US Recession in 2007?

Posted on CBS News' Marketwatch, and carried by both and Prison, economist and writer Nouriel Roubini of RGE Monitor is predicting that the American economy will be taking a massive hit next year. Part of the reason is "the worst housing slump in 40 years", as Roubini quoted from a CNN News headline of last week.

Roubini goes into detail on why this contraction in the housing supply will mean a recession in early 2007. Part of the reason is, as CNN noted, too many houses up for sale. Combine that with the rise in personal and corporate debt, intentional outsourcing of jobs, free trade and the crumbling of our industrial and high-tech base, and one has a recipe for disaster.

Nationally, the nation needs to restore our economy on a Distributist basis from the ground up. As far as personally what we can do to survive this projected hit, I suggest taking some tips from nationally-known financial adviser Dave Ramsey, who appears regularly on CBS morning programs. He is - alas - not a Distributist, but promotes thrift and fiscal responsibility, which falls in line with Distributist Thought.


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