US economy Is In The Doldrums
Posted by Stephen Cline on February 23rd, 2010The US economy seems to be in the doldrums. There have been lots of pronouncements and hopes expressed that it may be lifting itself from the doldrums, but if you look at the real indications, you will not find too many indications of credible change for the better. The US economy has already seen a stimulus package of more than $787 billion, and yet, you see scant results and evidences of any positive change. The unemployment rate hovers in the range of 10% and if you tell a person who is laid off, that the economy is improving, he may laugh at you or curse!
The whole stimulus package has now risen to more than $862 billion, if you consider the enrichment given to the package. But when the President and the VP say that this will have a good long terms effect, you are bound to hear it with disbelief. If the effects have not been seen in the short run, how can they become obvious in the long run? All claims of job creation seem to be rather hollow, as you will see that 8 million jobs have already been lost since the beginning of the recession. In January, 20,000 jobs were lost and if this is how the year started, you can imagine how it will end!
Tags: doldrums, US economy