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The Real Crash: America's Coming Bankruptcy---How to Save Yourself and Your Country

3.95 of 5 stars 3.95  ·  rating details  ·  130 ratings  ·  2 reviews
ebook, 464 pages
Published April 8th 2014 by St. Martin's Press (first published May 22nd 2012)
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Schiff argues that America is enjoying a government-inflated bubble, one that will eventually burst with disastrous consequences for the economy.

In his view, the disease in the economy is debt-financed consumption, and the cure will require a recession. The medicine – Americans consuming less and saving more while companies invest for the long term and the government tightens its belt – was deemed too bitter a pill to swallow by the Bush and Obama administrations. Instead, they fed the economy b
Michael Scott
Every American needs to read this book. Few will though as it is chalk full of predictions about our economy that few will want to hear.
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“Let me illustrate what I mean by “the opportunity costs of working.” I was recently in the market for domestic help, and a young woman I wanted to hire as a housekeeper refused the job because I wouldn’t pay her under the table. No, she wasn’t an illegal alien—she just wanted me to treat her as one. The reason she made this unusual demand was that if she had income to report, she would suddenly have to start making student loan payments and paying taxes. To work for me would have cost her hundreds of dollars every month, creating a big enough hit to her bottom line that it wasn’t worth working anymore. (Perhaps she wasn’t savvy enough to apply for all of the available government programs, but she could have just as well pointed out that my hiring her would have cost her thousands annually in food stamps and other welfare payments.) Just imagine—there are so many unemployed people today, and yet government is making it too expensive for anyone to come and clean your floors for a fair wage. (By the way, the job I offered paid close to $40,000 per year.) Here was someone who admitted that reality quite bluntly—and I still regret the fact that I couldn’t hire her legally.” 1 likes
“For those still looking for a real-world example of how a minimum wage destroys jobs, there is no better example than American Samoa. In 2007 the U.S. Congress applied the federal minimum wage to Samoa, a U.S. territory. The increases walloped the Samoan economy, with the unemployed rate soaring to 30 percent and inflation hitting double digits. Its largest employer, Chicken of the Sea, shut down its Samoan canning operation completely in 2009, laying off 2,041 employees. The island’s second largest employer, StarKist, laid off 400 workers the following year with plans to lay off 400 more.” 0 likes
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