The real calamity is about to happen.
January 1st, the Bush tax cuts expire. Taxes are going to rise on everyone - poor, middle, and rich by 5% (so taxes on the poor will rise 33%). Additionally, Obamacare taxes kick in, which is a $2,000 penalty for every worker in America that doesn't have health care at a business w/ over 50 employees.
The CBO has already said that we're going to have a recession on par with 2008, but this one will be caused by the contraction of businesses across America because of what happens.
To that, there will not be a great recovery, because we're already at a U6 of 14.6%. We are likely to hit 20, 22% or even worse for U6.
If that happens - and I hope I am wrong - Obama is going to look like a 2-term Herbert Hoover.
Back from the dead, I'm afraid.
