Take Out Social Security; One in Four Americans Officially Poor
From Profit Confidential
November 29, 2012 - 11:42am
Forget next year, or the year after; the financial crisis of 2008 has left wounds on the U.S. economy that will take generations to heal. While some may suggest the U.S. economy is on the path of economic recovery, today I’m going to spell out why I disagree with them wholeheartedly.
For there to be a real economic recovery in the U.S. economy—and not house prices increasing and the stock market rising—the general well-being of the people in America must improve. They should be able to feel comfortable spending money on items they purchase (even basic food) and they must feel secure in their employment.
I can’t put enough emphasis on this; American consumer confidence in the U.S. economy and in consumers’ personal futures must improve before the U.S. economy sees any economic recovery. Consumers are the fuel of economic growth, accounting for 70% of U.S. gross domestic product ...
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