If I linked to every financial and economic article that talked about some aspect of the economy and how it's collapsing, I wouldn't have time or room for any other topics on this blog. Suffice it to say that every indicator at every nook and cranny of the economy, financial sector, foreign & domestic markets...everything is pointing the same way: Collapse.
But, instead of standing around and watching it topple over like a bunch of guys watching a tree crash to the ground, everyone has pitched in to pull hard on ropes in the opposite direction this tree is falling while assuring us that the tree is not, in fact, falling over. All the effort has slowed how fast it's falling down, but it's still falling. And, as it picks up steam, there's no more ropes to throw around it and pull on.
The AP had this story today:
The Associated Press writers use a different metaphor, but they tell the same story that you can read every single day in all different sources. There really is no good news.
The only ones who are claiming that things are fine are liberals in the U.S. and Western Europe. Because they really want them to be. Barack Obama has spent nearly eight years promising that the economy was going to take off any minute now or that it already had taken off and Americans were just too stupid to realize it. Or that Republicans and the media were just picking on him, not giving him any credit and not telling everyone how great everything is.
The two pillars of his economic promises turned out to be nothing and worse than nothing. First was the two "stimulus" bills he signed early in his first term added up to about $2 Trillion dollars. Roughly the same cost as the 8-year long Iraq War. While Obama and Democrats preened that all this money was going to pump massive doses of cash into Americans' pockets and spur spending, all that was really in the legislation was payoffs to unions and other Democrat donors for getting him elected. Both "stimulus" bills had no effect whatsoever on the economy and increased the national debt (+/- $9 Trillion at that time) by another $2 Trillion. The second pillar of his economic plan was Obamacare. If you recall, socializing American medicine was going to be a magical pill that would create millions of new jobs and dramatically cut everyone's healthcare costs. Remember how the average family was supposed to see their health insurance costs go down by $2,500 a year? Here's that promise, in case you forgot:
A friend of mine recently did a poll for a college class he's taking where he used social media to survey people's healthcare costs since the Affordable Care Act went into effect. Only two die-hard Democrats claimed that their healthcare costs went down. But they spent more time angrily defending the President and blaming "fat cat insurance companies" and "insurance company 1%er CEOs" for ruining Obama's perfect plan. (Sidenote: Have you noticed how liberals are stuck in the strange position lately of claiming that everything is great [because Obama has fixed everything], while at the same time blaming Republicans, "the rich", Sarah Palin, George W. Bush, Ronald Reagan or anyone else they can think of for why everything Obama has done has failed and America still sucks? It's a mental disconnect that is quite remarkable.) Except for these two, everyone else's responses were pretty much the same. Their premiums have increased dramatically, their deductible has skyrocketed to the point that their insurance is unusable now and the number and quality of services has been drastically cut from what was covered before. Basically, everything that was predicted by anyone who knows how to do math. For all the talking and promising he did before Obamacare was shoved down America's collective throat, he and his people never explained how they were going to add the world's largest government program run by the worlds single-largest government bureaucracy between patients and their healthcare providers and possibly have prices do anything other than explode the way they have. The world's largest government bureaucracy is unionized, doesn't come cheap and has to be paid for somehow. Now we know.
Stimulus and Obamacare - far from fixing the economy - only served to throw gasoline on the fire.
And we've all seen how the jobs numbers are finagled. The federal government has rigged the numbers to claim record low unemployment, while at the same time reporting that a record low number of Americans are working.
Now this story from the AP is just the latest to say that central banks around the world have run out of tricks to keep the economy from collapsing.