President Obama and economic crisis in America
74President Obama: First press cofrence
President Obama and current trend
People of America have elected Barack Obama as their President with a great hope to bring them out of the economic crisis. He has triumphed over John McCain with an overwhelming majority. Common Americans think him as charismatic. They are seeing a savior within him. Now they want to see his charisma in bailing them out from the present economic crisis.
Economic crisis in America has hit like a hurricane. Consumer confidence is in a hopeless condition. Common Americans are in financial crisis. Retail sales have shown a negative growth in the third quarter of the year. US housing (Real Estate) is in its worst in recent years. Dow Jones, NASDAQ and S & P are in a plunge. Banks and financial institutions are collapsing. $ 700 B bailout plan of Bush administration could not improve the situation. Everything seems to have been demolished. Economists, fund managers, politicians and statesmen, CEOs of business houses and people at large are stunned. Even the administrations, be it local, provincial or federal does not find a way to come out of this terrible situation of economic and financial crisis.
Is outsourcing good for USA?
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President Obama and his priorities
Current American economic crisis has also effected the global economical situation badly. Economy all over the world is now in a downtrend. Nikkei, KOSPI, Hangseng, Sanghai, FTSE, CAC, DAX each and every stock market is following the downtrend of US market. Share traders, mutual funds and corporations are facing financial crisis.
Obama mania is seen globally. He has an image of a global personality. Hence, the rest of the world is also looking at him.
President Obama is in the driving seat of the global economy. His decisions will not only effect the American economy but also the world.
He has declared his priorities at his first press conference. It is the economy as expected. He rightly mentioned his intention to fight the recession. Job loss in US is also in alarming state (6.5%, most since 1994) and throws a big challenge to the President elect. He knows the challenge well. He will take it as top priority when in office. Many people in America believe that outsourcing is a major cause of unemployment and job loss in America. Obama campaigned for a policy against outsourcing during the election. He likely has to come out with some regulations for the corporations to discourage outsourcing. He may provide tax benefits and subsidies to encourage generating local employment.
Obama has announced future tax cuts for corporates and common Americans in order to help them at the time of financial crisis. He is honestly talking of net tax cut. He has also indicated special benefits to the American middle class.
Obama, the President elect, however, has not gone into details how he will deal with the problems of economic and financial crisis, recession and job loss. He, of course, has given some indications. He is working with his team to come out with a strategy.
He has also intended to take actions in the fields of environment, energy, clean energy, finance and healthcare. Policy change in these sectors will surely effect the economic system overall.
Possible strategies and suggestions
The foremost task of the new administration is to provide jobs to common Americans. The country has to create new jobs as well as retain the old ones. How can Obama achieve it? This is the million dollar question.
It is very difficult to create new jobs when every thing in the economy and market is in downward trend. And For that one has to be very creative and innovative. Ban on outsourcing may prove counterproductive. European Union (EU), Japan, Canada or some other developed nations may continue with out sourcing. This measure can help them in cutting cost in some sectors. It will improve their competitiveness against the US in the global market. It can further accelerate recession and job loss in America.
It is worthwhile if Obama and his economic advisors concentrate on some core sectors. Agriculture, largely neglected, is one of them. There is large agricultural land in the US unutilized or underutilized. Those can be used for Organic farming too. Agriculture contributes negligible amount in the GDP of US. Therefore, economists and corporations ignore it but it has a tremendous potential of employing people. Large number of people can be engaged and employed in this core sector. Agriculture is not an efficient way of generating money but of employment. Those will be low paid jobs comparatively, but will keep wheels of economy moving. And financial crisis and economic problems can only raise their heads when it stops moving.
similarly, they can mobilize resources in mining sector. The US requires a lot of minerals and ores to feed its industries. Now it can concentrate on its huge underutilized mineral reserves. It is a good way for the Obama administration to motivate business houses to work in this sector paying subsidy, tax holydays or some other benefits. It will help corporations facing financial problem nowadays.
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President Obama has not done what he could do. Your information and advice are very useful.
Tom, you are so precisely right, Distern surely reflects the indoctrinated group of Americans who simply refuse to see that Obama's policies will destroy the middle class, leaving a huge gap between the truly rich and a whole lot of dependant poor people - no more American Dream of the next generation pulling themselves onward and upward if they so choose to try.
Obama pitched his cap and trade again today -- there is no other legislation on the agenda that will so clearly destroy and remake America to one of dependent socialism, all based on the higher calling of saving us from global warming.
Global warming is another topic, and it may well be occurring, but America should not be the scapegoat, should not be destroyed on this still debatable premise -- it is just a handy excuse to further rake in American money for redistribution and deficit reduction and government control of the very soil we daily walk upon.
Jyoti - I'm glad to see that the international view of Obama is changing, and hope your country won't be fooled by his overtures, won't be fooled by the UN, won't ever lose your lands to the corporate vultures, red and blue, that would like nothing more than to control your lands with the blessings of the so-called United Nations.
Glad this hub was highlighted by hubpages today!
JK,- An old hub- I could see where you might have had a different view a while ago-
dlstern0226- Get a clue or are you a socialist? How in the world we live in can you defend one of the worst president in US history? Do you work for him ? Are you Eric Holders cousin? And yes I do want Bush back- if you had a clue you would see how your statement of what republicans want to you is what OBama is giving the US- OIPEN YOUR EYES...
jk- KEEP ON FINDING AND WRITING THE TRUTH....now that you have seen the truth since the immaculation of OBUMA
President Obama is the best thing going for America! He and his administration are getting bashed 24 x 7. Republicans just want things like they were under Bush. American will fall at the hands of the Republicans and the party of No! Be afraid, very afraid. There will only be the very rich and the very poor if the Republicans have their way!
