Last week's stock market turmoil was a reminder that America continues to struggle to recover from the financial collapse of 2008-2009. Benchmarks of our economic progress, or lack of it, are over 40 million people on food stamps, unemployment rates stuck over 9%, and GDP growth slowing, as it just missed expectations of 1.3% growth. The Obama Administration's massive deficit spending has almost doubled the publicly held debt which was $5.808 trillion on 9/30/08, or 40% of GDP, to an estimated $10.672 trillion as of 9/30/11, or almost 71% of GDP. This is all just in 3 fiscal years. The road to recovery for most people looks longer than anyone expected.
But the American economy, being what it is, there are bright spots for some people. From the March 15, 2011 Wall Street Journal:
Congressional advocates of the Waxman-Markey cap-and-trade bill employed bribery to build support for this legislation when they co-opted several corporations by giving them free carbon dioxide emission credits. However, many businesses are still balking at lending support to a bill that will impose a crushing energy tax on the American people and cost the economy trillions of dollars. Since bribery didn't work with these recalcitrant companies, Waxman-Markey supporters are trying intimidation.
