Thanks to what Treasury Secretary Timothy Geithner called the failure of America’s financial system, by the start of 2010 more than $5 trillion of household wealth had evaporated. About one in every eight mortgages was in default or foreclosure. It is predicted that there will be ten million foreclosures on homes through 2012. One in every eight adults and one in four children now subsist on government food stamps. All of these problems were exacerbated by high rates of unemployment. According to an Associated Press report, one in every five Americans is unemployed or underemployed, with the number expected to rise in 2010, causing the second-highest unemployment figure since World War II. Dissension and dissatisfaction are widespread, and they’re linked to the poor economy. If the economy were the hands of a zombie, those hands would be bound by debt. Charles K. Rowley is a professor of economics at George Mason University and general director of the Locke Institute in Fairfax, Virginia.
What do You think about The Trillion-Dollar Conspiracy?
