Fox News reports that Sen. Tom Coburn says the U.S. could face 18 percent unemployment and a massive contraction in its economy that would destroy the middle class if it does not get its fiscal house in order — warning U.S must contract spending to avoid 'apocalyptic pain.'It is this writers opinion, based on observation, the unemployment rate in the United States is already grossly under reported. If the number being reported, by the current standard, rises to 18 percent, the real number is likely to be some place north of 30 percent.
The middle class has already suffered from the intense barrage of crazy political decisions over the past few years, as the super wealthy, multi-billionaires, have pulled there job producing money out of the U.S. Economy in buckets. India and China have tax friendly policies and unprecedented growth.
How can anyone blame them for pulling out?
P.V. Street
What do you think?
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