Can Barack Obama help U.S. out of troubles?
(
People's Daily Online)
16:54, November 09, 2012
Complicated economic problems
Recently, 31 U.S. economists expressed their concern about the future of U.S.economy.
Since Barack Obama took office, the U.S. economic situation has been deteriorating,with domestic unemployment rate exceeding 8 percent in 43 successive months andthe total national debt over 16 trillion U.S. dollars, hitting a record in history.
As the tax reduction policy formulated by the Bush administration is about to expire plusthe expenditure-reducing plan made in 2011, Obama will face the problem of "nomoney available" first after winning the re-election.
Reducing expenditure is not a good method because it will cause serious economicrecession, according to both the International Monetary Fund and U.S. economists.
If the U.S. Senate and House of Representatives cannot reach an agreement on deficitreduction, the tax increase of 600 billion U.S. dollars and deficit reduction plan will beautomatically initiated in the early 2013, which will bring about the loss of 50 billion U.S.dollars and 6 million jobs to the United States.
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