Business

Unemployment rising
by Claudia Sonea

The cat is out of the bag! It looks like US is far from getting out of the economic crisis and former Federal Reserve Chairman Alan Greenspan enlighten us all at the end of last week. Shockingly as it may be, the truth is that all the optimistic announcements were nothing but lies to feed the spirit and keep the flame of hope burning. Will the truth set us free? Slowly the economic crisis that hit US and turned into a recession spread like a plague affecting everyone. As usually, most of the world leaders are expecting for a solution from the country where it all started. However, America still has a lot to go through before it can reach for! the shore and say: “we’re safe”! Not long after the crisis started, a new president took the lead and besides the fact that he needs time to accommodate with the position, he is young and as everyone noticed already, Obama has no experience. In spite of all the big talk and expensive presidential campaign, he did little of what he promised or he is avoiding some of his previous commitments like withdrawal of the troops or the health care reform. How is US presenting at the end of September? Not good, most people would say taking into consideration the fact that unemployment rate rose to 9.8 percent and with a forecast for a further increase to over 10 percent. What’s more is that the rate will stay like that for a while before actually going down. An economy needs people to be sustained as they are the consumers and their money represent the fuel, not to mention the fact that skilled workers offer quality goods and a better performa! nce. Just say bye-bye to all of that as the night in shinning ! armor, t he brave Obama is taking pictures at the White House while playing in the garden with his kids and his wife who is not out shopping clothes from famous brands that would suit more a teenager, than the First Lady. There is no more time to think about federal deficit or federal debt, as alarming as the issues might seem to Greenspan. Lets spend $5 billion on medical research as it seems really profitable to discover the cure for cancer (which will probably never happen) and then sell it only to those who actually have money to buy it. That is of course if they will be able to pay the mortgage afterwards. People need health care access more than they need the research, everything should be done in the right order. First save the country and then spend for the development, at least that’s how I see things, from the point of view of a taxpayer. US was already spending much more with the health system than with the commerce area, so when will anyone notice ! that something is wrong in an economy where commerce and agriculture are not given the proper attention?

related story (sgx15531): http://news.yahoo.com/s/ap/20091004/ap_on_bi_go_ec_fi/us_eco...

by Claudia Sonea for PocketNews (http://pocketnews.tv)

PocketNews is a new real-time news broadcaster delivering the latest and hottest news right to your pocket ! With global clients who want to be kept up to date, PocketNews is everyone's way of keeping in touch with the World.

posted by Blog TechSource @ 1:36 PM