2010-10-22 / Letters

Economy In Shambles

Dear Editor,

In February 2009 President Obama implemented an economic stimulus package of $787 billion, which was supposed to CREATE five million NEW jobs by the end of 2010. This estimate was subsequently lowered to three million NEW jobs. The administration then said they would CREATE and SAVE jobs. They said unemployment would peak at 8.0% by the end of 2010, and then recede.

Some officials estimate the stimulus might create/save two million jobs, and the current unemployment rate of 9.6% could go to 10% by year end, and stay near 10% for 2011. The real unemployment rate is over 15%, and includes people whose unemployment benefits have expired and who have stopped looking for work.

The economic stimulus money was wasted on programs that did not create the NEW jobs promised by Obama.

Since the beginning of the Obama economic debacle in January 2009 the national debt as a percentage of GDP has gone from 40% to approximately 60%, and the national deficit in 2010 is projected to reach about $1.5 trillion.

Obama’s economy is a shambles because consumers, who account for 65% of our economy, are cutting back on expenditures due to a lack of trust and confidence in the current administration. Obama’s policies and programs have created a lethargy in this country, which is due to the uncertainty fomented by the Obama administration. We need a fresh approach to our economy, and the discontent of the American public should be heard in the upcoming elections in November.

DONALD A. MOSKOWITZ

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