Over 15 Million Unemployed in The World's biggest Economy
Tehran, Dec. 09, 09 (Hamsayeh.Net) - US President Barack Obama has decided to tackle the growing unemployment crisis facing the nation. Well over 15 million full time jobs have been lost since the beginning of the recession in September 2008.
According to economic analysts sporadic job creation programs are the usual ways to calm anxieties but in fact it would be very difficult for Obama to do as he promises. Yesterday the US President attending a meeting about job creation and economic growth at the Brooking Institute in Washington, proposed new ideas to reduce runaway unemployment.
President Obama’s three-pronged strategy could be summarized as tax cuts for small businesses, new spending on infrastructural projects like building roads and bridges and energy efficiency rebates. The first two incentives are familiar methods of trying to boost productivity etc. but the third solution seem to be a new idea coincidently brought up at the time when an international environmental protection symposium is held in Denmark.
Economic experts say if Obama reduces taxes for small business it would mean an increase in what is already a several trillion dollars of deficit and if he doesn’t one could expect more unemployment for American workers in the future.
US’ financial sector, the country’s biggest industry is currently taking advantage of publicly borrowed money under the Troubled Asset Relief Program (TARP) that benefits no one except financial gurus and think-thanks on Wall Street. Minuscule numbers of jobs have been created since the introduction of TARP program ten months ago while over 3 million jobs have been lost during the same period.
‘One hundred billion, 150 billion, 75 billion, those are all figures that are being talked about, depending on what the component parts are,’ House majority leader Steny Hoyer said.
Leading economist believe US’ overall economic competitiveness as opposed to emerging economies in Asia, South America, Indian Subcontinent and elsewhere is the leading cause of economic decline in the world’s largest economy. For American companies it would more profitable to set up businesses overseas than lose money setting up one at home.
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