Saturday, October 23, 2010

Is that America I smell burning?

by Peter Stern

There is no light at the end of this depressive economy. Not since the Great Depression have so many Americans been in such financial turmoil.

While the U.S. economy has been on a downturn for several decades, the Bush administration propelled us into this mess and the Obama administration along with our Congress are not doing very much to resolve it. Political game playing and corporate greed continue to interfere with our well-being.

The primary objective should be to provide jobs to all Americans. To do that requires incentives for businesses to hire and for the government to develop federal jobs to rebuild our ailing infrastructures. Government and business need to work together. It's not happening.

Obama promised jobs, but has not yet delivered. Little has changed in government and on Wall Street. What is changing drastically is increased job loss, long-term unemployment and many more home foreclosures.

How will people pay their rent and mortgages? How will they hang on to their health-care plans? Will they keep their jobs? How long can the government provide unemployment benefits to the already staggering millions of jobless who grow daily in number? This is a big mess that is increasing steadily.

Americans will be hurting financially for many more years to come. Our children's grandchild will be forced to deal with our folly. The level of our economic demise and return to financial health will be determined by the actions of federal, state and local governments.

Right now, it doesn't look too good.

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