The United States manufacturing sector drifted back into recession last month. “In a surprise to Wall Street, the monthly snapshot from the Institute for Supply Management fell below the 50 level that separates contracting from expanding output for the first time in three years.”
That’s the first indication that the overall US economy is heading into recession. It is a necessary step toward recession, but the other steps necessary to get into recession have not followed, at least not yet.
President Obama is loathe to look at the real reason for the weakness of the economy, which is the massive redistribution of income from the 99 to the 1 percent that the federal government has engineered at the behest of the 1 percent over the last thirty years. That has left the demand sector weak, incapable of moving forward without government help.
In other words, the economic royalists have weakened the economy so badly with their income redistribution scam that the corporate economy can no longer stand on its own.
We’re in a long-term series of fits and starts and falling that is really a slow motion collapse of the economy.
Where have you gone President Franklin Roosevelt?