Confidence among US consumers has fallen to a 16-year low, as fears grow about a recession and job cuts, a closely-watched survey has found.
The University of Michigan index of consumer sentiment fell to 69.6 in February, from 78.4 in January.
The report said the index had only been this low during past recessions.
Its findings come a day after Federal Reserve chairman Ben Bernanke warned that the outlook for the US economy in 2008 is deteriorating.
Source
The so-called 'service economy' is a farce. The USA is shipping both jobs and money overseas in record amounts, and selling the whole charade as good for America. It's not good. Correction. It's not good for the majority of people in the USA. It is, however, good for those people who own businesses (stock holders) that profit from lower wages found overseas.
The free-trade plan these globalists have in mind will have a leveling effect on wages and skills across the world. Citizens in countries where there are many skilled workers will find themselves chasing lower and lower wages, or risk seeing their jobs sent overseas. And citizens in countries where there are many unskilled workers will find themselves with record employment levels, albeit at slave-like wages. Given enough time, such a system, if allowed to play out completely, will create balance -- great if you're currently on the low end of the scale, in say Africa or so. But not so great if you're in the majority of Western countries and watching your wages drop and jobs sent away.
Notice how Hillary Clinton loves to take credit for the successes of her husbands Presidency? Well, when was the last time you heard Hillary talk about how great NAFTA has been for the USA?
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