U.S. Depression is Here

I’m assuming this isn’t a controversial statement to make by this point, unless you’ve successful kept your head up your ass for the last year or so.  Denial is a popular position to take in this country right now, after all.  But a perusal of the US economy page at The Guardian should leave anyone with a pretty bleak feeling.

And as if there isn’t bad news on the economy daily, here’s some more to worry about:

State and city governments have yet to shrink the economy; indeed, they have even managed to prop it up. They have quietly maintained their spending at pre-crisis levels even as they warn of numerous cutbacks forced on them by declining tax revenues. The cutbacks, however, are written into budgets for a fiscal year that begins on July 1, a month away….

[T]he states and municipalities have increased their spending in recent quarters, bolstering the nation’s meager economic growth. Over the past year, they have added $40 billion to their outlays, even allowing for scattered spending freezes and a few cutbacks in advance of July 1. Total employment has also risen. But when the current fiscal year ends in 30 days (or in the fall for many municipalities), state and city spending will fall, along with employment — slowly at first and then quite noticeably after the next president takes office. (NY Times)

Maybe this is a good time for us to stop worrying so much about this election, which promises to change nothing important for the country’s ruling rich, and start focusing on what can be done now to improve our lives.  November is not only too far off, it’s also the same empty promise that it’s been for decades.

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