I mentioned back in April that based upon what I'm seeing on the front lines, we're sliding back into a recession. Talking with various people over the past few weeks, I've concluded why. (I'll avoid politics/laying blame and stick with facts.)
As Americans we have control over the first two issues. There's not much we can do about the rest of the world. Until the first two issues (at least) are resolved one way or the other, the recession will continue.
- The impending massive tax increases, also known as Taxmaggedon.
- The Patient Protection and Affordable Care Act. Huge parts of the act will be coming into effect over the coming months, yet few people seem to know exactly what it will mean to them. Particularly business owners. We don't even know if the Act is legal, pending a decision from the US Supreme Court.
- Economic doom in Europe, Asia and elsewhere. It most certainly is hurting US exports.
As Americans we have control over the first two issues. There's not much we can do about the rest of the world. Until the first two issues (at least) are resolved one way or the other, the recession will continue.
2 comments:
As long as the U.S. and other countries continue to steal from younger generations to placate angry old folks, we're screwed. The future does not lie with 80-year-old people.
It's going to get worse before it gets better, too. I've read numerous articles which assert that the average Baby Boomer (now roughly 60 years old) has only $25,000 in savings. Meanwhile, an entire generation of young people can't afford education, housing, healthcare, and can't find work regardless. All due to the irresponsibility of old folks.
There's one upside, though. I think this worldwide "Depression II" will hasten peak world population by 10 or 20 years, which can only be a good thing.
A related article on greedy geezers.
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