Economy Could Actually Turn Around Under Barack Obama
President-elect Obama said it himself on Monday: The economy's about to collapse, and if Congress doesn't act fast, it will. Everywhere one turns, lousy economic news abounds. Is it possible we've been through the worst and this year will be better than last? Not according to most of what we hear in the media. But the possibility exists despite the naysayers.
Yes, car sales are down. Yes, Wall Street's in the pits. Job losses are dismal and mounting. The housing market? Let's not even go there. But I believe two factors—low interest rates and low energy costs—could help ignite at least moderate growth before 2009 winds up.
Jerome Idaszak, associate editor of the Kiplinger Letter, cites these additional reasons for measured optimism:
Inflation will also be low, in the 1%-2% range for 2009, stretching paychecks for those who still have jobs.
And federal spending will be a big help to the economy. President-elect Obama and Congress plan a stimulus of over $800 billion in tax cuts and spending as early as this month. If the money can be put to work quickly—a big if—it will create a few million jobs.
There's also a new sense of public confidence in Washington. About 70% of Americans say they are optimistic that the Obama administration will be able to spur growth. Economists say confidence is a key element, especially as it relates to consumers. That's a big plus if Obama can deliver quickly enough to keep the momentum.
- Read more by Bonnie Erbe.
- Read more from the Thomas Jefferson Street blog.
- Read more about the economy.
Tags: economy | Obama administration
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HAIR LOSS CREAM
Salut! Informative, good design, well done!.
I am from Cameroon and now study English, tell me right I wrote the following sentence: "This popular casino game comes home for you to play for fun on your pc, without losing your shirt."
Thank you so much for your future answers :(. Tin.
Reflecting on the past ten years or so I can personally say that many of Americans have been living in a "recession" as many of you say. In regards to the comments made in many blogs, including these, many people seem to fail to realize that by purchasing with credit cards and buying with hopes that they could rely on income that is not necessarily concrete they have written a check that they can't cash so to speak. And we all know that crap rolls down hill. Greed has no doubt brought the economy to this point and it's disgusting that you people don't want to give your soon to be president a chance to clean up the corruption, deceit, and greed that has infected our democracy. But time will tell. I can say that Bush didn't help the "little people" any.
Wow
Jerome Idaszak and Bonnie must be on drugs. Even The Drudgereport has the quotes from Barry Soetoro's (aka B. Obama) own mouth how we will be having "trillion dollar deficits" for years. Couple that with a congress that spends money like a drunken you know what and our economy is doing OK? Will even turn around? Either they are economic dumb dumbs or very naive. The banking and housing bubble are just the tip of the iceberg. Wait for municipal bonds to start tanking as cities around this country start to tank or those who own commercial and retail buildings and properties who are leveraged at far greater levels than the common Joe home-owner. How far will the dollar fall now that we printed ungodly amounts of paper value? Look at what interest the treasuries are paying. These are all clues as to the direction we are headed. Some who think the Weimer Mark was worthless should wait to see what the potential is for the dollar as we have private banks print it who wont tell congress where they spend it. Down with the unconstitutional Fed Reserve! Methinks Lucy in the Sky with Diamonds has been slipped into the drinks of these trust B. O. supporters!
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