The news is in on the crashing American financial infrastructure. The corporations, banks and the wealthy are hording billions if not trillions of dollars both in taxpayer money and investment dollars. As a result the capitalism this nation needs to survive; the buying of products does not exist. Corporations are ignoring and resisting the necessity to decrease prices in response to this decrease in demand. People do not have income that permits consumerism. Therefore money does not move through the system.
We are in for an absolute depression in the near future. It is no longer a question of double dip recession, it is the path to a depression that will lead this nation into a nation of survival through violence and illegal activity. More and more people will see their only chance for survival is criminal conduct. Theft will be the first avenue people will resort to to survive. When jobs don't pay enough to afford comfortable living, when no social programs or protections exist to help those who need it, when the social system is so over burdened that they too begin to fail, when borrowing ceases to exist and people move away from credit (which is happening more and more) and Banks refuse to extend loans and credit...the depression will follow.
Many of these dynamics already exist. Banks will not loan, credit is an evil people are realizing and they are moving away from borrowing. Incomes are stagnating, the value of money has decreased by virtue of more buys you less, taxes are eating up income, working poor are fast outpacing middle class earners, and when poor exists among people working full time jobs, it is an absolute that workers will refuse to labor just to be poor. The writing is on the wall.
By the end of 2011 the extremes will be irreparable and the depression will advance in earnest. The impacts of local Government balancing their books by stealing workers wages will resonate. Taxes will reduce incomes by 15 to 20% or more. More middle class will be swallowed up by working poor status. Many many more will reject working harder and harder for less. Businesses are not hiring anyway. If they are it is at a wage that only moves workers into the working poor status. You will never see an increase in workers holding more than two jobs to survive. In fact, people are realizing a "free time" drain, a growing loss of personal time that in time will lead people to despise the existence. They will say enough is enough.
I for one have said, I may as well retire early and take the reduced social security benefit...before they strip it away from me. I am tired and cannot give more and more to the futility of having expendable income or a comfortable life. I lost my house, my marriage could not survive the gorwing finacial burdens out side players like credit card companies and banks placed on me. My house became worthless, banks refused refinancing, and now they own my home. I lost half my income with the separation from my selfish wife. My tax burden increased significantly. There are not enough hours in the day to work the number of hours needed to meet the growing and growing living expenses. I am very, very close to saying...enough is enough. I will give up on everything and live a life of survival through other means.
