What economic recovery?

. Saturday, July 17


On the Senate’s table is a bill to create a $30 billion fund to boost lending, distributed to community banks as incentives to extend loans to small businesses that create two out of every three jobs. On that same table is another issue already blocked from a “yea or nay” vote by a Republican filibuster three times is the bill to restore unemployment extensions to the 2.1 million people who have exhausted their regular benefits claim but have yet to find work.

“The fact is, most economists agree that extending unemployment insurance is one of the single most cost-effective ways to help jumpstart the economy," he said. "It puts money into the pockets of folks who not only need it most, but who also are most likely to spend it quickly.  That boosts local economies.  And that means jobs,” said Obama as he railed against the country’s leadership that is holding out against continuing economic stimulus. Their argument, he said, is that it would increase the national debt with the money borrowed, yet these same leaders didn’t hesitate an instant to fork over billions to bail out the financial sector.

“I haven’t met any Americans who would rather have an unemployment check than a meaningful job that lets you provide for your family,” Obama said to those that insist unemployment insurance discourages the jobless from looking for work.

The reality is finally coming to light, and the numbers are staggering. With roughly 10 percent of the population struggling with no income and little hope of gainful employment, the future of the country itself is tottering on the brink of disaster as the economy continues its downward spiral.

In October, it will be worse as millions more exhaust their unemployment claims. Next year, it will be exponentially worse as few will have enough wages on file to even qualify for unemployment benefits.

An even harsher reality points to the possibility that both proposed legislative bills are no more than the usual band-aid on a gaping wound. That gaping wound started this whole mess to begin with, and the culprit is the financial sector itself. Banks and investment companies are back on solid ground and are staying there at the expense of everything and everyone else. The money goes it, but it never comes back out.

All it would take to bring the whole thing tumbling completely down is another spike in the pump price of gasoline. What will be left standing in the ashes of ruin will be gas and insurance companies.

Is it too late to plant a garden?