George Soros: The United States is already in a double dip recession

[Cali_Democrat]

With the Republicans being adamantly opposed to any additional stimulus, it looks like the economy with be in the gutter until the 2012 elections. This is what the GOP wanted and this is what they're getting.

George Soros, Billionaire Investor, Says U.S. Already In Recession
First Posted: 9/22/11 12:58 PM ET Updated: 9/22/11 12:58 PM ET

<snip>

George Soros, famed investor, told CNBC Wednesday that rather than the U.S. slipping into recession sometime in the future, "I think we are in it already."

Soros, who was on Wednesday named the seventh-richest man in the world, said a main question right now is "whether the rich ought to pay taxes to create jobs or not," lamenting America's failure to enact legislation that "would have balanced the budget over the long term, but would have allowed short-term fiscal stimulus," he told CNBC.

Soros is only the latest public figure to weigh in on the possibility of a double dip. Micheal Spence and Paul Krugman said there was a 50 percent chance of another recession, while World Bank president Robert Zoellick remained optimistic that despite slow growth, an all-out recession would be avoided.

To almost everyone in America, though, a recession is possible, if not inevitable. Indeed, only 9 percent say they are confident a recession will be avoided, according to a recent poll by Bloomberg. Eight in 10 Americans say the country is in a recession already.

Read more with video: http://www.huffingtonpost.com/2011/09/22/george-soros-billionaire-investor-already-recession_n_975864.html

Also, spending cuts should be avoided like the plague right now. The evidence showing how spending cuts slow economic growth is clear. What's needed is fiscal stimulus, not spending cuts. The problem is that the GOP won't play ball.

[valerief]

1. As long as it gets rethugs elected and rich people get richer, that's all that matters.

That's the only thing that matters in the world. Nothing else does. Look around. How else can you explain the poverty, misery, and disparity in the world?

[Turbineguy]

2. He said that it's up to the voters in 2012

to fix the problem.

Today somebody on CNBC remarked that we don't have until 2013 to start fixing things.

What it comes down to is how self-destructive Fox news can make people, since by election time we will be in a full blown depression if this continues.

[Mr Deltoid]

3. Oh this crap wont end until there are fundamental changes done

Like ending the Bush tax cuts

[OHdem10]

4. Roubini also said we are in the double -dip, just the degree.