This is bad news.
The Federal Reserve Bank of Philadelphia Survey fell from +3.2 to -30.7. A reading that low has always signaled that a recession is coming in the near future.
The University of Michigan Consumer Sentiment plunged to 54.9. Again, a reading that low has always signaled that a recession is coming in the near future.
The Institute for Supply Management (ISM) surveys indicate contraction. That signals a recession is coming in the near future.
The stock market is taking a pounding.
The evidence points to another US recessionary hit. Its going to get worse.
Is government the answer?
This recession is homegrown. When I talk to people about this, they say the world is going through hard times, so the US will too. This view forgets the US is still the dominant world economy. When the US catches cold, the rest of the world gets pneumonia. It started here.
Aggravating the world's economic problems is the unresponsive Obama administration. Obama offered fertilizer in his recent Bus Tour campaign speeches -- he offered the same ideas which got us into this in the first place.
The downturn is being fueled by Obama's "Stimulus" package, enacted nearly three years ago. For example, in Washington State, the "Stimulus" gave the Gregoire government $2 billion to dig a tunnel under Seattle. Gregoire had to match the federal funds with a $4 billion increase in taxation. The tax increase is slowing the state economy in awful ways.
The solution still is human freedom
The US must return to a free society and free economy -- Freedom is always a good thing. That will cause the world economy storm to subside and everyone everywhere will be better off.