Beware a President facing elections and seeking scapegoats
Fresh from his one-man campaign to destroy BP, President Obama this morning told the US media that European “economic headwinds” were responsible for America’s failure to recover quickly from its economic ills. The President didn’t finger the EU for his trade-gap and fiscal problems, but that was to be expected: he’s already charged China with that one.
While there remains work to do on the economy, said Barack Obama, he and his Republican chum Bernanke “share the view that the economy is strengthening, that we are into recovery”…..but failed to explain what had happened to the eight million jobs that have disappeared since 2007. First reports suggest that these may have been kidnapped by Al Q’aeda.
As predicted by The Slog (and David Cameron) the sum total of output from the Toronto G20 summit was a paper expressing everyone’s desire to make a lot more money, and borrow a lot less money. The G8 nations also called upon the other 12 to join them in a bid to have jam on the clotted cream while selling all the fruit and cows to the Saudis.
However, research polling conducted last week in the US showed that economic growth, jobs and mounting government debt will be ‘the top issues’ in November’s congressional elections. With the unemployment rate at 9.7 percent – and voters pessimistic about the recovery – there may just be the early signs of an agenda in there somewhere.