The economic position of the United States in a touchy subject, to say the absolute least. Our country has long held a reputation for being one of the world's super powers, but now, Americans nation-wide are feeling helpless as these high business towers continue to crash around us. Businesses that have been around for decades are struggling, if not failing, while loyal employees are being replaced with less experienced people who will do the job for half the pay.
After only being in office for a few short months, President Obama and his administration have already made a change in our economy, for the better. According to an article in the New York Times, the nation should be "taking comfort in a report showing that 'only' 247,000 jobs were lost in July, the smallest monthly drop since last August."
Though the number 245,000 is undoubtedly huge in itself, anyone who has followed these numbers over the past few months can say it is shrinking, slowly but surely. An automatic turn-around is simply unrealistic, as it takes time to bring about change, especially a change of these drastic measures. These are hard times for everyone, even the wealthy. Programs have taken flight all over the country, from changes in our health care system to organizations helping people find jobs and change their lifestyle to live more frugally. It may still seem like the end of the world, but tomorrow is definitely a new day in economic America under the Obama administration.
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In reading my colleague's blog on the current job situation, I was reminded of an article I had read a few months earlier about our president's claims of "losing or saving" jobs.
In the blog, my colleague stated: "After only being in office for a few short months, President Obama and his administration have already made a change in our economy, for the better. According to an article in the New York Times, the nation should be 'taking comfort in a report showing that 'only' 247,000 jobs were lost in July, the smallest monthly drop since last August.' "
While my colleauge did point out how drastic the job losses are right now, I believe she was off point to yet again have "hope" in President Obama that he somehow will be responsible for the economy's recovery and regaining of jobs.
Obviously, one man, President of the United States of America or not, is not able to make such a change to something as dynamic and all-encompassing as the American economy. I would lay far more responsibility on the country's recovery on our Secretary of the Treasury, Tim Geithner, or more importantly, Ben Bernanke, Federal Reserve Chairman.
Our unemployment rate is at levels unseen to those in my generation, and it's current status at 9.4% is far worse than most of the estimates made by experts in the beginning of this year.
My main comment to my colleague's blog is how President Obama is not the sole reason, or even the majority of the reason, as to why our country would have an economic recovery. This is a great example of how the president's persuasive and empathetic speeches are able to move a country of citizens that may be largely uninformed on the intricacies of the United States government. In the Wall Street Journal article, "The Media Fall for Phony 'Jobs' Claims", the author, William McGurn, does a great job at pointing out the bias that is given toward Barack Obama that would likely not work with any presidents of the past.
Beyond this point, Forbes magazine points out that President Obama's plans for finaicial oversight are "Largely Useless, Even Harmful". It is important that Americans do not fall for words and speeches, but that they look into the facts and consider both sides of an argument before placing all hope in one administration or human being. This is key if our country hopes to continue it's great reign as a democratic republic.
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