The global economy is still in a virtual free-fall. In the United States, Americans continue to experience an extremely tough job market as they watch the price of gas fluctuate between $3.00 – $4.00 per gallon. In addition, the U.S. housing market continues to look extremely bleak as foreclosures are approaching record numbers and home construction is virtually nonexistent.
Are we, in fact, at the front door of the biggest economic collapse ever? The companies that were deemed “too big to fail” and bailed out by the U.S. government during the 2008 financial meltdown, have since made record profits at the expense of American citizens. During the 2012 Super Bowl, many of these bailed out companies were spending 3 million dollars of our money every 30 seconds on commercial ads. Most people couldn’t care less and were having a great time watching their tax dollars go down the toilet.
Meanwhile, people in the United States and other countries, where similar scenarios are currently being played out, are facing austerity measures like never before. In Greece, citizens are rioting over financial concerns while the mainstream media companies continue to provide only minimal coverage of these violent protests.
What’s your take on this developing economic time bomb? We’d like to read your comments and suggestions regarding the state of the world’s economy.