About 4 months ago I ran a story on the emerging tent cities, or Hoovervilles, that are popping up all over the country. The Corporate-owned media took very little notice, perhaps, trying not to make a fuss on the eve of the Christmas shopping season.
NPR today released a story on these new tent cities, on one large one in particular located in Sacramento just off the American River. They did a heart-wrenching column and a photo essay that really drives home the point of where the U.S. Economy stands.
There is little good news these days on the economic front. Unemployment is at the highest levels since the early ‘80s and the downward spiral is only just beginning. Many of those who have jobs are taking pay-cuts. Dubbed “the walking wounded†they are spending less and clinging to their homes while they watch their neighbors abandon the American Dream. Wall Street is closing below 7,000 which is 50% lower than the record highs of 14,000 posted just a year and half ago. Corporate America is begging for billions from the Federal Government, blowing it on bonuses for themselves, while complaining frantically about bailing out home owners. Bankruptcies are high and spending is low which is causing a domino effect that has yet to stop.
The news from around the globe as well is the same or worse. Places like Europe are feeling the pinch hard while Russia and the Ukraine are watching their economies collapse. Even China is falling fast, with exports way down as the predictably over-heated economy begins to cool down at a frightening rate.
Where will it all end? Who knows? The best and brightest minds don’t have a clue. Only thing we know for sure is that things are in decline.
Bad economic times bring instability as well. The potential for greater war is beginning to be a possibility. I mean we are already fighting 2 small wars, one isn’t doing so well. Russia is beginning to get aggressive and we have military bases all along their perimeter which is a virtual trip-wire for war. Many leaders use war as a distraction to rally nationalist feelings and expand authority. I mean, seriously, we really don’t know how bad things may get!
You may say this is a slippery slope argument, though I heard the same thing when myself, among many other ignored voices, cautioned of a possible Depression as early as the summer/fall of ’07.
On the other hand, things can turn around. I do feel encouraged by having Obama up there calling the shots. Right now we can use all the hope we can get!