All civilization has from time to time become a thin crust over a volcano of revolution.

- Havelock Ellis

It's The Economy, Stupid!

As foreclosures rise nearly 50% in May, you can be assured that the economy will be the central focus of the 2008 election. The problem: government is not the solution yet we turn to politicians for answers.

In case you are one of the many who continue to suggest our economic troubles are a small bump in the road, you may want to read the Newsweek article, Why It’s Worse Than You Think

An excerpt:
But this downturn is likely to last longer than the eight-month-long recession of 2001. While the U.S. financial system processes popped stock bubbles quickly, it has always taken longer to hack through the overhang of bad debt. The head winds that drove the economy into this dead calm— a housing and credit crisis, and rising energy and food prices—have strengthened rather than let up in recent months. To aggravate matters, the twin crises that dominate the financial news—a credit crunch and the global commodity boom—are blunting the stimulus efforts. As a result, the consumer-driven economy may not bounce back as rapidly as it did in the fraught months after 9/11. [Read]

posted at 11:09:07 on 06/16/08 by clearpolitics - Category: Economics - [Permalink]

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