U.S. President Barack Obama (right)
The wild and reckless spending spree the U.S. government embarked on is not adding up, as the unemployment rate is still skyrocketing and recent reports indicate America is in danger of an additional recession, while the current recession-turned-depression is still going on.
Too much wasteful spending and not enough taxation is a significant part of the problem. If wealthy Americans do not chip in more tax-wise, things will collapse to greater degrees. Spending is still quite unruly as well, with squandered opportunities to create lasting employment hampering national progress.
U.S. Chamber warns of 'double-dip' recession because of Dem policies
01/12/10 09:44 AM ET - U.S. Chamber of Commerce President Tom Donohue warned the U.S. faces a double-dip recession because of the taxes and regulations under consideration by the Democratic Congress and President Barack Obama.
“Congress, the administration and states must recognize that our weak economy simply could not sustain all the new taxes, regulations and mandates now under consideration. It’s a sure-fire recipe for a double-dip recession, or worse,” Donohue said in a speech providing the Chamber's outlook for 2010...
America slides deeper into depression as Wall Street revels
December was the worst month for US unemployment since the Great Recession began.
Published: 6:35PM GMT 10 Jan 2010 - History repeating itself? President Obama has been accused by some economists of making the same mistakes policymakers in the US made in the Great Depression, which followed the Wall Street crash of 1929.
The labour force contracted by 661,000. This did not show up in the headline jobless rate because so many Americans dropped out of the system. The broad U6 category of unemployment rose to 17.3pc. That is the one that matters...
Realtytrac says defaults and repossessions have been running at over 300,000 a month since February. One million American families lost their homes in the fourth quarter. Moody's Economy.com expects another 2.4m homes to go this year. Taken together, this looks awfully like Steinbeck's Grapes of Wrath...
