A recent report indicated U.S. President Barack Obama is engaging in deceptive conduct to hide the bad economic numbers in America. Obama has stated he fixed the U.S. economy, but according to experts he has not and serious financial problems still linger damaging any potential recovery.
The fact of the matter is austerity is the only thing that is proven to work in correcting any nation's financial problems. The "you have to spend money to make money" philosophy espoused by Hollywood and Obama does not work. It only creates more debt. And for 7-years Obama has been spending money to great degrees, sending the national debt to record heights.
Obama’s contracting economy
Thursday, June 25, 2015 - You’d think it would be big news when the economy is shrinking, demand for durable, big-ticket manufactured goods is plunging and wages are virtually flat. But here in the corridors of power of the nation’s capital it’s being shrugged off as yesterday’s old complaints. The liberal network news shows are ignoring it altogether. And President Obama, well, he’s focusing on climate change and other issues that don’t even make the top 10 list of the voters’ chief concerns.
This week, Mr. Obama’s Commerce Department issued its second estimate of how the economy performed in the first three months of this year, announcing again that it had not just stopped growing, but was declining. After tinkering with its numbers with what they said was fresh economic data, the government changed its original assessment of the nation’s gross domestic product (GDP) — the broadest measure of our economy.
The economy did a little better than its first calculation of minus 0.7 percent. Instead, it had only shrunk by minus 0.2 percent. Why? People were spending less. Exports were down. Businesses were reluctant to invest in expansion. Retail sales were lackluster. The U.S. economy wasn’t just anemic, it was contracting. Did you see any comprehensive reports about this on Scott Pelley’s CBS News broadcast? Or NBC? Or ABC? I didn’t think so...