In succinct terms the global economy is in bad shape. http://www.bloomberg.com/news/articles/2015-02-05/a-world-overflowing-with-debt?
Yet the president still thinks
he is doing a bang up job. At least that's what he keeps telling us.
Check out this no nonsense assessment. Quote: "In terms of jobs and
income, never in our history has median income actually declined during a
post-recession recovery. Yet Obama has achieved that dishonorable
distinction. He offered himself as a transformative political figure,
but this couldn't have been what he had in mind. Meanwhile, the
percentage of the U.S. population with jobs has fallen to lows not seen
since 1978, before women fully entered the workforce. And despite the
promises made at the onset of his trillion-dollar wasteful "Stimulus,"
unemployment exceeded 8% for the longest stretch in recorded U.S.
history. Accordingly, Obama's economic record can only be labeled one
of failure." http://cfif.org/v/index.php/commentary/43-taxes-and-economy/2456-by-the-numbers-obamas-economic-jobs-and-deficit-performance-is-the-worst-on-record
Quote: "As the economy gradually
improves, which it is designed to do no matter who is in office, there
continues to be an emptiness to it all. It's the result of an
unrelenting attack that says you are a bad person if you have too much,
can afford to send your children to college, want to make a lot of money
and think America is the greatest nation in the world. If you want to
see this economy take off...more Americans need to get on their high
horse." I am not so sure that I agree that the economy is improving.
However, the rest is on target. http://finance.townhall.com/columnists/charlespayne/2015/02/10/get-on-your-high-horse-n1955149/page/full
Regarding the application of
Keynesian economics, establishment of the Federal Reserve and the
consequences of the post WWII Bretton Woods Conference it has been
observed that "These very objectives remain with us. The statutory mission
of the Federal Reserve System has been called the “dual mandate.” It is
price stability and full employment. Were it capable of “targeting”
these outcomes successfully a great leap forward indeed would have been
made in human welfare. Yet according to the Bank of England’s Financial Stability Paper No. 13,
published in December 2011, all economic outcomes under the current
monetary regime — notably price stability and employment —have
underperformed — dramatically —both the gold and the Bretton Woods
gold-exchange standard." Here is a bit of insightful history. http://finance.townhall.com/columnists/ralphbenko/2015/02/10/the-greatest-depression-youve-never-ever-heard-of-n1955144/page/full
George Burns
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