U.S. Economy Walking into Abyss
U.S. Republican presidential candidates have recently been concentrating fire on economic issues, saying that President Obama has screwed up America’s economy, resulting in high unemployment and a quickly growing national debt. They sent a message to the public: “We must act now, and we can’t take the risk of giving Obama another four years and let him allow the country to crumble.” The United States’ debt has become an uncontrolled train on decline towards an abyss; Nouriel Roubini, who precisely foresaw the finance disaster and was called ‘Dr. Doom,’ said: “The United States’ economy is still weak in all sectors. If it continues, another disaster might come soon.” This shows that high unemployment and the huge debt have become a huge burden on Washington.
In 2000, the year George Bush became the president, the U.S. debt was $5.7 trillion, and when he left in 2008 it had risen to $11.5 trillion. President Obama repeatedly criticized Bush’s economic policy when he was an candidate, but since he became the president, the national debt has only grown faster than before. By the end of 2010, the national debt had rocketed to $14 trillion. The United States’ debt has kept growing at an unprecedentedly high speed. In America, and even throughout the world, no matter what stimulating measures or "democratic" methods are tried, there is still no one who can turn the corner and stop or impede the United States’ economy's walk down the abyss.
People’s livelihood is the top economic issue
According to a recent report of by Federal Reserve Board, the weather vanes of its 12 regional reserves — including the ones in New York, Philadelphia, Atlanta and Chicago — all reported that the regional restorative growth is slowing down. U.S. real estate has not gotten better outside of the rental market; housing and commercial properties are still in difficulty. Standard & Poor's says that the U.S.’s housing prices seem to show the ‘double dip’ sign and have dropped 4.2 percent from the fourth quarter of 2010 to the first of 2011, reaching the lowest level since 2002. Many cities are in a situation where no one is buying homes. The lack of signs of recovery in real estate and high unemployment have not only become a big issues in the American people's livelihoods but are also ranked in the country’s top priorities, making important and ordinary people alike in the U.S. distressed.
The Chairman of the U.S. Federal Reserve, Ben Bernanke, recently admitted that “the restorative growth is not enough, and the United States has to face many challenges if it wants to get rid of the most serious economic crisis in the decades.”* Residential expenditure accounts for 70 percent of the U.S.’s GDP, but personal consumption’s growth rate in 2011's first quarter dropped down to 2.7 percent from 4 percent in 2010's fourth quarter, which has critically influenced the overall trend of America’s economy. All the data recently published by the government and the communication between the media and the public have shown that “the fast-rising oil prices have seriously constrained the willingness to spend of the Americans." Although the residential deposit interest rate has decreased to 4.9 percent from nearly 6 percent in 2010, residents still are afraid to spend more.”
Pentagon pushes U.S. to a road of no return
As the Democrats and Republicans are still arguing on whether to improve the upper limit of the public debt, the international rating agency Moody’s lately has warned again “if progress toward increasing the limit isn't made ... it would take another step toward reducing the country's top-of-the-line AAA rating.” Sent by a U.S. rating agency, this warning has seriously constrained employers’ willingness to invest more and hire more in the United States. According to data released by the Department of Labor, the unemployment rate in non-agricultural sectors has risen to 9.1 percent in May. At present, there are more than 14 million unemployed people in America, which is not only a time bomb buried in the U.S. but also the biggest obstacle for Obama to be re-elected. If unemployment still can’t be improved, his re-election will be hopeless.
Expenditures for the Iraq war will eventually reach $3 trillion. The U.S. hopes the nightmare will be ended in a few months, as the country will get more deeply damaged if the war is not over. In fact, the wars in Afghanistan and Iraq are the reasons leading the country’s economy in a hopeless direction, but the government in Washington is not only unable to untie this dead knot but puts new chains on its neck such as Libya, Yemen and Syria. The CIA has claimed that Iraq is rich in oil, and a war there will cost very little; the Pentagon predicted victory in the Iraq war in half a year, using just $50 billion. These ridiculous prophecies not only successfully cheated those on Capitol Hill but also have led the United States confidently walking past the point of no return.
*This quote, while accurately translated, could not be verified.
In 2000, the year George Bush became the president, the U.S. debt was $5.7 trillion, and when he left in 2008 it had risen to $11.5 trillion. President Obama repeatedly criticized Bush’s economic policy when he was an candidate, but since he became the president, the national debt has only grown faster than before. By the end of 2010, the national debt had rocketed to $14 trillion. The United States’ debt has kept growing at an unprecedentedly high speed. In America, and even throughout the world, no matter what stimulating measures or "democratic" methods are tried, there is still no one who can turn the corner and stop or impede the United States’ economy's walk down the abyss.
People’s livelihood is the top economic issue
According to a recent report of by Federal Reserve Board, the weather vanes of its 12 regional reserves — including the ones in New York, Philadelphia, Atlanta and Chicago — all reported that the regional restorative growth is slowing down. U.S. real estate has not gotten better outside of the rental market; housing and commercial properties are still in difficulty. Standard & Poor's says that the U.S.’s housing prices seem to show the ‘double dip’ sign and have dropped 4.2 percent from the fourth quarter of 2010 to the first of 2011, reaching the lowest level since 2002. Many cities are in a situation where no one is buying homes. The lack of signs of recovery in real estate and high unemployment have not only become a big issues in the American people's livelihoods but are also ranked in the country’s top priorities, making important and ordinary people alike in the U.S. distressed.
The Chairman of the U.S. Federal Reserve, Ben Bernanke, recently admitted that “the restorative growth is not enough, and the United States has to face many challenges if it wants to get rid of the most serious economic crisis in the decades.”* Residential expenditure accounts for 70 percent of the U.S.’s GDP, but personal consumption’s growth rate in 2011's first quarter dropped down to 2.7 percent from 4 percent in 2010's fourth quarter, which has critically influenced the overall trend of America’s economy. All the data recently published by the government and the communication between the media and the public have shown that “the fast-rising oil prices have seriously constrained the willingness to spend of the Americans." Although the residential deposit interest rate has decreased to 4.9 percent from nearly 6 percent in 2010, residents still are afraid to spend more.”
Pentagon pushes U.S. to a road of no return
As the Democrats and Republicans are still arguing on whether to improve the upper limit of the public debt, the international rating agency Moody’s lately has warned again “if progress toward increasing the limit isn't made ... it would take another step toward reducing the country's top-of-the-line AAA rating.” Sent by a U.S. rating agency, this warning has seriously constrained employers’ willingness to invest more and hire more in the United States. According to data released by the Department of Labor, the unemployment rate in non-agricultural sectors has risen to 9.1 percent in May. At present, there are more than 14 million unemployed people in America, which is not only a time bomb buried in the U.S. but also the biggest obstacle for Obama to be re-elected. If unemployment still can’t be improved, his re-election will be hopeless.
Expenditures for the Iraq war will eventually reach $3 trillion. The U.S. hopes the nightmare will be ended in a few months, as the country will get more deeply damaged if the war is not over. In fact, the wars in Afghanistan and Iraq are the reasons leading the country’s economy in a hopeless direction, but the government in Washington is not only unable to untie this dead knot but puts new chains on its neck such as Libya, Yemen and Syria. The CIA has claimed that Iraq is rich in oil, and a war there will cost very little; the Pentagon predicted victory in the Iraq war in half a year, using just $50 billion. These ridiculous prophecies not only successfully cheated those on Capitol Hill but also have led the United States confidently walking past the point of no return.
*This quote, while accurately translated, could not be verified.