Monday, October 19, 2009

Like A Chapter Out of Atlas Shrugged

More unfortunate economic news...

Railroad Carloadings down 17.2% - with a cumulative annual decline of 18.1%

Steel production is down
Shipping is down
Capital equipment sales to steel/foundries is down approximately 70% from 2008.

Not only will this be a "jobless recovery" - apparently it will be "non-capital production recovery" as well....

Meanwhile... back in Washington... Barry O and his crew are planning another round of stimu.... uh "safety net legislation" - extension of unemployment bennies, extension of home buyer credits, etc. etc. - while deficit spending has already ballooned to a record $1.56 trillion budget deficit. (Our grandchildren will just love that!)

I wonder what Obama and his administration will do when there is no more wealth to redistribute.