Thursday, August 25, 2011

CBO Forecasts High Unemployment Until 2014 Or Longer. What Will A Double Dip Recession Mean To The Rest Of Us.

New U.S. claims for unemployment benefits rose more than expected last week, a government report showed on Thursday.Initial claims for state unemployment benefits rose 5,000 to 417,000, the Labor Department said.

The Congressional Budget Office released it's annual summer update of the budget and economic outlook on Wednesday and according to the CBO's projection, the national unemployment rate "will remain above 8 percent until 2014."
We know the Democrats and Obama blame everyone and everything under the Sun for this economy. That is Democratic leadership for ya.

All things are pointing to a double dip recession. You may be wondering what that means to you and the future of our economy. First off our debt will grow even faster then it is now, leaving those 53% of Americans that pay federal income taxes on the hook to have their taxes raised.

We will be even closer to an even bigger downgrade from our AA rating.

There will be even less money for States to balanced their budgets. We all know that the unions will be mighty pissed when they have to give even more up. They can't blame anyone but themselves for voting in Democrats that have controlled our country for the last 5 years. But we all know they wont blame themselves for anything.

Fewer people will be working and this will put more economic strain on both States and Federal governments.

As if the Democratic Party hasn't done enough already they will play their two notes, raise taxes on those that pay taxes and spend even more money. In other words punish those that are working and add to our debt.

Soon we will see cities and States going bankrupt. The public union retirees will be out of a pension. They will blame the Republicans rather then blame the Democrats for promising something we could afford. But that is just what children do.

It's no wonder that Democrats are on a rampage against Republicans. They can't run on their performance now can they? Things are bad and they are only going to get worse. The cost of food is still going up. And so is our health care premiums. Our houses are still going down and everything that was too big to fail is still too big to fail.

The solar cell companies that Obama touted as successful are going bankrupt. Obama has made our electricity prices go up by closing coal production mines in Michigan.

We have only just started to see the bad times.