No end in sight for the U.S. downturn
There is no end in sight for the U.S. downturn. According to experts, there is a decline in sales across the board. Electronics, furniture and computers are getting less purchase- sales from computers stores are down five percent. In less than a year, gas prices rose 22 percent and so too the prices of many other products.
With bare necessities consuming a lot more of the American household budget, Americans are buying less. Sales are declining, demand for services waning, and it looks like the beginning of a widespread foreclosure on homes. The outlook is negative for Americans and the world.
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The Reverend Jesse Jackson, Sr. criticized the Bush Administration for inadequate measures regarding home foreclosures. Bush’s Project Lifeline provides a 30 day moratorium on foreclosures, but the Rainblow PUSH coalition explains that 90 days is better advised.
“People loosing homes will become people who loose jobs,” explains a concerned Chicago-land homeowner. “As unemployment rises, sales will decline further and faster. The Administration needs to be strategic in preventing a tragedy that will impact on the global economy. Bank writedowns are nothing in comparison.”
Got gold? Find out why you should have a little gold during a recession. See the video below:
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