Obama Sees More Pain Now but Hope Later on Economy

[acmavm]

WASHINGTON — President Obama said on Tuesday that the battered economy was showing signs of recovery, but he warned Americans that more pain lies ahead and urged them to help build a foundation for a new, 21st century prosperity.

Speaking just after a disappointing report on March retail sales made it clear that a sustained recovery is not yet at hand, the president delivered a speech that was part pep talk and part rebuke, not only for the once high-rolling members of the financial world but for politicians who he said had deferred tough decisions for too long.

“I want every American to know that each action we take and each policy we pursue is driven by a larger vision of America’s future,” Mr. Obama said in remarks at Georgetown University.


http://www.nytimes.com/2009/04/15/business/economy/15obama.html?partner=rss&emc=rss

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Guess which part of 'America' gets the privilege of suffering some more. Well, it ain't Wall Street, it ain't the banks, it ain't the credit card companies, and it ain't corporate Amurika. It won't be any of the schmucks that gamed the system and broke it.

Now who does that leave????

[ProgressIn2008]

1. That's nice. People like him feel no pain. They have servants and health care.

As it always was -- kings feast and peasants starve.

[notesdev]

2. The foundation for future prosperity

lies in the exact opposite direction that the Obama administration has charted.

Less debt is mandatory for recovery. The mathematics cannot be ignored. We are running up against hard limits of not only our economy to finance debt, but also the government.

Federal Balance Sheet 2009:

Expenses: $3.6 trillion
Income: $1.6 trillion

The only way this makes sense is if they plan to default on the national debt.