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U.S. Economy Hits Another Wall As Unemployment Is Higher Than Expected

July 20. 2012

Barack Obama

Two days ago, Federal Reserve chief, Ben Bernake sounded the alarm regarding the U.S. economy not experiencing any growth, indicating it has been stagnating and no further easing will take place at this time (Ben Bernake Rings Sobering Alarm On The Dismal State Of The U.S. Economy). Yesterday, unemployment in America went up significantly, further indicating the financial crisis still has a terrible grip on the nation. This month, "consumer confidence" indexes also plunged.

Hate to sound like a broken record, but once again, it is not too late to cut out the unruly spending, engage in substantial government budget cuts and enact a suitable tax raise on the rich. This will facilitate reduced debts, liabilities and expenditures, while producing greater income for the treasury that can be used to create jobs, improve schools, universities, roads, highways and the transportation system. 

Barack Obama on White House grounds

Some of the spare funds could also be funneled towards the Small Business Association, with restrictions and proper controls, to restart programs that give financial grants to people wanting to start viable businesses in America ($5,000 to $15,000). 

As naive as it sounds, ending the wars in the Middle East would also save lives and reduce expenditures, freeing up funds that could be used in America. Former President George W. Bush cut out so many useful programs that benefited Americans, to pay for the war, which is a lose lose situation, as soldiers and civilians have died. 

STORY SOURCE

Unemployment claims jump, economic indicators fall

Data shows US economy mired in weakness

Fed chief, Ben Bernanke, says US economy has lost strength

Bernanke offers downbeat view of economy, but no action

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