Peter Ferrera examines the whys of the economic anti-recovery and paints a frightening picture of what awaits if Obama isn’t defeated in ’12. It isn’t just economic disaster.
In every other recession since the Great Depression, the overall trajectory of the economy has been dramatically better after two years. But not this time. Since the Great Depression, recessions have lasted an average of 10 months, with the longest previously being 16 months. Yet, in May, 41 monthsafter the recession began, unemployment rose yet again, to 9.1%. America has now suffered the longest period with unemployment that high since the Great Depression.
The depression for African Americans continued, as unemployment among them rose again to 16.2%. Hispanics continued with unemployment at double digit depression levels as well, with unemployment among them also rising again to nearly 12%. For teenagers, the depression level unemployment persisted at 24.2%; for black teenagers, over 40%. The U6 unemployment rate, counting those marginally attached to the labor force who have given up looking in the Obama “recovery,” and those stuck in part time unemployment for economic reasons, continued at nearly 16%.
No wonder Obama needed those Pigford payouts, eh?
What’s ahead if Obama’s course of Bush tax cuts expiration, the advent of the Obamacare taxes and current no-drill-by-regulation collide unchanged? Disaster, and not just economic:
That is bad enough for a puny, insignificant nation like Greece, where riots increasingly leave the government dysfunctional, with the EU likely to take over the country effectively. But what is the effect when that happens to the world’s supposed superpower? America financed World War II by running up our national debt to its all-time record as a percent of GDP (for now). But that won’t be possible when we have already run ourselves into national bankruptcy.
Our potential military enemies will be quite aware of this historic vulnerability of America. Just as Reagan brought us Peace through Strength, Obamanomics will be inviting War through Weakness. With a 2013 American economic collapse that will also disable the entire West, the world’s uncivilized rogues from Russia, to China, to North Korea, to the Middle East Islamists dreaming of renewed world conquest, will all be tempted probably beyond resistance and reason to strike. They don’t need even to attack the homeland to deal America a decisive defeat. They can just decimate our suddenly overwhelmed allies, from Israel to South Korea to Taiwan to our allies in the Middle East, let alone some even in Europe.
Read the rest.