The coming 'fiscal cliff,' by itself, is enough to bring the American economy to its knees. There is considerable evidence that the process is underway. The American economy shows virtually no economic growth at all and employment gains are miniscule.
"If you've got a business, you didn't build that...somebody else made that happen." Now who would you think would say that? Try the President of the United States! Obama made that statement yesterday. That pretty much sums up his attitude and understanding of free enterprise and explains the underlying rationale for his economic policies.
Obama's hatred of capitalism and free enterprise is apparently boundless. His policies, his rhetoric, and his body language exhibit this hatred every day.
Meanwhile the media is focused on non-issues that underscore the media's contempt for capitalism. The "libor scandal" is a joke, based upon a confusion. Unfortunately, the joke is on the economy as banks continue to spend more time with their lawyers than with their customers. Meanwhile, the media has decided that the presidential election should be a referendum on whether or not private equity is an ethically-based business. Who cares about unemployment and economic collapse, when we can focus on how terrible it is that there are rich people out there?
All of this means there is no economic growth in our future and the economy is likely headed for a generation of economic stagnation with the ultimate destination something like the morass that is modern day Europe.