Forecasts made by the Bureau of Labor Statistics that the 2000s would yield nearly 22 million net jobs have been proven false by the financial crises plaguing the decade. Likewise, assertions that the economy is bouncing back from the 2008 meltdown continue to prove false, despite new optimistic predictions made by the Congressional Budget Office.
At this moment the national debt, according to the U.S. National Debt Clock, is at $14.094 trillion and increasing by $4 billion every day. With the current ceiling on the U.S. National Debt at $14.294 trillion, there are just 49 days left until U.S. government spending hits the ceiling. Expect the noisy chorus of misinformed warnings about the consequences of such an action to rise as well.
Standard and Poor’s gave plenty of reasons for its downgrade of Japan’s credit rating yesterday such as increasing annual deficits and soaring national debt, an aging population, shrinking workforce, and a government in gridlock. With their national debt approaching $11 trillion and a gross domestic product of just under $5.5 trillion, Japan’s ratio of debt to GDP is now 200 percent, the highest of any industrialized nation in the world. And it’s going higher. As S&P noted in its announcement:
After nearly two years of investigation, reviewing millions of documents and conducting hundreds of interviews, the Financial Crisis Inquiry Commission (FCIC) released its report today, pinning the blame for the Great Recession largely on Wall Street and alleged deregulation of the financial markets in the 1990s.
One of the most-watched and highly regarded indices giving direction to the housing market is the S&P/Case-Shiller Home Price Index published every month. Its latest report, announced on Tuesday, provides the clearest evidence so far that housing prices are continuing to fall and in fact may represent a significant double-dip in the housing market into 2011.