Industrial Foreclosure
Can US be able to maintain the title of “world’s strongest economy” with such high unemployment?
With unemployment at almost 11% and record foreclosures and consumer chapter 7 bankruptcies it is hard to believe US will remain world’s strongest economy for much longer.
For example, Japan has unemployment of about 5% (roughly half of US) despite experiencing the same recession. And there are many more industrial countries, with much less unemployment rate than US.
It appears that sometime in the long run, japanese economy can surpass US economy as well as the Chinese economy and EU economy can surpass US economy too. Is the US government really sure when it says, “recovery is taking place”
With such huge deficits, and sky high national debt it appears US economy is collapsing like pack of cards. Everyone in US has debt up to their eyeballs. Most people are living on borrowed money — credit cards especially. And then with 30% APR and more to see. Overdraft fee alone is worth $36 billion an year for banks.
We lost that title to India years ago and China took it from India 2 years ago.
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The Global Financial Crisis: Analysis and Policy Implications – CRS Report $0.99 The world appears to be recovering from the global recession that has caused widespread business contraction, increases in unemployment, and shrinking government revenues. Although the industrialized economies have stopped contracting, for many, unemployment is still rising. The United States likely hit bottom in June 2009, but numerous small banks and households still face huge problems in restor… |
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Downstream competition, foreclosure and vertical integration (Discussion paper series / Centre for Economic Policy Research. Industrial organization) … |
