More bad news for the housing market as mortgage delinquencies and foreclosures surge to record levels of close to 15%. This means that just about one out of every six home owners in America are in serious financial distress.
Danger! Danger!
This should be a wake up call. There is not a recovery happening. Jobs are not being created in large enough numbers to bring down unemployment and many people can no longer afford their homes.
The notion of solving a debt crisis with more debt will not work. Giving the majority of the support to the bankers and big businesses in the form of corporate welfare is causing more problems than it is fixing.
Reflation nation
With all of the bailout money that’s been spent so far, what do we have to show for it? A stock market rally alone does not signify a healthy economy.
It’s time to start looking beneath the surface here, because it’s apparent that the only groups that are benefiting from the government’s bailouts and stimulus are the very wealthy. Meanwhile the middle class and working class are getting eviscerated by this economic crisis.
The answer
Small businesses, the most significant generator of jobs and the true engine of American growth, are largely being ignored by the government programs and tax breaks.
The only way to get back to prosperity is to engender an environment that allows entrepreneurs to start companies that create jobs and real wealth. It’s time that America goes back to its roots!
