Is something brewing in America?

Posted by: Barthélemy Barbancourt

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Late last week, Thomas James Ball reached his breaking point. Driven to desperation by a system that bankrupted him and destroyed his family, Ball walked up to the main door of the Keene County, New Hampshire courthouse, doused himself with gasoline, and lit himself ablaze.

Hardly anyone seems to have noticed.

Conversely, when a 26-year old Tunisian man lit himself on fire a few months ago after police confiscated the fruits and vegetables he had been selling without a proper permit, it launched a wave of revolution across the Middle East.

Trying to stay upbeat? Avoid the business section. Unemployment stands at 9.1 percent. Growth is narcoleptic. The housing market hasn’t hit bottom. Fears of a Greek default are roiling markets. The deficit is running more than a trillion dollars for the third year in a row and won’t be shrinking anytime soon. A U.S. fiscal crisis may be only a few years (or months) away.

I have been thinking about doing a post on the strain that the Obama recession has put on almost everyone in America. There has been some coverage of the pain of the unemployed the people that have lost their homers, but there hasn't been much coverage of the people still employed who are now the sole income. The press doesn't talk about strain of losing $100,000 in equity in your home. There is scant coverage of how people have adjusted to the new Obama normal of stagflation, job uncertainty and increased financial pressures.

I think that this pressure is building and unless the economy turns around soon it will need to be vented. How it will be vented is anyone's guess.

Comments (3)add comment
Ed Salden
written by Ed Salden , June 22, 2011

Bart, I think you're hyperventilating. Maybe you should slip a paper bag over your head for a minute or two.

Say it as often as you want, it still isn't Obama's recession.

We can argue about Obamacare, but the bailouts were made out of consensus, and the slow recovery was expected way before your scapegoat was even elected.

On a personal note, Bart, I don't know how you got that Facebook message from me. I don't believe it will happen again.

While we are on the subject
written by Woody , June 22, 2011

of the economy, I find it interesting that GOP Senators (and 2 Dems) blocked a bill reauthorizing the Economic Development Administartion which grants funds for local projects while they had supported this in the past. Also interesting is the fact that the GOP recently chided Democratic plans for payroll tax breaks as "gimmicks" which they have also supported in the past as well as opposing infrastructure investment which would create construction and manufacturing jobs. That seems an odd position to take when unemployment currently stands at 9.1 percent. I don't understand the reasoning for this approach by Republicans. Or do I......hmmmmm

Regarding Greece, the government passed the confidence vote which is a step in the right direction and markets have responded positively.

Howdy Ed!

Barthélemy Barbancourt
Keynes was wrong
written by Barthélemy Barbancourt , June 22, 2011

Infrastructure is my favorite form of government spending, provided it improves the economic environment for the private sector. Interpretive centers, bike paths and LRT do not improve the economic environment. Many things that the government does are a massive waste of money, anyone remember Iron World or the chop sticks factory on the range in MN?

But when our nation is broke, the best thing to do is to allow the private sector to keep as much as possible and reduce ALL government expenditures.

Ed, I think your FB account got hacked. I don't see you as the Uporn type, at least not publicly.

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