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Obama recession? Or economic boom?

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Published on Nov 25, 2008

Wall Street put a stop to a terrifying decline and stormed higher Friday as President-elect Barack Obama appeared ready to tap the chief of the New York Federal Reserve as the next treasury secretary and hand him the herculean task of righting the U.S. financial system. The Dow Jones industrial average, which had broken even for the day until news of the nomination leaked about an hour before the close, raced upward and finished 494 points higher, a rally of more than 6 1/2 percent.
http://www.huffingtonpost.com/2008/11...
Two weeks ago Senator Barack Obama was elected to our nation's highest office by a large margin. This coming January 20 a record breaking four million people are forecasted to attend his inauguration at the U.S. Capitol. This is especially amazing since Barack Obama is responsible for the recession? "The Obama recession is in full swing," radio right-winger and spitball zinger Rush Limbaugh has declared. "This Obama recession might turn into a depression," he warned, "and his ideas are killing the economy." Limbaugh's charge is based on Obama's pledge to raise income taxes for people making more than $250,000 a year and that he may increase capital gains rates for the wealthy.

Do I hear an echo? Oh, yes, it's Sean Hannity. "Wall Street keeps sinking, could it be the Obama recession?" asks Hannity. This is now a major topic on his television show and throughout the right-wing radio talk world as well. Hey, Sean, can't you find a way to pin this on Bill Ayers and the Reverend Wright too? Like it's a radical left-wing cabal headed up by Hussein Obama. If I am not mistaken, your fear is that America doesn't know who the real Barack Hussein Obama is?

Well, in case you haven't seen it, the United States is already in a "prolonged" recession. The National Association for Business Economics, NABE, just released a survey of leading economists and the findings are depressing.

Most economists surveyed believe that the U.S. recession began on or about the beginning of 2008, well before Obama's first primary win. During the third quarter of this year they estimate that GDP (Gross Domestic Product) contracted by .3%, and it will fall an amazing 2.6% in this, the fourth quarter. A recession is two consecutive quarters of negative GDP. Nearly three-fourths of those surveyed believe that economy will grow a paltry .7% next year, starting off with a 1.3% decline in the first quarter and slowly improving.

However, unemployment is forecast to hit 7.5% by the end of next year, and given the recent surge in layoffs that number will probably be quickly revised upward. The unemployment rate is currently at 6.5%.

If this forecast is not bad enough, consider we are in a global meltdown and that most economists don't know how the current financial crisis will play out. Banks and financial institutions are uncertain about their future, foreclosures are at a record high, and our great economic engine, the U.S. auto industry, may soon be out of business.

The U.S. government bailout is not working because it was not well thought out. And it is adding to America's national debt, which is now approaching $11 trillion. That's double what it was in 2000 when President George Bush was sworn into office as a compassionate conservative. During his tenure President Bush has added more than $15,000 in debt for each and every American, and the total debt is growing at a rate of $3.90 billion a day!

Meanwhile, we are mired in two costly wars, both in dollars and precious lives. And we urgently need to fix health care, education, entitlements, the environment, infrastructure and the list goes on. Furthermore, China and Japan are among the nations that own a large chunk of America and we are asking for more foreign investment. Thankfully, the George W. Bush administration will leave office in just a few weeks. But Limbaugh and Hannity will go on and on. Each of them is free to shout and scream any outrageous, idiotic and inane comment they want in our great country. They daily manifest deceitfulness, divisiveness and greed.
http://www.huffingtonpost.com/joe-pey...

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