We had reversed the recession, avoided a depression, got the economy moving again…
President Barack Obama
August 15, 2011 (Transcript)
While the President, his czars and inner circle experts promise Americans that we are well on our way to recovery, Vice President Joe Biden isn’t so sure.
“The unemployed are really in trouble,” Biden said in a campaign stop in Dubuque.
“My grandpop used to say — from Scranton — he said, Joey, the guy in Dunmore, the next town over, when the guy in Dunmore is out of work it’s an economic slowdown. When your brother in law is out of work it’s a recession. When you’re out of work it’s a depression. It’s a depression for millions and millions of Americans.”
But, but, but….
What about the trillions of dollars we added to the national debt that was supposed to create millions of jobs, kick start the economy, and get consumers spending again?
As we and others have maintained for several years, this country is now smack dab in the middle of a Depression. We’ll know in hindsight how bad it really is, but we can be assured that, as trend forecaster Gerald Celente once noted, “it will be like nothing we’ve ever seen in our lifetime.”
Millions of Americans are out of work and no meaningful labor is being created. We have generated more debt in the last tens years in this country than in the entire history of our nation combined. More Americans today are receiving nutritional assistance to help put food on the table than ever before – nearly 50 million of our fellow countrymen. Nearly half of American households now receive some type of government assistance or distribution. The middle class is being rapidly wiped out, with some 40% of Americans’ wealth having been vaporized in just the last three years.
Some 51% of Americans now believe a catastrophic economic collapse will happen – and for good reason.
Because it is happening, right here, right now.
If you aren’t prepared for it – if you don’t have food to feed your family when the income stream stops, or skills that will give you the ability to barter for goods or cash – then you’re going to be in serious trouble.
Vice President Biden is right. Millions of Americans are living through a Depression right now. Those who still have jobs and credit just haven’t realized it yet. But they will.
It’s a depression.