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US economy deep into depression – GDP loss in 2009 can be in excess of 10%
No one ever could imagine how the Titanic would sink. No one ever thought how the mighty Roman Empire would crumble in less than three hundred years. No one could ever imagi9ne the American financial system would meltdown in less than six months.
US economy is in deep into depression, accelerating fast downwards. The American GDP loss in 2009 can be in excess of 10%.. In the middle of that inefficient and incapable Government officials at the Federal, State, and local levels are making policy blunders shutting doors of reversals and recoveries.
The Right blames the Left and the Left blames the Right. While it is true that Bush-Cheney policies did deliver the final deathblow to the US economy, major fault lies with the Bill Clinton, Bush Senior, and Ronald Regan. The spending spree started in 1982. The country has gone down in debt and slowly and steadily the US economy has gone from bad to worse.
The entrepreneurs have lost all hopes. The small businesses have collapsed. The Government employees are enjoying afternoon siesta without knowing their days are numbered too as foreigners have started laughing at “American financial stupidity’ and are far less eager to fund America than before.
Still there are people who are ‘enjoying’ their easy going life as economy further collapses into doldrums.
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