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.

1 comment:

David Aron said...

Remember: It's not our kids that will pay for this giant debt. It's us. The young, who are not tied down by property, family, or career, will simply move away.

The US Gov't needs to do the right thing: STOP spending, CUT entitlements, REDUCE taxes and regulation, RENEGOTIATE our debts with our creditors, and RETURN to constitutional government.