It may not seem like it if you have a well-paying job which covers most of your Obamacare costs and that enables you make your mortgage payment, pay the leases on your cars and enjoy discretionary spending, but for the 76% of the country that lives paycheck to paycheck the economy never really recovered from the Great Financial Collapse and is getting worse by the day.
It appears that the US economy is headed straight into a DEEP RECESSION.
By PM Fund Manager Dave Kranzler, Investment Research Dynamics:
I predicted late last year that the first quarter GDP might register an economic contraction. You would know it from watching just the stock market, but the first revised estimate of Q1 GDP showed a 1% decline occurred.
I wrote an article for Seeking Alpha explaining how the trend in retail sales and home sales – two key variables to the economy – are showing the strong possibility of an even bigger contraction in Q2. You can read the full article here: Negative Q1 GDP, Q2 Worse?
By the way, the bond market – which usually “sniffs” out trouble before the stock market sees it – is telling us that my analysis is likely on the right track. By the way, Obama’s war-mongering in the eastern hemisphere plus Obamacare spending saved the economy from going even more negative in Q1 (in case you wondering why Obama seems anxious to start wars with everyone)…
One more point, before you fall for the highly-spun propaganda that the Obama Government has narrowed the spending deficit, you should know that funded Treasury debt – i.e. the amount of new Treasury debt issued and the money spent – was $250 billion in Q1 – or $1 trillion annualized. Debt is only issued to cover deficit spending…