Truly terrifying data about the real state of the U.S. economy.

[Greg Pack]

Well, that's the Subtitle of the article submitted by Former NY governor Elliot Spitzer. It has some tables that show interesting data

http://www.slate.com/id/2219599/

While we have addressed the credit collapse, we have not begun to tackle the far more daunting, and more significant, structural problems in the economy. Instead of focusing on the green shoots, let's examine the macro data that will determine our national prosperity in the next generation. These data are terrifying........


.......So, despite trillions in public spending, we are short millions of jobs, are rapidly sliding further into debt, are losing our capacity to borrow at a manageable cost, and are producing fewer of the goods that will generate real wealth.

Looking at this data reminds me of our behavior in this country. It's like watching rich kids with no job blowing through their inheritance. Sure, they have a pocket full of money now, but you know that's not gonna last forever and when they run out it's gonna be ugly.

I truly wonder where this is all headed. There is no real increase in income and our level of debt is unsustainable. we have been living in the false prosperity of debt-based consumption for the past decade. This data suggests there has to be a collective tightening of belts and that might be very painful for us in the service sector.

 

[bigleo48]

[QUOTE It's like watching rich kids with no job blowing through their inheritance. Sure, they have a pocket full of money now, but you know that's not gonna last forever .....This data suggests there has to be a collective tightening of belts and that might be very painful for us in the service sector.[/QUOTE]

I generally agree except for two things I would change...it's "poor kids" who think they're rich and I would remove the "might" part. Then I would be in full agreement.

Big