Change For The Worse
The Obama administration has failed to bring hope and change for almost two years. In the fourth quarter of 2007 Obama was beginning to make his presence known. Talk of higher taxes and more regulations caused investors, home buyers and others to step back and take note.
A few months later a builder in Pinehurst had his $1 million spec home nearly complete and a couple very interested in it. They were taking their time making the important decision. After seeing Obama’s promises of higher taxes the couple elected to wait things out. “We think we’ll wait until we see what happens in this election before we make our decision.” After Obama was elected the builder had no prospects. “Things just dried up.”
GDP Below 2007 Levels
Our economy has still not recovered to the 2007 levels. GDP today is still below what it was in the fourth quarter of 2007 (-WSJ).
Of course the Obama administration puts the blame back on Bush. And they will continue to do so as long as the news is bad. But when you compare our economy with that of other developed countries some signs of responsibility begin to present themselves. Today there are 4.6% fewer people employed in the US then there were at the beginning of the recession. G-7 nations have lost 2.4% of their jobs. The OEDC lost 1.9%. Euro zone countries have only lost 1.7%. The UK is down only 0.6%. It’s hard to argue that the Obama administration is performing it’s economic duties well when compared to other developed nations.
Change On The Way?
We are approaching the 2010 elections and it appears that Obama is about to lose power. As things look promising for a head locked federal government for the 2011-2012 congressional term, confidence in our economy begins to grow. But there is still some caution.
Our economy thrives when risk takers take risks. New ideas create better products, more goods and more services. But risk takers will not take risks unless there is the chance for a reward. If the democrat party fails to retain either of both houses then risk takers will at least have a little assurance that things will not get worse concerning their tax burden. Let’s just hope their is enough encouragement to get the $2 trillion waiting in liquid assets back working again.
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