[Le Temps, Switzerland]



Le Temps, Switzerland

Obama Pays Big for Anemic Growth


"The president of the United States and the entire Democratic Party are first of all paying the price for a financial and economic crisis that brought the country to its knees. And it's still far from over."


By Philip Gumy


Translated By Philippe Guittard


November 3, 2010


Switzerland - Le Temps - Original Article (French)

A somewhat contrite President Obama takes questions the day after a devestating blow to Democrats.


BBC HARDTALK: Is it time to prepare for gridlock in the U.S. Congress?, Nov. 3, 00:05:19RealVideo

Just two years after an election seen as a revival unknown since John F. Kennedy's ascension to the White House in 1960, the American people have punished Barack Obama.


At first glance, and unless there is a monumental error in polling - the results arrived late last night - the president of the United States and the entire Democratic Party is first of all paying the price for a financial and economic crisis that brought the country to its knees. And it's still far from over. The proof is that on Wednesday, the American Federal Reserve will in all likelihood decide to start printing money even faster - to keep interest rates low and allow Americans to continue to reduce their debts without restricting consumption.


So why such ingratitude on the part of the electorate, when such measures have prevented the U.S. from plunging into a depression like that experienced in the 1930s? And whereas growth could have become more sustainable more quickly, why would Americans reward the very Republicans who have decried these actions by Barack Obama? One will note that average citizens see a reality that is far removed from Wall Street, where the major banks, saved in the teeth of hundreds of billions of dollars of unpopular bailouts, have quickly resumed their mega-bonuses. Meanwhile, unemployment has risen steadily to about 10 percent, the highest since the early 1980s. The millions of workers laid off in the past two years and the millions of others who constantly fear for the their jobs have little taste for the bailout of General Motors, the car giant that was socked by soaring oil prices.



Real estate prices, which have already dropped some 50 percent in major cities, could meanwhile continue their descent into hell, throwing even more Americans onto the street. Although formally, the United States has been out recession since June 2009, voters have yet to feel the winds of recovery. Anticipated growth of 2.6 percent this year is too low - that is to say, that won't generate enough new jobs for a nation of 300 million - a nation that exploded its debt to preserve its economy and status as a world power.



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[Posted by WORLDMEETS.US November 3, 2:20pm]


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