October 28th, 2011
The economic recession is a major sore point for any government. The slide began about the time when President Bush was in power. Experts say that with all the money that the US was spending on the Iraq and Afghanistan war, there was just not enough money to take care of business at home. Billions and trillions of dollars were and still spent on this war. Yes, Bin Laden and President Sadam are dead and gone but the war against terrorism still continues and so too does the negative effects of the global recession.
Every day analysts and experts are looking into the economy and calculating whether there has been any growth and whether employment rate has increased. The growth has been minimal but not significant and people all over the country are still feeling the pinch. The Obama administration has been severely criticized for not working and achieving the targets that it has set out. This administration inherited the global recession and was not the cause but many do not care for that fact.
Now, the president is trying to push various legislations that will benefit people across the board, for the lower and middle class especially. His basis has always been that the rich and oil companies cannot have so many tax breaks and loopholes while the poor have high taxes and cannot afford to pay such. Republicans and democrats with oil company interests are rejecting his new propositions all across the board. The war against economic recession is now being fought on Capital Hill.
China has been said to have found a way and implemented strategies to grow their economy, despite the economic recession, but it has been to the detriment of countries like the United States. The US government has stipulated that their strategies are a bit underhand because they have controlled the inflation of their dollar making its value less than some economies so that people are more attracted to buying them.
Photo © Rose Latka
This entry was posted on Friday, October 28th, 2011 at 1:33 pm and is filed under Economy. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.