The world’s economy is in peril, and it doesn’t look like Singapore will be spared.
The government knows it, saying we have to be prepared for slow growth and periods of recession in the advanced economies in the next three to four years. Ministers telling us to save money for a rainy day, a lowered economic projection, all of this happening recently.
And it looks like even the average person on the street is sensing danger. A recent survey by Nielsen showed lower confidence in the economy, with almost half of Singaporeans (46%) say their personal finances in the next 12 months would be “not so good or bad”.
You may believe the government is prepared with strong financial policies and ample reserves, and that’s true. But with many countries around the world in trouble, there’s not much a small nation like ours can do to shield ourselves from the effects of an impending global collapse.
The question for us is,“If the threat of collapse is real, what’s the worst that can happen?”
AUSTRALIA’S economic prospects have been downgraded by the International Monetary Fund, as it warned the world economy risked plunging into recession unless European and American leaders acted swiftly to address their countries’ debt woes.
With growth slowing around the world, the fund yesterday said the risk of another global crisis had grown significantly in recent months.
The fund’s forecasts for world economic growth were cut for the second time this year, to 3.3 per cent for 2012 and 3.6 per cent for 2013.
‘Global markets will implode.’
Unemployment situation best for college grads, whites, men, and older workers
WASHINGTON, D.C. — U.S. unemployment, as measured by Gallup without seasonal adjustment, was 7.8% for the month of November, up significantly from 7.0% for October. Gallup’s seasonally adjusted unemployment rate is 8.3%, nearly a one-point increase over October’s rate.
by Michael Snyder
There was a time in America when virtually anyone that wanted a job could go out and get one, and the United States boasted the largest and most prosperous middle class in the history of the world. Sadly, those days are long gone. Back in 1969, 95 percent of all men between the ages of 25 and 54 had a job. But now there are millions of Americans in their prime working years that cannot find a job. Millions of others are working low-wage jobs or part-time jobs because that is all they can get.
The other day I went to a large retail store and I got into a conversation with the lady who was checking me out. She said that she had worked professional jobs all her life, and that she had taken this job to tide her over as she searched for a new job, but now she had been there for two years with no end in sight. I felt really bad for her, because she was obviously a sharp lady with a lot of skills. But this is the new reality. Good paying manufacturing and professional jobs are being replaced by low-paying service jobs. We are transitioning from an economy with plenty of good jobs to an economy with plenty of bad jobs. The next stage in our transition will be to an economy where it seems like there are no jobs for anyone. We are witnessing the tragic downfall of the American worker, and it is heartbreaking….
Timothy Geithner said on Wednesday that the administration believes budget deficits are so large that they cannot be closed without boosting tax rates on the highest-earning two per cent of Americans. Most Republicans oppose higher rates for any taxpayers.
Any civilization that taxes it’s people more than 50% has always fallen.
Pastor Lindsey Williams & Robert Litan & Grover Norquist: Obama To Tax Middle Class Into Oblivion! It’ll Take $9 Trillion In Cuts To Fix U.S. Debt. IT IS COMING – ‘$3 TRILLION TAX INCREASE ON MIDDLE CLASS’.