamp projections from "The Bussiness Insider".
I’m Felicity Blaze Noodleman and I approved this Article! Next week we will be writing about the weather. See you then!