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Wednesday 29 May 2013

So is the US Economy in a depression or on the way to a recovery? By Ziad K Abdelnour

The Gallup survey of 1,013 U.S. adults found that only 27 percent said the economy is growing, 29 percent said the economy is in a depression and 26 percent said it is in a recession, with another 16 percent saying it is "slowing down".
That means that more Americans think the country is in a Depression, let alone recession, than growing.
How can so many Americans believe that we're in a depression, when the stock market and commodity prices have been booming?
Well, it seems that instead of directly helping the American people, the government threw trillions of dollars at both the giant and foreign banks (including believe it or not the Bank of Libya). The big banks have - in turn - used a lot of that money to speculate in commodities, including food and other items which are now driving up the price of consumer necessities as well as stocks. Instead of using the money to hire Americans, they're hiring abroad and getting tax refunds from the government…more


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