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IMF-Bernanke Predict a Bleak Future for US Economy

The budgetary position of the federal government has deteriorated substantially during the past two fiscal years, with the budget deficit averaging 9-1/2 percent of national income during that time.

October 07, 2010 (Hamsayeh.Net) - The International Monitory Fund (IMF) predicted a less than anticipated economic growth for oil-dependent US and western economies this year until at least 2011. It said the US economy has slowed down due to weak consumer spending and soaring debts. Also yesterday, US Federal Reserve chairman Ben Bernanke delivered one his most dire predictions for US economy, which received next to no coverage in the mainstream US - European media.  

The IMF announced, ‘the most likely prospect for the US economy is for a continued but slow recovery, with growth far weaker than in previous recoveries, considering the depth of the recession,’ as reported by Reuters on Wednesday. It predicted an average growth of 1.7 for the remainder of 2010 until 2011.

According to IMF, US economic growth dropped %55 from its previous high of 3.7 following the economic stimulus program enacted by Obama administration. One of key problems for US economy is the high level of unemployment that stands at well over %22 while the government misleadingly claims it is only %9.6.  ‘The unemployment rate is therefore expected to remain stubbornly high,’ IMF predicted while adding much of the sluggishness is caused by reduced consumption that comprises over %60 of all US economic activities.  

During his long speech in Rhode Island yesterday, Ben Bernanke finally admitted the US economy is currently in an unsustainable situation which would most likely become worse in the future. ‘The budgetary position of the federal government has deteriorated substantially during the past two fiscal years, with the budget deficit averaging 9-1/2 percent of national income during that time. For comparison, the deficit averaged 2 percent of national income for the fiscal years 2005 to 2007, prior to the onset of the recession and financial crisis.’ Bernanke said.  

The chairman of US Federal Reserve also added, ‘Our fiscal challenges are especially daunting because they are mostly the product of powerful underlying trends, not short-term or temporary factors. Two of the most important driving forces are the aging of the U.S. population, the pace of which will intensify over the next couple of decades as the baby-boom generation retires, and rapidly rising health-care costs.’ 

Meanwhile thanks to China, India and other emerging economies’ growth and their solid cooperation with global energy hubs, the overall global economy should expand by 4.8 and 4.2 percentage points in 20101 and 2011 respectively as predicted by the IMF.

Asia and other emerging economies’ growth stand in stark contrast to US and its ever-dwindling circle of allies led by Zionist think tanks.

Leading analysts, predict the Obama administration to resiliently press on with a similar set of behavior (mistakenly called policies) as its predecessor with regards to important global issues. It is expected that the Zionist regime will direct Obama and the US military to keep on fighting in Afghanistan, Iraq and Yemen with further expansion of the war theater into all of Pakistan - a nuclear-armed nation. Continuation of wars in other regions should help relieve some problems for the US at home by diverting public attention from an imminent financial bankruptcy to other none related issues.

Asia and other emerging economies’ growth stand in stark contrast to US and its ever-dwindling circle of allies led by Zionist think tanks.

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