Letters to the Editor

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ECONOMY: This is progress?

Letter by Larry Killion, Tacoma on June 6, 2011 at 11:21 am | 110 Comments »
June 6, 2011 11:21 am

U.S. stocks fell last week, sending the Dow Jones Industrial Average to its longest streak of losses since 2004, but there is more bad news.

The U.S. housing market passed a grim milestone in the first quarter of this year, posting a fall in house prices greater than that during the Great Depression. Barack  Obama’s recent comments make no mention of the disappointing jobs report or the fact that the unemployment rate ticked upward, and 39 percent more Americans are on food stamps since Obama took office.

China has dropped 97 percent of its holdings in U.S. Treasury bills sold to fund the nation’s debt. So how will we finance this $15 trillion federal debt now? Print more devalued money? Seriously, won’t that make things worse?

In a recent CNBC poll, 61 percent of Americans said they don’t expect to return to their respective pre-recession lifestyles until the spring of 2014, if ever. What do you think these things mean? Are we starting to wake up to the fact that our progressive politics is actually taking us backwards?

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