Full Blown Depression Coming

6/18/2010 @ 3:10 am



by Jeff Davis

The economy has been plagued with extremely high unemployment for over a year. There has been a relentless stream of bad economic news: closures of companies like Saturn and Mercury, the continued drain on the economy from the occupations of Iraq and Afghanistan and the crushing burden from 20 million illegal aliens. If we deported these 20 million illegals at the first sign of trouble in 2007, there might have been a chance the economy would recover, but as usual the two party system won’t do anything to fix the most serious problems facing us. The United States of America is now headed for a full-blown Depression, and it’s getting closer by the month.

A recent news article [1] reports: “The number of people filing new claims for jobless benefits jumped last week …another sign that the pace of layoffs has not slowed. Initial claims for jobless benefits rose by 12,000 to a seasonally adjusted 472,000, the Labor Department said Thursday. It was the highest level in a month and overshadowed a report that showed consumer prices remain essentially flat. The rise in jobless claims highlighted concerns about the economic rebound — especially after a report earlier this week said home construction plunged in May after government tax credits expired.â€