U.S. President Barack Obama
The U.S. economy continues to lose homes and jobs at a rapid, record rate, indicating the current government intervention is not working.
Stimulus money will not solve the nation's ills.
It is the equivalent of giving medicine to an economic condition that ends up making it worse. The stock market is also being spurred on by ridiculously low Fed rates and artificially inflated government reports, propped up by stimulus money, whose effect is already in rapid decline.
Additional fiscal steps being taken are not going to work either. Houses of government and leadership need to be wary of following this model.
A sizable reduction of government spending and tax increases on the nation's most wealthy is the appropriate course of action, while giving lower and middle income families a chance to get back on their feet, as they constitute the backbone of the economy and it is the humane thing to do.
What is a matter of concern is the fact, Washington sees that the stimulus' effect has worn off and pushed things even further into negative financial territory, but all they can talk about is spending more money.
In days to come, you shall remember these days and regret them, as the time you spent the nation even further into a colossal financial hole that is not easily filled in or fixed. Desist with the unruly spending of taxpayer money and take a sensible, sound approach to the financial crisis.
