U.S. Economy: The Worst is Yet to Come

By Mark Weisbrot

We are facing the prospect of millions losing their homes, their jobs, their retirement savings, their health insurance, and their livelihoods.

http://www.informationclearinghouse.info/article20023.htm

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The worst is yet to come

CounterPunch
by Alexander Cockburn

06/01/08

“For the first time since the national trauma known as the great gas shortage of 1973 Americans are experiencing a collective shock as they adjust to gasoline prices that are now three times higher than they were four years ago. … Across the past generation American incomes, below the very rich, have remained essentially static, or have actually gotten worse. Year after year Americans work harder, longer, for less money in real terms. Political tranquility has been maintained by cheap gasoline, cheap food and, in recent years, the seemingly easy credit and tax deduction on home mortgage interest allowing middle-income families the illusion they owned a home. Gasoline is no longer cheap. The cost of food is going up. The subprime crisis has pitchforked thousands of Americans into forfeiture.There’s worse to come. … The sky is dark with chickens coming home to roost. America is in a terrible fix. But you wouldn’t know it from the politicians...

http://counterpunch.org/cockburn05312008.html


Informant: Thomas L. Knapp



http://freepage.twoday.net/search?q=gas+prices
http://freepage.twoday.net/search?q=food+prices
http://freepage.twoday.net/search?q=mortgage
http://freepage.twoday.net/search?q=middle-income
http://freepage.twoday.net/search?q=Mark+Weisbrot
http://freepage.twoday.net/search?q=Alexander+Cockburn

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