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July 28, 2012
Economy Is Tanking; Why Are Markets Up?
The latest economic data released Thursday confirms what all Americans, especially business owners, already knew. Economic growth has slowed down to a measly 1.5% (from 2% the previous quarter), job growth continues to languish with nationwide unemployment at a dismal 8.2%, consumer confidence has fallen to its lowest level this year, and consumer spending is also tanking. Household purchases, which represent approximately 70% of GDP, grew at the slowest pace in a year. Recent surveys show that Americans have lost approximately 40% of their net worth in the last few years, and poverty rates are reaching levels not seen in this country since the 1960s. So, why are the markets up? Everything confirms that our bleak economic situation just got worse. Obama's anti-business, anti-job growth, and punitive taxation schemes have not changed. The administration's stifling and oppressive regulatory policies continue unabated. The European situation...(Read Full Post)