Based on financial data released this week, U.S. jobless claims and foreclosures have surged in America, painfully illustrating the financial crisis that began in 2008, is ongoing, as government remedies have failed to stem losses and fix the problem. U.S. foreclosures also set another record.
The financial health of Uncle Sam (Photo credit: David Dees)
A report this week also revealed, President Obama's mortgage relief program wasted billions in taxpayer money and produced very little positive results. Something similar transpired with Obama's jobs program.
U.S. President Barack Obama has gotten into a verbal sparring match with Republicans over the latest job numbers released to the public. Days prior, a government report reflected many payrolls in America had shed jobs, yet today, the Obama White House touted figures stating 162,000 jobs have been added to the economy.
Here's hoping another inaccurate job tally has not been released for political reasons, as was done during the Bush administration, where numbers had to be revised to later correct the exaggeration and inaccuracies. Accuracy is needed to address and fix the problems.
April 2, 2010 2:31 p.m. EDT - In turn, Republican National Committee Chairman Michael Steele blasted the president, dismissing dismissed much of March's job growth as a product of the U.S. Census Bureau's addition of 48,000 jobs for its once-in-a-decade head count of the U.S. population.
"It is unacceptable for President Obama to declare economic success when unemployment remains at 9.7 percent and a large portion of the job growth came from temporary boost in government employment," Steele said.
The U.S. commerce data released for the month of March 2010, reveals the economy is still in trouble, as companies continue to shed a massive number of jobs, home sales are down and national revenue is significantly lagging.
This has confounded the current U.S. Treasury Secretary, Timothy Geithner, but it should not have, as this site has maintained for many months, too much government spending is transpiring on initiatives that are not fruitful in reviving an economy. President Obama has made many changes to America that are not panning out, due to bad timing and overspending.
US treasury secretary Geithner says unemployment is 'terribly high'
Thursday 1 April 2010 16.59 BST - Geithner says Obama is hugely concerned about jobless rate - The treasury secretary Timothy Geithner warned today that US unemployment was "terribly high" and would remain "unacceptably high for a very long time".
The Obama administration was "very worried" about the jobless rate, Geithner said in an interview, which has soared to almost 10% in the wake of the worst economic downturn since the depression...
U.S. President Barack Obama reportedly seeks to appoint individuals to 15 new government posts, during the upcoming two week Congressional recess, which has angered Republican senators. The name of the measure is a "recess appointment." Boy, Obama's on a roll with angering the Republicans, isn't he.
Sarah Palin
Meanwhile, former Republican Vice Presidential candidate, Sarah Palin, has been firing up Tea Party supporters, with the goal of voting out rival Democrats this year and in 2012.
(AP) WASHINGTON (AP) - Fed up with waiting, President Barack Obama announced Saturday he would bypass a vacationing Senate and name 15 people to key administration jobs, wielding for the first time the blunt political tool known as the recess appointment.
The move immediately deepened the divide between the Democratic president and Republicans in the Senate following a long, bruising fight over health care. Obama revealed his decision by blistering Republicans, accusing them of holding up nominees for months solely to try to score a political advantage on him...
U.S. Vice President Joe Biden and President Barack Obama
U.S. President Barack Obama's health care bill has passed. He is scheduled to sign it into law on Tuesday, March 23, 2010. However, Republicans are vowing to repeal it and 37 U.S. states have stated they intend to sue, under the Constitution, to strike it down in their respective jurisdictions. Oh, what a mess this bill has become!
The Judiciary Report has maintained for months, America does need a comprehensive health care plan. However, the site questioned the timing and the content of the bill, due to the financial crisis currently gripping America.
Video: TX plans to sue over health care - KXAN.com
The Judiciary Report would like to offer some constructive advice. From the moment the President took office in January 2009, the site has stated he needs to raise taxes on the rich, to pay for much of what he announced he wishes to do, during his tenure.
Had that tax increase kicked in months ago, billions of dollars could have been collected and placed into an interest bearing trust, to cover some of the nation's debts.
USA: Healthcare reform bill passed
Now, with the passage of the President's health care bill, $944 billion dollars is required to fund it. This is in addition to the billions in taxpayer money that have been wasted, under the guise of job creation and massive bank bailouts, where numerous individuals misappropriated and stole money.
You are going to have to rein in all of that unruly spending, as it is going to spell even worse news for the U.S. economy if you do not get it under control. Way too much money is flying out and no where near enough is coming in. That has to change or the nation shall face dire financial repercussions.
