Opinion

Obama can’t turn things around

Posted May 20, 2013 4:40 am

The article about the Stephanopoulos-Obama ABC News interview explains once again that the president can’t cope realistically with the mess the U.S. is in as far as our ability to skillfully run country is concerned. When he tells ABC News that we don’t have an immediate crisis in terms of debt for the next 10 years, he is negligent about facing up to the magnitude of the federal debt.

The U.S. has a debt of $17 trillion, more than 100 percent of our annual gross national product which is approaching our World War II levels. Each month the Federal Reserve is pumping $85 billion into the U.S. economy. This money has to e borrowed from someone and the U.S. government can’t just borrow from itself.

The country’s annual loss is now a little over $1 trillion. We could always counterfeit money but that is illegal.

When we have slow growth, high unemployment, discouraged, poorly trained workers, too many people on welfare, too much war exposure, we have a serious situation.

I don’t think Obama is equal to the task of turning things around.

Chuck Barr

St. Charles

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