NEW YORK (PNN) - August 7, 2011 - Economists are now warning that an escalation in the Second Great Depression, what many are calling the double-dip Depression, could be on its way; and it will probably be even more devastating than the previous period of economic woe.

The Standard and Poor's downgrade of the U.S.'s credit rating bodes ill for the world's financial markets as well as the domestic market.

Illegitimate President Barack Obama, once the debt deal with Congress to avoid a debt default was struck, announced a pivot to focus on jobs.

"I'll continue also to fight for what the Amerikan people care most about: new jobs, higher wages and faster economic growth," Obama said in a statement to the press after the debt deal was passed last week.

While the working age population has grown by 3% in the past four years, the economy has 5% fewer jobs - or 6.8 million less than four years ago. Official unemployment statistics stand at 9.2%, though actual unemployment is closer to 23%.