We are in trouble. Big time.

Calculated risk has it all: GM says year-to-year car sales likely down; Institute for Supply Management manufacturing index down; Private employment increased by only 38,000 in May. (With public sector employment still likely declining, probably a net decrease in employment.) Mortgate applications down; Home prices hit a new low.

And all they're talking about in DC is cutting federal spending. Oh yeah, the Democrats are going along with it; Obama is even taking credit for spending cuts. Welcome to nineteen thirty two, but Herbert Hoover is still president.

This is likely to get very, very ugly.