Obama Fiddles While Economy Falters

The Economic Times of India called the latest U.S. trade data, released August 11, a "grim set of trade figures." In June, the U.S. trade deficit rose by $7.9 billion, or 19 percent, to $49.9 billion. Meanwhile, growth of the U.S. economy was faltering from 3.7% during the first quarter to 2.4% during the second. The two are related. The rising trade deficits have been causing demand to leak abroad out of the American economy, causing growth to slow. The graph below shows the monthly trade deficit since President Obama took office:Instead of tackling the main problem of the economy and the high unemployment rate of more than 9%, the Obama administration wasted its first year in office pursuing a chimera called National Health Care. They followed that up by wasting six months of additional time and money creating a new giant bureaucracy to regulate the banking industry -- this to prevent a possible collapse of the banking system when we have not even emerged from the current...(Read Full Article)