To newly inaugurated Barack Obama and his prime-the-pump technocrats, the logic seemed so simple. America’s problem was a struggling economy. The solution was to spread around even more borrowed government money. The result would be a return to prosperity.
But after nearly three years and $4 trillion in borrowed “stimulus,” things have only gotten worse. Unemployment is stuck at 9.1 percent. Consumer confidence is approaching a record low.The stock market is tanking. National debt is increasing at a rate of $4 billion a day. Economic growth has almost vanished. America’s creditworthiness has been downgraded. The housing market is still depressed. Food and fuel prices are skyrocketing. In response, only 26 percent of the public expresses confidence in the president’s handling of the economy.
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