Under President Obama, our national debt has increased from $10.6 trillion to $13.2 trillion, while our annual budget deficit has tripled to $1.4 trillion. We have passed a massive socialized medicine plan that will only boost the debt even higher. All of the spending has not resulted in more jobs. Instead, 3 million jobs have been lost during the Obama reign of error. The unemployment rate has increased to 9.5 percent, a figure that does not include the millions of people who are under-employed in part time jobs or who have given up the job search.
It is so bad in our country that riots broke out in Atlanta when Section 8 housing applications were distributed. Dozens of people were hospitalized as 30,000 people were jockeying for applications. More and more Americans are becoming desperate and it is reflected in a new NBC/Wall Street Journal poll. It shows that Americans have no confidence in the economy and are becoming more pessimistic. In fact, economic analysts predict that the “recovery” could stall because of continuing weakness. In reality the imaginary recovery was only media and Obama administration hype.
To those who still harbor illusions about a recovery, they need to examine the latest trade deficit numbers. The figures are very sobering and disturbing and should alarm any objective observer. In June, this country exported $150 billion worth of goods and services, a decline of 1.3 percent from the previous month. At the same time, we imported $200 billion making our $50 billion trade deficit our largest in almost two years.
The trade deficit will continue to escalate because this country does not manufacture enough products anymore. Too many of our companies have been lured overseas by cheap labor and relaxed regulation. With oppressive government oversight coupled with expensive labor benefits and difficult labor unions, many corporate leaders have moved to China and other countries, where it is more economical to manufacture products.
The result is that in 2011, the United States will no longer be the world’s largest manufacturer. For 110 years, the United States wore the manufacturing crown, eclipsing Great Britain at the time. In 2011, our title will be taken by China, a communist country with a pro-Western economy.
It will be a sad day indicating the imminent decline of the United States as an economic superpower.
The policies being proposed by the Obama administration will only hasten our decline. From deficit spending, burdensome financial reform, and socialized medicine to proposals for comprehensive immigration reform (amnesty) and an energy bill (cap and tax), these policies will only encourage more businesses to leave our country.
The administration is also proposing a massive tax increase by rescinding the Bush tax cuts at the end of the year. If anything, we should be reducing taxes on the wealthy and corporate America, but we are going in the opposite direction.
Is it any surprise that after 19 months of Obama and his policies, this country is on the verge of an economic depression?
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