Quite a lot hinges on the recovery of the economy - Medicare, Medicaid, Social Security and debt reduction. But President Obama has failed to deliver a credible solution to America's woes.
Presidential hopeful Mitt Romney too has a recovery plan, which he thinks is better than Obama's. He focuses on supply-side recovery, whose potential was proved during the Reagan era, he says. Obama's track record, on the other hand, has been terrible when it comes to economy's overall recovery. While the list goes on, there are four primary areas where Obama has failed US on the economy.
Overall Economic Growth Rate
While the recession officially ended three years back, the overall economic growth rate has not got anywhere near the pre-recession era, let alone attaining those glorioius numbers. On the contrary, experts have pointed out at the possibility of a double-dip, meaning the economy could slide again.
High Unemployment Rate
Unemployment rate has remained dangerously high throughout Obama's tenure. Official statistics indicate that it was 8.1% for the month of August, though the figure may rise considering a host of issues. Long term unemployment is high and several jobs are dissappearing completely, leaving masses high and dry.
Minorities are worse-off when compared to Whites when it comes to employment opportunities. High rate of unemployment is prevalent among African-Americans and Hispanics and it is highly unlikely that unless the economy bounces back very strongly, their condition will show any signs of improvement.
Americans earn less than what they used to do when the recovery plan began. Quite astonishingly, people are rationing food, something unthinkable of in the land of opportunities in the past, even when the recession was at its peak. The situation actually worsened after President Obama took the charge.
Providing stimulus to the private sector is the only way in which America's woes can be eliminated or reduced. Alas, all that Obama had to say about private sector is "the private sector is doing fine."