President George W. Bush was probably overjoyed to pass over his torch for presidency seeing as to how the economic crisis he practically led us in would no longer be his responsibility. However, as a man of integrity and will, Obama gladly stepped up to the plate and is already, after just months as president, composed a recovery plan for the national and even global debt.
In just recent news, it was announced that the once considered "resurrected" Great Depression, will possibly end by the fourth quarter of this year. This is due to over the proposed 3.5 million jobs new jobs available in 2010, the newly-ordained yet extensive powers given to the Federal Reserve based on more strict regulations, the $750 billion dollar debt's bailout plan, and lastly, the rise in bank earnings since the crack of 2009.
Banks such as Bank of America Corp. and Citigroup Inc. have all seen drastic increases in their earnings. The earnings have increased so much to a point where, due to retail sales, our country may be back in stable economic conditions within the next six months. If all goes as planned and banks are able to garner political support to make things happen!
However, there are other problems Obama faces. He vowed to introduce 2.5 million new jobs in fall 2008 by the year 2010. He then experienced an immense setback when the job deficit was affected by an additional 1 million before the close of 2008 so he revised his plan to 3.5 million.
Furthermore, our current and burgeoning job national unemployment rate is at staggering 4.8 million.
There’s so much pressure placed on Obama, which is exactly why he handed over some of his responsibilities to the Federal Reserve to lift the a portion of the weight off his shoulders. This is to aid America and the rest of the world’s refurbishment as the recession accelerates to a more global effect.
In just recent news, it was announced that the once considered "resurrected" Great Depression, will possibly end by the fourth quarter of this year. This is due to over the proposed 3.5 million jobs new jobs available in 2010, the newly-ordained yet extensive powers given to the Federal Reserve based on more strict regulations, the $750 billion dollar debt's bailout plan, and lastly, the rise in bank earnings since the crack of 2009.
Banks such as Bank of America Corp. and Citigroup Inc. have all seen drastic increases in their earnings. The earnings have increased so much to a point where, due to retail sales, our country may be back in stable economic conditions within the next six months. If all goes as planned and banks are able to garner political support to make things happen!
However, there are other problems Obama faces. He vowed to introduce 2.5 million new jobs in fall 2008 by the year 2010. He then experienced an immense setback when the job deficit was affected by an additional 1 million before the close of 2008 so he revised his plan to 3.5 million.
Furthermore, our current and burgeoning job national unemployment rate is at staggering 4.8 million.There’s so much pressure placed on Obama, which is exactly why he handed over some of his responsibilities to the Federal Reserve to lift the a portion of the weight off his shoulders. This is to aid America and the rest of the world’s refurbishment as the recession accelerates to a more global effect.
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