The Truth About the US Economy July 2010
By Wes Fessler |
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July 14, 2010 |
Discontent of the people has been a vexation for recent American Presidents in the passing of time, as promises have been unfulfilled. The speeches and energy of campaign trail enthusiasm have lost their intrigue, as reality has failed to impress the masses to the capacity of their early expectations.
After a year and a half, President Barack Obama has proven unable to buck this trend despite the sensational allure of his image during the campaign that led to his Presidency. America invested in a newer and brighter light bulb, and they expected it to shine more brilliantly than any before; but once they switched it on, it proved to offer no noticeably brighter outlook than those that came before.
Vindication and Disappointment
With a line drawn clearly between parties, and with people standing at odds on both sides, there is both a sense of vindication and disappointment among the masses. The new light failed to shine brightly enough to bring the collective together, or to penetrate the shroud of economic gloom that hovers ominously over America. While animosity continues to pervade the political veins of America, there is little cause for celebration, as financial conditions fail to significantly improve. The people who had hoped that their President would unite the country in a turn from conditions of the past are beginning to see, with increasing dissatisfaction that he has instead turned to partisan tactics to coerce, rather than cooperate on the objectives of his agenda.
No Laughing Matter
While some laugh and celebrate at the President’s lack of progress, they fail to see the larger picture. What happens at the top affects those at the bottom. It is no laughing matter to see Presidents fail, especially in times when the country is in need of greater cooperation and financial relief. Unfortunately, however, the President has not been able convince the masses that his leadership is moving the country in the right direction. In a recent Washington Post and ABC News poll, it was shown that 54 percent of Americans disapprove of Obama’s handling of the economy, while only 43 percent approve.
Looking for Work
The signs are not encouraging for the United States’ economy, and people who were expecting change are not seeing it in the way they believed they would. According to the Bureau of Labor Statistics as of July 2, 2010 unemployment is at 9.5 percent. After all of the money that has been injected by the stimulus, and in consideration of the Washington chatter that promised that unemployment would not rise above 8 percent with its application, 9.5 percent is not a comforting figure for people out of work in America. Census jobs, which accounted for a portion of the decline in unemployment from its peak of 10.2 percent, are soon to be eliminated as the project is completed, which will pour nearly 700,000 people back into the pool of those looking for work.
Government Spending
Another sign that cannot be ignored is an increase in government spending as a percent of the gross domestic product. According to figures from usgovernmentspending.com, in the combined eight years of President George W. Bush’s two terms as President, government spending rose by 4.56 percent. In only one and a half years of President Obama’s first term, government spending increased by 7.36 percent to a level of 44.48 percent.
Deficits and Debt
In its first year, the Obama administration approved a budget that would allow a $1.4 trillion deficit for 2009, a $1.6 trillion deficit for 2010, and another $1.3 trillion deficit in spending for 2011. With the national debt currently at 13.2 trillion dollars and rising, and with every American citizen responsible for $42,758.44 of that debt (according to usdebtclock.org), it is not difficult to understand why the public is beginning to become concerned about the direction in which our country is heading.
Discontent has been the vexation of recent Presidents who have strayed from the fulfillment of their campaign promises. What remains to be seen is whether there is anyone who can stand in the White House with the integrity and will to shine as brightly as the promises they make before being plugged in.
