Truth vs. Fiction

Oh, look -- more good news about the economy!

"'The Recovery Is Here,' Reports Underemployed Man Making $20,000 Less Than He Used To"

CARBONDALE, IL—Citing the fact that he's now able to make the minimum payment on his credit cards each month and is back in the workforce making $20,000 less than when he was laid off in 2009, 43-year-old Tom Baker declared Tuesday that the economy was recovering by leaps and bounds. "The tide is turning!" said the man who had to sell his four-bedroom home for less than what he owed on it and move his wife and three children to a cramped apartment 800 miles away. "My company just hired 50 skilled contract employees with a guaranteed eight months of paid employment. America is back!" Baker said that if the economic turnaround continues, he may be able to save enough money to send at least one of his children in for a dental checkup.

Only joking, of course.

Then again, this report from the satirical news site, The Onion, probably speaks more truth about current conditions than any of the serious-sounding B.S. our politicians, policymakers, prognosticators, and pundits keep feeding us on a daily basis.

(Hat tip to Tom B.)

Comments

[Minimum payments suck the life out of you]

The suffocation of unsustainable global debt – Total global debt is now over $190 trillion and more than three times global GDP. Contagion with European Union.

The biggest market in the world is the European Union and debt problems are still rippling through the global markets. It is apparent with the financial crisis that the global markets are tied together by large banks and interconnected trade. A problem in the largest market should be unsettling and the unemployment rate in the European Union is now at a 15 year high. The global debt problem was never really solved but papered over with extensions and banking trickery. The US has dealt with much of the debt issues by suspending major accounting rules and stuffing bad loans into the Federal Reserve like a Christmas stocking. The European Union is facing some challenges ahead and all eyes will be watching given the impact of contagion impacts. Greece was only a tiny sliver of the debt issues compared to the major debt restructuring that will be necessary for a large economy like Spain.

http://www.mybudget360.com/unsustainable-global-debt-total-global-debt-190-trillion-global-debt-gdp-european-union-financial-crisis/

[roger]

The debt is not "the cause"of the sickness of this economy.
In the 50'/60's it did not take a PhD in economics or political science to realize that the US extraordinary position in the world was a fluke of history and was not sustainable,,,the balance was way out of scale in all fields any brainless tweet could have seen that,and yet it was completely ignored,pointing this out in those days brought you nothing but scorn and ridicule.All graphs,charts and balance sheets where extremely favorable to the US, unseen however the under currents of change where slowly growing,that took some other kind of thinking to decipher. Capitalism as we have known it,is dead,it will never come back.

[Forever Grand Vacations]

The global debt problem was never really solved but papered over with extensions and banking trickery. The US has dealt with much of the debt issues by suspending major accounting rules and stuffing bad loans into the Federal Reserve like a Christmas stocking.

[Bransons Nantucket]

All graphs,charts and balance sheets where extremely favorable to the US, unseen however the under currents of change where slowly growing,that took some other kind of thinking to decipher.