By Stephen Lendman
Jeff Rense Program
...The (US) economy has reached its debt limit and is entering its insolvency phase. We are not in a cycle but (at) the end of an era. The old world of debt pyramiding to a fraudulent degree cannot be restored," only delayed to postpone a painful day of reckoning...
The July 31, 2009 national income accounts "confirmed that the US economy is in its worst economic contraction since the first downleg of the Great Depression, which was a double-dip" one like today's.
Intermittent upturns are common, like from spiked auto sales from the cash-for-clunkers program that borrowed future purchases for today's. "Yet, this downturn will continue to deteriorate, proving to be extremely protracted, extremely deep and particularly nonresponsive to traditional stimuli."
The economy suffers from deep structural problems related to household income. Consumers are over-indebted, can't borrow, and Washington's policies aren't helping them. Continued economic decline will follow...
Read more: Predicting Worse Ahead From The US Economic Crisis
US Unemployment Hits 26 Year High
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Most red ink ever: $9 trillion over next decade
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