The states are so broke they’re borrowing from the federal government to make burgeoning unemployment insurance benefits – prompting the federal government to borrow the funds from communist China, Jerome Corsi’s Red Alert reports.
“It is a job crisis that was created in the first place because Democratic and Republican administrations alike have sent millions of American jobs to China under the illusion ‘free-trade’ agreements would create U.S. job prosperity,” Corsi wrote.
He added, “The only possible winner is China.”
China got the jobs, which will be worth something provided the U.S. consumer has at least enough money left to buy some retail consumer goods, most likely made in China, Corsi noted.
“China also gets the loans, which may be paid off, provided the Obama administration does not run such deficits that the U.S. debt crisis begins to implode on the model of the Greek debt crisis,” Corsi wrote.
Meanwhile, many of the 10 million Americans unemployed since the recession began in 2008 are coming up against the current 99-week limit on the maximum unemployment insurance benefits they are allowed to collect.
Meanwhile, the Democratic Party-controlled Congress in Washington is debating the extension of unemployment benefits beyond the current 99-week limit as part of a much larger spending bill.
To learn more about the U.S. unemployment crisis, read Jerome Corsi’s Red Alert, the premium, online intelligence news source by the WND staff writer, columnist and author of the New York Times No. 1 best-seller, “The Obama Nation.”
Red Alert’s author, whose books “The Obama Nation” and “Unfit for Command” have topped the New York Times best-sellers list, received his Ph.D. from Harvard University in political science in 1972. For nearly 25 years, beginning in 1981, he worked with banks throughout the U.S. and around the world to develop financial services marketing companies to assist banks in establishing broker/dealers and insurance subsidiaries to provide financial planning products and services to their retail customers. In this career, Corsi developed three different third-party financial services marketing firms that reached gross sales levels of $1 billion in annuities and equal volume in mutual funds. In 1999, he began developing Internet-based financial marketing firms, also adapted to work in conjunction with banks.
In his 25-year financial services career, Corsi has been a noted financial services speaker and writer, publishing three books and numerous articles in professional financial services journals and magazines.