Tuesday, August 7, 2012

US economy experiencing second Great Depression: Analyst


Demonstrators from Occupy Chicago, the Chicago Anti-Eviction Campaign, and Communities United Against Foreclosures and Evictions protest outside the regional offices of Fannie Mae in Chicago, Illinois on July 30, 2012

Source: Press TV
http://www.presstv.ir/detail/2012/08/07/254901/us-in-second-great-depression/

A prominent economic analyst says the US is in the grips of a second Great Depression, despite the Western media claims that the country’s economy is on the road to recovery.

“The media continues to compare economic data to that seen during the first Great Depression. And they insist that the United States avoided another depression as a result of the “triumphant” actions taken by the Federal Reserve and President [Barack] Obama,” Mike Stathis wrote in an article published on Press TV’s website.

He added that the main reason behind the move is to “undermine the full severity” of the current depression, the US is grappling with, as Washington always strives to “create an atmosphere of optimism” in order to boost the confidence of American consumers.

This is while, according to Stathis, the current economic data demonstrates that the US is experiencing a second depression because the collapse of the real estate in the country is worse than what was seen during the first Great Depression of the 1930s.

Stathis further stated that, in 2009, the US state tax revenues slumped by 11.8 percent, which is the biggest decline ever and, in the same year, manufacturing activity decreased by the largest amount since 1946 when such statistics were first published.

He went on to say that, in 2008, the US consumer confidence fell to a 40-year low, which is another ominous sign of depression.

“Instead of tearing this dictatorship down, Americans naively line up to vote each year, thinking things will change,” Stathis added.

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