Step In The Right Direction

[CuteOldGuy]

Well, it's a step in something, that's for sure.

As President Obama travels around in his foreign made bus touting made in America, the unemployment figures remain steady.

8.2%, even though Obama promised his stimulus would reduce the rate to 5.6%. (And you think I'm bad at predictions!)

One-third of new jobs created were at temp agencies. This is a good sign?

Broader jobless rate is at 14.9%.

Black jobless rate is at 14.4%

Hispanic jobless rate is at 11%

700,000 fewer women employed under Obama.

Stock market plunges.

Obama says "No quick fix." Duh. It's too late for a quick fix now. It's not getting any better. Our national debt is half again as much as it was when he took office.

[icuminpeace]

COG - there is no quick fix or even a fix regardless of who wins the election. America's problems have been in the making over the last 30 years. It's too late my friend, the shit has to hit the fan and the reset button will need to be pushed. The Great Depression of the 21st Century is brewing. Also, this is not something the President of the US can fix. We are living the consequences of globalization, where resources and capital flow freely to where they are most effectively utilized. In our case, American labor rates are too expensive, therefore the jobs will move to lower cost areas. Capital will stop coming to America as well, as countries like China and India continue to expand their middle class and people will start making bets on those countries' growth rates. The American economy will stagnate and even shrink as people stop consuming goods and services because there are no jobs. The end result will be that Americans will need to cut back their expectations on wages as American wages drop to remain competitive with lower cost countries. At the end of the process, we will have a global economy in equillibrium with similar living standards across the countries that made the leap from emerging to industrialized. Of course, the people with the capital will relocate to where their money provides better returns. I don't blame them, I would do the same. They will have no allegiance to a specific country as allegiance will not get in their way of returns.

The US lost control of its economy when we decided to push globalization in exchange of short term profits. The invoice will come and we will have to pay.

[CuteOldGuy]

Hmmm . . . No Obamatons want to address this.