No matter how much President Obama smiles and publicly pronounces that the American economy has seen its worse days, the truth always seems to surface and to refute the statements of our President. It happened again today.
The Labor Department has just released data concerning matters pertaining to last month's economy and the news ran counter to Obama's recent optimistic representations. It has been disclosed that during this past November wholesale prices increased 1.8%. This inflationary figure is more than two (2) times greater than what the Department had previously prognosticated. Key items contributing to this unexpected rise in costs included the wholesale expense of energy which rose by 6.9% and the wholesale expense of food items which were up by 2.4%.
Not helping in any way to bolster the mood of Americans, in a most recent speech Ben Bernanke expressed that our nation was confronted with "formidable headwinds" as it seeks economic recovery. In that same presentation he confirmed his belief that the recent drop in American unemployment to 10.0% would be short lived. His full expectation was that this not-working number would increase in size as the months of 2010 proceed. Not helping to defuse this bad news was the data release on foreclosures. In 2009 some 3,900,000 mortgage foreclosure notices were sent to US property owners. This is an increase of 22% over the 2008 total for the same type of legal document. Leading the way in the number of recently filed foreclosures were Nevada [1 in every 119 housing units is being foreclosed] and Florida [1 in every 165 housing units is being foreclosed].
The year 2010 will soon be upon us and the change in the number of the year number will, unfortunately, not bring about a change in the White House or in the Senate or in the House of Representatives. However, as November of the year 2010 approaches, those goals of significant governmental change become every day closer and more realistic.
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