“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.
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.