Americans from coast-to-coast are doing with less. Somewhere upwards of 1 person in 10 are unemployed. Many others are underemployed as their shifts have been cut or work orders are down.
We know that real estate sales are being made, but people are carefully weighing their options.
We endured a long round of short sales and foreclosures (that isn't over yet) and stand at the door of the same thing happening in the commercial market.
Then, we have the big spenders - Congress and the President. It's clear they don't get it.
They want to force through a health care bill that the majority or Americans don't want. One proposal for paying for this enormous package is by taking a half-trillion dollars from the Medicare account. To placate seniors who don't like this - and as partial payback for having their 3% cost-of-living adjustment cancelled his year, Obama wants to dole out some $13 billion in the form of a $250 one-time check to over 50,000 seniors. By the way, this will be financed by raising the threshold on incomes subject to the social security tax.
Speaking of medicare and health care, now the Congress wants to fork over $25 billion to doctors to help make up for the reduced Medicare payments they will be getting as part of the health care bill.
There is also talk of more stimulus plans.
Remember when the President - as candidate - promised that there would be no more earmarks? That never had a chance. File that with the 72-hour internet review of proposed legislation and the no tax increase on the middle class.
Just lock up the federal checkbook, charge cards, and line of credit. No more until we say otherwise.
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