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Obama Fiddles while Economy Falters - We're published in the American Thinker this morning
Howard Richman, 8/16/2010

Here's how we begin:

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, the high unemployment rate of more than 9%, the Obama administration wasted its first year in office pursuing a chimera called National Health Care and followed that up by wasting six months of additional time and money creating a new giant bureaucracy to regulate the banking industry to prevent a possible collapse of the banking system when we have not even emerged from the current collapse yet.

If instead, President Obama had balanced trade, the U.S. would have gained enough jobs to produce an additional $49.9 billion worth of goods per month. With each U.S. manufacturing worker producing approximately $10,000 worth of product each month, this production would have employed about 5 million more manufacturing workers, not to mention additional jobs from workers constructing the new factories and not to mention the jobs providing services to the newly employed manufacturing workers.

To read the rest, go to: http://www.americanthinker.com/2010/08/obama_fiddles_while_economy_fa.html