Hi Anil,
American President has rightly honored Indian Prime Minister Manmohan Singh.
The co-operation between America and India will benefit both.
Thanks,
Jyoti Kothari
Hi,
President Obama has just hosted dinner to honor Manmohan Singh, Prime Minister, India.
It will be a new beginning of co-operation between two countries.
Anil
Dear Prof. Sharma,
Thanks for visiting my hub and also for a valuable comment. American economy is testing will test President Obama again and again. It is extremely difficult for him to bring economy of America on the track.
Regards,
Jyoti Kothari
Dear Jyoti,
Read with interest your article on the US President Obama and the economic crisis. Let's see how much does he translate some of his campaign rhetoric into concrete action, proving himself true to people's expectations, for the grace period for his appraisal is not going to last for ever.
Dear Roychudhuri,
Thanks for your regular comments on my hubs. You can write some hubs about this topic.
Thanks,
Jyoti Kothari
Hi, Kothari,
It is a very balanced analysis of the US economy and definitely it would provide the industrialists to look out for new industry in a new sector.
Hi Jyoti,
President Obama is not as successful as expected. The siruation in the US is so worse that it is impossible for a person to handle. Economic crisis will be longer than expected in America.
Anjali
Hi Websense,
I aqm continuly writing about non-thinking nature of Americans since last one year, even before the recesion hit severly. No body listened me at that time. Moreover, most of the Americans either criticize or redicule at me.
Now the things are coming true. Generally American people got crazy of anything and do not see other side of the coin. That has leaded US to this stage.
Same thing happened with Obama. They started believing that Obama will come with magic wonder. But there are no miracles in real life. One has to choose one's path judiciously and move upon that carefully to get success. Please read my other hubs about problem and crisis in American economy.
Thanks.
Jyoti Kothari
Sorry for my blunt comment. I have heard or read too many people who seem to almost worship Obama. After a news reporter criticized Obama when he lied to congress when he said there were no earmarks in the Omnibus bill, which had 8500 earmarks, a women replied, "but I BELIEVE HIM". Or the woman at the Democratic nomination convention, who said, "...I won't have to worry about putting gas in my car, I won't have to worry about paying my mortgage..." If only she could touch his robe, she could be healed! (sad)
Washington Post has this article on the Dumbing of America:
http://www.washingtonpost.com/wp-dyn/content/artic
There are more article about the Dumbing of America or Why Americans will believe Almost Anything:
http://articles.mercola.com/sites/articles/archive
We all are victims of people and organizations which want to make us function as morons - like an 8-12 year old child. We need to function as rebellious teenages, and eventually grow up to function as mature adults - or else we will be controlled by others.
We victims need to stick together - to help each other out of being victims. If we just blindly BELIEVE the politicians, the clergy, the doctors, the pharmaceutical companies and their TV commercials, the food industry, the educational system, the celebrities, etc. then we will be controlled by them, and they will get from us what they want.
Keep hubbing
Hi websense,
Thanks for your thought provoking comments. This hub was written long back, just after victory of Obama as new American President. Much water is flown throw the rivers after that and it seems that President Obama could not deliver as per expectations.
It was clearly visible in all media shows that people were mad about him. They were expecting him charismatic, otherwise he might not beat Ms. Hilary Clinton, a celebrity.
as per American system of election he has triumphed over Mccain, no doubt. Though he might not be able to gain much in popular voting.
You are right when you say non-thinking common Americans. I have described in many of my hubs about non thinking (go easy aproach) nature of common Americans.
Million dollar question is a phrase that may be translated as trillion.
Thanks again for a thought provoking comment.
Jyoti Kothari
Sorry, but you have been deluded by drinking the Obama Kool-Aid.
Obama is not a man or savior of Hope, but the Man of Hype - the King of Con. He has all the conniving skills to deceive the 'non-thinking' Common Americans.
Obama did not triumphed over John McCain with an overwhelming majority - only a couple percent of popular vote. His overwhelming majority was in the electorial votes - and only a small swing of 100,000 to 200,000 votes would have given John McCain the victory.
Sorrry, with Obama it is NOT a million dollar question - but a multi-Trillion dollar boondoggle which will bankrupt this country and "pay forward" this MASSIVE debt to our grandchildren and great-grandchildren.
Obama's mother, Ann Dunham Obama, has been described by her friends as "a fellow traveler..." meaning a communist sympathizer. In an interview, Barack Obama referred to his mother as "the dominant figure in my formative years... The values she taught me continue to be my touchstone when it comes to how I go about the world of politics." NOW, Obama is using the economic crisis to ram through as much of his mother's communist/socialist beliefs as possible. If he succeeds, America will be raped and pillaged.
Dear Earnest,
You are right and you are with the spirit of my hub. Thanks for commenting.
Jyoti Kothari
BEST OF LUCK OBAMA
You are on the ball. The USA is in it deep and so are we all.Australia is about to hit the wall as well. I believe the bailout was a mistake, and have said so many times on my hubs.
Obama will need to revolutionize Treasury and finance America through building infrastructure. Building new hospitals, roads, rail, eco-power systems, water catchments etc. That way we are paying forward by at least leaving something for the next generations out of this mess, and buying that infrastructure with todays dollars will be cheaper in the long term..
very good
excellent
Excellent! :)
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siddsg 6 months ago
Its time the average american realized that the only way for them to save their own economy and thus their jobs is to:
1. Buy American, preferably local.
2. Buy from the small neighbourhood store instead of the large corporations.
There is absolutely no other solution. You might save a couple of bucks buying 'Made in China', but in the long run you are going to end up exporting your jobs to them.
There are many websites that will point you to firms that sell only made in America. which you can find on google