Thursday, May 27, 2010

U.S. Economy Stalls Again

U.S. President Barack Obama

Based on released reports, the U.S. economy has stalled again, as consumer spending is down and unemployment continues at a rampant rate. Economists estimate, if the economy adds roughly 500,000 jobs per month, it will still take 5-years to lower the unemployment rate to 5%, indicating the damage is that extensive.

Much of the damage was done during the Bush years and to save face, fake financial data was released to cover what was truly transpiring, with the corrected figures released this year.

However, President Obama has squandered opportunities to add the maximum number of jobs possible, due to poor oversight of where stimulus funds landed.

Some of the money was wasted via overpaying for job positions, decreasing the number of people that could have been hired with the stimulus funds available. In other instances, the funds were flat-out stolen or misappropriated.

This is not Monopoly. The President cannot rely on consistently printing up more money in a bid to solve the nation's financial ills, as it is damaging America's international credit rating, drastically increasing the deficit and damaging the U.S. dollar. That money is not free. It is coming at a price. The massive government spending is not working.