Economic Gloom

jumpstartingeconomy

America is clearly stuck in an economic funk thanks to poor economic policies that have led to nationwide malaise. However, such a gloom is understandable due to all the problems facing the economy right now including high oil prices, deflated housing, stagnant wages, high unemployment, rising food costs and a government unwilling and/or unable to help because of budget crises.

Even if economic growth stays strong, the official unemployment rate is currently at 7.7 percent, which does not include those workers who have given up hope looking for employment. If those numbers were included, our unemployment would be around 19 or 20 percent. Many analysts, such as Goldman Sachs, have begun to sharply reduce economic growth forecasts in America for many of the aforementioned reasons.

Clearly, the status quo is not working for this country. America needs a change. Barack Obama has unfortunately not been that change that was promised, as he peddles failed trade pacts from the Bush Administration and hired one of America’s most notorious outsourcers to run his job creation committee.

In spite of poor leadership and policies that harm the economy, Americans are finding ways out of this mess on their own. Savings rates are up. Debt is down. Even in a double-dip recession, the housing market has at least managed to bottom out, as mortgage delinquencies are falling.

We can remain in a depressed state–which in many ways contributes to the ongoing problems–or we can channel our collective spirit into demanding better from our elected officials.

Staying the course is no longer the right track for this nation. Decades of erosion to our manufacturing base, as well as the proliferation and expansion of an ineffective taxation system have left this nation in a position of economic weakness compared to our foreign rivals that has resulted in millions of jobs lost. America must abandon its focus on Wall Street and return to investing in Main Street in order to have any chance of promising a better life for future generations and ending this sickening economic state of affairs.

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