Big Ben Supports Keeping The Bush Tax Cuts!

Well, the DOW shot up 200 points yesterday just after Ben Bernake stated he supported keeping the Bush tax cuts. Now, will the White House and CONgress listen? That will be the question.

 Bernanke Urges Congress to Renew Bush Tax Cuts

“In the short term I would believe that we ought to maintain a reasonable degree of fiscal support, stimulus for the economy,” Bernanke told the House Financial Services Committee. “There are many ways to do that. This is one way.”

Bernanke's statement put him directly at odds with White House officials and House Speaker Nancy Pelosi, who favor raising taxes on wealthy Americans by letting the tax cuts the Bush administration passed in 2001 and 2003 expire.

The Labor Department reported a spike in claims for state unemployment benefits Thursday, to more than 464,000 last week. In what may have been the understatement of the day, Bernanke's colleague, New York Fed President William Dudley, told the panel that the “road to recovery is turning out to be a bit bumpy.”

A bit bumpy is an understatement! New estimates from the White House on Friday predict the budget deficit will reach a record $1.47 trillion this year. The government is borrowing 41 cents of every dollar it spends. 

New Jobless Claims Jump by 37,000 After Hitting 2-Year Low.

Things are getting so bad in Newark that the mayor has ordered the government to stop buying toilet paper. They may need to layoff as many as 350 police and firefighters as well.

Don't let the MSM lull you into believing that the economy is "recovering". If those articles don't show you we are still in a downturn, let me know and I'll show you more truths. I've said it before that we cannot keep up this spending and running deficits like we have so far. A business could never stay in business operating like this. How long can a government...oh, I guess we could ask Greece, Spain, Ireland, and Portugal. I don't think this will end very well for anyone, rich or poor. Taxes ARE going up and probably sooner than later. If queen Pelosi had it her way it will start in January 2011.

All I can say is be prepared.