America has many millionaires and billionaires. It's time for the taxman to come knocking, especially in light of the fact, many of said millionaires and billionaires got America into trouble, by starting the current financial crisis, they richly benefited from, while middle class and lower income families suffered.
In closing, the jobs bill must be executed correctly this time. Don't just chuck the money into the corporate sector, believing it will stimulate the economy wherever it lands. Some of the taxpayer money from the first stimulus, was stolen and ended up hidden in off shore accounts stimulating economies other than the one you intended. The American economy can't take anymore of these costly mistakes.
Britain is getting a boost from a new line of McLaren cars set to hit the market. The supercars set to be exported all over the world, will be built in Britain and have a variety of features.
As the British government works towards a robust recovery from the global financial crisis, every new job will help in building a more stable national economy.
McLaren to build high-performing sports cars in UK
By JANE WARDELL (AP) – 15 hours ago - WOKING, England — Formula One car maker McLaren unveiled plans on Thursday to build a range of commercial sports cars in Britain, using race technology to take on other high-end European manufacturers such as Ferrari and Porsche on the highways...
U.S. President Barack Obama stated there has not been a financial depression in America, thanks to his record spending, but he is incorrect. Aspects of the financial crisis automatically place it in the category of a depression.
More Americans lost their homes during the 2008 financial crisis, that is ongoing, than during the Great Depression. Real estate tracking agencies and banks repeatedly reiterated that a number of financially derogatory records had been set during the current crisis.
Unemployment hit record highs in a number of U.S. cities (not all), surpassing Great Depression figures. America's national debt is the highest it has ever been in history, once again, surpassing Great Depression levels, even when adjusted for inflation.
U.S. Vice President Joe Biden and President Barack Obama
Now, logic dictates, if the Great Depression was classified a "depression" as its name implies and several aspects of this modern day financial crisis have surpassed it, wouldn't the current financial free fall be a "depression" by default.
All these calamities happened under former President George W. Bush, due to his reckless war spending and inattention to Corporate America. Then, it carried over into Obama's tenure, leaving a mammoth mess for him to clean up. Regrettably, President Obama has exacerbated the current crisis via overspending.
And, if you want to get technical, the dictionary defines an economic depression as, "A period marked by slackening of business activity, widespread unemployment, falling prices and wages" and I think we can all agree that has happened between 2008 to 2010 and will continue if not properly corrected.
Side Bar: *light bulb* Maybe I should have just quoted the dictionary to begin with, instead of writing that long, drawn out article.
Has the U.S. economy really improved. Banks and other U.S. businesses are still closing in record numbers, Americans still can't find work and today it was announced, due to a revision, the economy has lost 825,000 more jobs.
The current government plans are not working. The government needs to change course, before it's too late and the damage becomes a way of life, stuck in a cycle you can't get out of.
U.S. May Lose 824,000 Jobs as Employment Data Revised: Analysis
Feb. 3 (Bloomberg Multimedia) -- The U.S. may lose 824,000 jobs when the government releases its annual revision to employment data on Feb. 5, showing the labor market was in worse shape during the recession than known at the time.
Click here for a Bloomberg Multimedia interactive visual analysis of the economy’s job losses.
Feb 2, 2:40 PM (ET) - WASHINGTON (AP) - Unemployment rose in most cities and counties in December, signaling that companies remain reluctant to hire even as the economy recovers.
The unemployment rate rose in 306 of 372 metro areas, the Labor Department said Tuesday. The rate fell in 41 and was unchanged in 25. That's worse than November, when the rate fell in 170 areas, rose in only 154 and was unchanged in 48.
The metro employment numbers aren't seasonally adjusted and can be volatile. Many of the increases were due to seasonal factors...
Unlike this president, John Kennedy was an ironist who never fell for his own mystique.
The curtain has come down on what can best be described as a brief un-American moment in our history. That moment began in the fall of 2008, with the great financial panic, and gave rise to the Barack Obama phenomenon.
The nation's faith in institutions and time-honored ways had cracked. In a little-known senator from Illinois millions of Americans came to see a savior who would deliver the nation out of its troubles. Gone was the empiricism in political life that had marked the American temper in politics. A charismatic leader had risen in a manner akin to the way politics plays out in distressed and Third World societies.
Professor Fouad Ajami's opinion piece garnered over 400 comments. He visits the News Hub to discuss his views and offer rebuttals to criticism.
There is nothing surprising about where Mr. Obama finds himself today. He had been made by charisma, and political magic, and has been felled by it. If his rise had been spectacular, so, too, has been his fall.
