Housing and construction are still very weak. A new wave of home foreclosures could drive down real estate values and household wealth.
Oil and gasoline prices are rising rapidly and could reignite inflation.
Major states are nearly insolvent and will be looking to raise taxes on consumers and businesses.
We face a long list of known and unknown geopolitical and national security threats that could change our economic prospects overnight.
Uncertainty among companies, lenders, and investors still abounds.
When it comes to jobs, we have a steep hill to climb.
The conventional wisdom says that no effort to address deficits will be considered until after the 2012 elections. But we can’t wait that long. Our current fiscal path leads to only one destination—insolvency.
We’ll also make the case for entitlement reform because any plan that fails to tackle these runaway programs is doomed to fail.
American children are trapped in failing schools and a third of them don’t even get a high school diploma? This is a moral outrage and a ticking social time bomb.
Who said these words? None other than the head of the U.S. Chamber of Commerce, Thomas Donohue. I think he sums things up pretty well. I read this stuff from the boss at the CoC and get a bit nervous. If a blogger like me posts scary words like this it’s one thing, but this is the CoC!
The funny thing about this? Read Tom’s speech, then look at the WSJ headline.
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