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America First Party
1630 A 30th Street #111
Boulder, Colorado 80301

Monday, August 10, 2009

Signals of Depression: U.S. Nears Financial Brink, Personal Finances in Tatters

Boulder, CO - The statistics are shockingly grim. As Congress relentlessly works to pile on more and more big spending programs, deficits near $2 trillion. Meanwhile, government revenues are plummeting, with Treasury reporting a 57% drop in corporate income tax revenue since 2007. An 18% drop in tax revenue is expected for the year overall, the biggest annual decline since the Great Depression. And speaking of the Depression, when priced in ounces of gold, as it effectively was in 1929 under the Gold Standard, the Dow has dropped about 84% since July 1999, according to Elliot Wave International. This is comparable to the 89% decline from 1929 to 1932.

During the Great Depression, unemployment peaked at 25% in 1933. Today, the government's official unemployment rate, designated U-3 by the Bureau of Labor Statistics (BLS), is a mere 9.5%. It is widely understood that this does not include "discouraged workers," those who want to work but have stopped their job search due to a belief that "no jobs were available for them." The BLS has an alternate statistic, called U-6, which includes "discouraged workers" as well as others who are underutilized due to economic factors. This U-6 unemployment rate currently stands at 16.5%. However, since the Clinton administration, the BLS definition of "discouraged worker" only includes those who have looked for employment during the last 12 months. According to noted economist John Williams, dropping this recent 12-month qualification brings unemployment to over 20%, only about 4 points under the peak Depression level. Despite more federal intervention, current conditions compare to those of the 1930s.

As extended unemployment benefits expire, numerous Americans are on edge. In the months to come, more and more will be without an income for the first time. And when you are one of 150 applicants for one job, and there are no other employment prospects, what can you do? Where do you go? For many, foreclosure and destitution is a real risk.

"Reckless policies, incomplete media reporting, and disinterested voters have led to this crisis," stated National Chairman Jon Hill. "Deplorable and unconstitutional actions allowed combined federal spending and benefit programs to accrue liabilities of over $50 trillion. Equally unconstitutional free-trade policies caused trade deficits approaching $1 trillion, and millions of out-sourced jobs. Friends, let's stop this insanity and put America first!"

Jonathan Hill, National Chairman, 1-866-SOS-USA1, ext. 4
Michael Lynch, Press Secretary, 1-866-SOS-USA1, ext. 2


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