Obama needs bold steps to give shoulder to the waning US economy

Article first published as Obama Needs Bold Steps to Give Shoulder to the Waning U.S. Economy on Technorati.

Obama assumed the charge of presidency on January 20, 2009 when the United States of America was facing the most pathetic economic conditions of her history. The situation was economically deplorable with the federal deficit of 9.91 % of GDP against 3.18 % of last year’s along with the deteriorating international relations. Moreover, the skyrocketing increase in the national debt by $1.9 trillion was worsening the situation.

In spite of poor economic statistics of the state, the Bush government ostensibly pushed the state in the pit of unending terrorism war against unknown enemies. This war has swallowed trillion dollars along with many precious human lives of the state up till now. This loss is either in the shape of lavish military expenditure or in a form of the monetary aid to the allied countries worldwide.

Though the damaging consequences of the Bush policies started appearing in his regime, but they reached to the apex during obama’s presidency. So, it would be pertinent to say that Obama inherited joblessness from the Bush government. At this fragile moment Obama would have taken some rational and bold steps to revise the economic and international relationing policies of the previous government.

However, he did not take any brave step in his almost two years of the presidency. Obama’s statement that the economy is stronger than before is not less than a proclamation of the person living in a fool’s paradise. This is because the rise in stock market and corporate profits against 9 % unemployment level and 10.6 % federal deficit of total GDP is not more than trivial advancements.

The very first step that the world was expecting from him being the president of the sole world power was the immediate cessation of wars on the countries like Iraq and Afghanistan. The US should call her army back from above mentioned countries because she has totally deprived of the support from the indigenous people.

I would wrap up my opinion at a point that increasing the competitiveness of the US by investing more in the sectors of education, technology, and the internet is not sufficient enough. Instead the president needs to realize the damaging effects of the military combats in varying countries of the world.

basiliskt