Can't anyone else see that our economy is in big, big trouble?

Question

Granted, non-manufacturing employment and inflation both look fine at the moment, but there are a lot of indicators suggesting we are in real trouble:
1. The dollar is as low as I've seen it, ever.
2. The credit markets are a wreck.
3. Energy costs are as high as I've seen them, ever; and I lived through the 70's OPEC embargo.
4. The deficit and national debt are breathtakingly high.

It seems that this house of cards is about to collapse. Already:
1. Unemployment is rising.
2. Corporate earnings are falling.

The unholy alliance of Bush administration stupidity and oil industry evil are about to send us all over the edge...

Answer 1

> Can't anyone else see that our economy is in big, big
trouble?

Nope, only you!

> Granted, non-manufacturing employment and inflation both look fine at the moment, but there are a lot of indicators suggesting we are in real trouble:
1. The dollar is as low as I've seen it, ever.

So what? That makes American exports attractive. Other currencies have risen because the effects of globalization are to level our currency ratios. E.g. Indian outsourced software and servicesare far more expensive relative to 7 years ago and so some jobs are coming back.

> 2. The credit markets are a wreck.

Minor matter. Our economy is robust enough to handle it - it is probably no different of even less troublesome then the dot-com craash, because at least some of it is backed by actual assets: real estate.

> 3. Energy costs are as high as I've seen them, ever; and I lived through the 70's OPEC embargo.

Costs are high, yes, but they are not really higher as a percentage of per captia income or GDP I bet. Eventually additonal oil will start flowing our way, in the mean time our economy is investing in alternative energy rapidly.

> 4. The deficit and national debt are breathtakingly high.

Yeah, well in Novemenre of next year we can vote in someone who has the idea "It's the ecconomy stupid" and that will trun it around. It worked when teh same cirumstances were left by the previousl Presidnet Bush and his republican predecessors.


> It seems that this house of cards is about to collapse. Already:
1. Unemployment is rising.
2. Corporate earnings are falling.

> The unholy alliance of Bush administration stupidity and oil industry evil are about to send us all over the edge.


And your qualifications to make that assertion are? I ask because it is a pretty bold claim - that alliance wil be done for in November 1008 as Bush can't be re-elected. So you are cerain the economy will "collapse" between now and then?

I don' think so :)

Answer 2

Leftists doomsayers have always spoken like that when they don't run the White House. If Hillary gets in, inflation will increase like under Carter, gold will hit $1500.00 per ounce. Oil will be at $100+. Unemployment will skyrocket as socialist policies force companies to stop hiring. And guess what? People like you will never ask such a question then. The economy, in the leftists' eyes, will be just hunky dory.

Answer 3

Bank of America the U.S. second largest bank reports 32% loss this quarter, costing over $4 billion.

Even the financial institutions are feeling the heat.

Answer 4

Did you forget to mention that two per cent are inheriting most of the nation`s wealth and forcing the rest of us to fight over the rest to support their poverty-dependent economy? http://faireconomy.org/research/wealth_charts.html

Answer 5

I see it, my dad sees it, and at least one Presidential candidate sees it. That's Ron Paul. And to the above poster who stated that we need to stock up on food and be armed. I've got the armed part covered. But my money is so worthless that I can't stock up on food too well.

Answer 6

So stock up on groceries and other essential supplies and be ready when the collapse comes. And have a gun.

Answer 7

Many see it. And they get called chicken little for stating so.