An Economic Wasteland

March 8, 2010

According to an article in todays UK Telegraph, Obama’s legacy is likely not to be change for the better, but long-term economic turmoil. The “audacity” of Obama’s hope is not met with any kind of ability to act on the ideas to create positive results.

Almost 10% of the workforce – 15Million Americans – are unemployed and looking for work.  Perhaps another 10% have given up trying and are not counted in the official numbers.  According to the article, about a quarter of the black people in Chicago are both unemployed and frustrated that their man is not able to solve the problem for “his own people.”

Whole areas of the country, especially the former industrial belt, have become instead ‘industrial wastelands.’  In Newark and Baltimore, drug-dealing is the principal commercial activity.

The much vaunted Stimulus bill has done little to stem the loss of jobs.  Looking closely, we see that most of the jobs went to large companies that had been inefficient spenders in the past.    Most of the cash disbursed went “to further the re-election prospects of many congressmen, not to do good for the country.” In other words, the cash was spent to keep the newly-minted Democrat majority in power.

Hefler says that “For a land without a welfare state, America starts to do an effective impersonation of a country with one.”

Americans are unhappy with their government and their President.  They are concerned – angry – that so much money was wasted so fast with so little effect.  It’s perhaps what’s wrong with the health care bill – people don’t trust it to do what Congress says it will do, but rather just another opportunity to waste more money by diverting tax revenues to favored contributors, while the multi-trillion dollar debt keeps pilling up.

Without a significant change right away, there is no good end in sight.

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