President Obama Warns of Unemployment Being ‘New Normal’ in US

The US government and the Federal Reserve (successfully!) apply the most effective economic policies to destroy the middle class and the poor.

This is the Greatest Depression and the biggest financial collapse in history is near.



Mr Obama is still smarting from heavy losses in the midterm elections Photo: AP

In an interview with “60 Minutes” on CBS News, his first since the Democratic drubbing in last Tuesday’s mid-terms elections, Mr Obama said that he sometimes gets “discouraged” about the poor economy but realised that it was not entirely his fault.

“There are times when I thought that the economy would have gotten better by now,” he said. “You know, one of the things I think you understand as president is you’re held responsible for everything, but you don’t always have control of everything, right?”

He insisted he was not worried about another depression or recession but the unemployment rate, stuck at just below 10 per cent, was a major concern.

“What is a danger is that we stay stuck in a new normal where unemployment rates stay high, people who have jobs see their incomes go up, businesses make big profits, but they’ve learned to do more with less, and so they don’t hire,” he said.

“And as a consequence, we keep on seeing growth that is just too slow to bring back the eight million jobs that were lost. That is a danger. So that’s something that I spend a lot of time thinking about.”

Mr Obama resisted expressing regrets about any policy decisions he had made but spoke with the same tone of contrition he exhibited in his White House press conference last Wednesday. He suggested his focus on good policy had carried a political price.

“We were so busy and so focused on getting a bunch of stuff done that we stopped paying attention to the fact that, yeah, leadership isn’t just legislation, that it’s a matter of persuading people and giving them confidence and bringing them together, and setting a tone.

“We haven’t always been successful at that, and I take personal responsibility for that. And it’s something that I have to examine carefully as I go forward.”

Mr Obama also said that he did not believe the elections had been a referendum on his presidency. “I think first and foremost, it was a referendum on the economy. And the party in power was held responsible for an economy that is still underperforming and where a lot of folks are still hurting.”

By Toby Harnden in Washington 6:34PM GMT 08 Nov 2010

Source: The Telegraph

See also:

China Says Fed Quantitative Easing May Flood World Economy With ‘Hot Money’

14 Pieces Of Bad Economic News That Are So Horrifying You Might Not Want To Read Them Standing Up

Catherine Austin Fitts: The Looting Of America

America – The End of Liberty (Documentary)

QE2 – The Day After: Entire World Blasts Deranged Madman Bernanke’s Uncheckable Insanity

Federal Reserve Will Surpass China As Top Holder Of US Debt By The End Of The Month: Shit Just Got Real!

Federal Reserve To Spend $600 Billion More To Destroy The US Dollar And The Middle Class

Federal Reserve Banksters Return to Jekyll Island to Celebrate 100 Years of Successfully Destroying America

US Debt Has Increased $5 Trillion Since Speaker Pelosi Vowed, ‘No New Deficit Spending’

Prof. Kotlikoff: ‘The US is bankrupt’, Government Debt At $200 Trillion – 840 Percent of Current GDP

The Dylan Ratigan Show with Prof. William Black: ‘Fire Holder, Fire Geithner, Fire Bernanke’

Elite Puppet President Obama Exposed (The video exposes also several other puppet administrations.)

Three Horrifying Facts About the US Debt ‘Situation’:

#3: The US will Default on its Debt

… either that or experience hyperinflation. There is simply no other option. We can NEVER pay off our debts. To do so would require every US family to pay $31,000 a year for 75 years.

Bear in mind, I’m completely ignoring the debt we took on with the nationalization of Fannie and Freddie, AIG, and the slew of other garbage we nationalized or shifted onto the Fed’s balance sheet. And yet we’re STILL talking about every US family making $31,000 in debt payments per year for 75 years to pay off our national debt.

Obviously that ain’t going to happen.

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