Poor and getting Poorer

It's pretty scary when a terrorist nation such as Iran is predicting our demise, not by nuclear weapons but from our currency and our policies.

 The only engine of growth in the United States is the stimulus package. The bankers have finally gotten their day. They have removed all competitors to their fiat currencies that surround the world. As the US prints more, so will other countries. Other countries are forced to devalue their currencies in order to compete with our cheap currency, goods, and services. It’s a race to the bottom, so says Hamsayeh.Net, Iran's international news on-line.

It quotes Glen Beck when he said, "The current stalled global economy is nothing short of a global depression and the sovereign debt defaults in Europe are only the first dominoes to fall and will eventually spread to Japan, China, and eventually the UK and the United States.

Many economists predict a coming depression and analysts say things will be a whole lot worse in one year's time. Today middle class Americans wonder if there is such a thing as the American Dream. They live paycheck to paycheck and are deeper in debt. Corporations continue to outsource millions of jobs and manufacturing plants and we, as a country, are drowning in debt and pumped up by printed money and loans from China.

There are more working poor today. Social scientists argue that changes in the American economy, especially the shift from a manufacturing-based to a service-based economy, have resulted in the polarization of the labor market. "This means that there are more jobs at the top and the bottom of the income spectrum, but fewer jobs in the middle," says Wikipedia. Obamas' solution?  Tax the one  percenters more.

Obama believes that increasing the welfare state generosity is the most effective way to reduce poverty and working poverty. What happens when all those dominoes start to fall?