There is a never ending "updating" of economic data issued by Washington with the said "updating" often lowering the previously released good news embraced by the Obama White House. Unfortunately, this "updating" has happened again with the target this time being the growth of the American economy during this past third quarter.
Originally the Obama Administration proclaimed that the national economic growth in the 3rd quarter of 2009 was at the rate of 3.5% which it later lowered to 2.8% and which it has now very quietly reduced even lower to the figure of 2.2%. If the last figure is accepted, then some acknowledgement must be given that either the Obama actions of this past year have allowed only a marginal recovery or that the economy runs on its own efforts with those efforts now showing some success or these figures are nice but meaningless when compared to other economic indicators.
There is no question that America still faces a very high unemployment rate which Washington states to be at 10% while almost all other economists see at a 17% figure. There also have been many "busted" banks in America this year, with more expected, and the average American consumer remains over leveraged.
Most of the economic good news, and that particularly includes the "rocketing" of the sale of previously owned homes, is not the result of natural growth but rather by programs "fueled by federal aid". This "fueling" is merely the spending of money borrowed from Communist China or the spending of money created by the Obama Congress. In either event, these funds will have to be repaid and will curtail real growth in the future.
No real American wishes for or encourages these now years of economic disaster. However, the Obama power brokers have realized the opportunities now presenting themselves to expand the powers of a federal government and to push all of us closer to a socialist government/economy.
The importance of the 2010 elections grows every day
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