"This is only the second time since the Great Depression that unemployment is quoted in double digits, at 10.2%. By factoring-in workers who had given up job hunting altogether or have settled for part-time work, the rate would rise to 17.5%. No mention was even made of the quality of what few jobs were being created. By spending trillions of dollars of borrowed money, President Obama hopes to engineer a recovery and create jobs. However, he has only succeeded in digging America into an even deeper hole than the one he inherited from his predecessor.
The President believes that if we can simply push up spending to levels seen during the good times, then those favorable economic conditions will return. The reality, of course, was that those good years came with a heavy price-tag that we have barely begun to pay."
In Business Intelligence Middle East
Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.