NY Times Article: Challenging Obama’s “Rosy” Picture Of Recovery

This article is an important article because it challenges Obama’s administration and the “rosy” picture that is currently being painted about the so called “recovery” in our financial system. We were/are on the verge of the worst financial crisis in our nations history. It seems odd that this could be fixed so quickly. The current administration has invoked a campaign of “let’s all be happy”, trying to instill a sense of confidence in the troops. Are we better off now ? I agree with the authors of this article. NO. We are not better off. As a nation - we are now $11T in debt and running annual budget deficity of $1T-$2T. Many of our states are nearly bankrupt and consumers have seen tremendous equity losses on their personal balance sheets. Brokerage accounts have declined and home prices have plummeted. This is all in the face of 9.4% unemployment rates. Show me how things are better.

The market may be up 40% off the lows. - Great. But it will take years to recover what was lost since the top. The economy will not improve until we see jobs return to the country. I’m not talking about Government census jobs or public sector jobs. I’m referring to private sector jobs. REAL jobs that pay REAL dollars not the phony type printed up by the FED. I credit the authors of this piece for having the guts to write this article. It’s the truth. We need to wake up as a nation.

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Comment by Kiwi

2009-06-08 09:19:20

The Emperors clothes.

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