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FOX: Obama Fiddles As Economy Burns

Posted on July 17 2009 8:51 am
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Economic commentators said on the “Glenn Beck Program” that the U.S. economy is rapidly cratering and that there is abundant evidence that it’s far worse out there than the Obama administration is telling the public.

Yet President Obama “wants to ram universal health care and cap-and-trade and everything else down our throats, because it’s an emergency, we can’t even think about it,” Glenn Beck said.

Walter Zimmerman of economic research firm United ICAP said it’s a sign of weakness that in America today that

nobody thinks twice about going into debt…It’s a sign that this country doesn’t have the same power it used to have and it’s a big cost to us all because the government is going to have to borrow money to fund that debt. They are going to crowd the credit markets. Interest rates are not going to go back down.

Mort Zuckerman, chairman of U.S. News & World Report, said

there is for a continuing trend in growth in unemployment….the Obama administration said when they proposed their stimulus program, it was going to stop at 8 percent…we’re now at least 9.5 percent…and we’re clearly going to go well above 10 percent and hitting 11 percent. That’s unprecedented…

The 9.5 percent figure understates real unemployment because it doesn’t include “people who stopped looking, who gave up looking, who are in voluntary part-time [work] because they really need full-time and couldn’t get it,” Zuckerman explained. “When you include those people, it’s 16.5 percent and growing.”

Now the federal minimum wage increase will take effect in a few days and that will “intensify the desire of companies who are all trying to slash costs…because they simply can’t be competitive in this kind of an economy and still make money,” Zuckerman said. There are now 25 million people in the U.S. who are “either unemployed or underemployed in this country — which is an unprecedented level since the end of World War II,” he said.

Added Zimmerman, “And that’s a forecast for further mortgage foreclosures.”

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