U.S. State of the Union Through Rose Coloured Glasses
"Labour force participation rate has gone way down compared to what it had been prior to 2007 and a little bit of that is because the baby boom is aging."Well, didn't Barack Obama wow the audience of tens of millions of Americans listening intently to his State of the Union address? Perhaps not quite, if the star of the show's critics and they are legion, have anything to say about it. But he still has star power, can still count on adulation as the powerful lecturer with the academic accent, appearing before university students obsessed by his lingering celebrity status.
"So you can expect a certain degree of retirement even though you would be eligible to be counted in the workforce. But a lot of it includes people who just have stopped looking because they couldn't find anything."
Kent Hughes, economist, public policy scholar, Wilson Institute, Washington
"Last year, as we were doing the hard work of imposing sanctions along with our allies, some suggested that Mr. Putin's aggression was a masterful display of strategy and strength. Well, today, it is America that stands strong and united with our allies, while Russia is isolated, with its economy in tatters."
U.S. President Barack Obama
"He was suggesting that we were winning or beating Putin and I was thinking, 'Gee, tell that to the folks in Crimea and Ukraine'. So, I'm not so sure we are ahead in that particular situation."
"He's looking in terms of legacy and may want to be seen as the progressive president that does these sorts of things and adheres to this policy. He may not be concerned necessarily about getting things done."
Tim Hagle, political science professor, University of Iowa
President Barack Obama speaks to a capacity crowd at Boise State University during a visit to Boise, Idaho, Wednesday, Jan. 21, 2015. (AP Photo/Idaho Statesman, Kyle Green)
The projected growth rate of the U.S. economy steadily emerging finally from the 2008 recession is a really healthy 3.5% for 2015. The greenback stands tall against other world currencies and that isn't too good, in fact. China's giant economy is in the process of stalling and Japan's is lagging, while so much of Europe struggles with deflation. So American exports aren't going to be whumping manufacturers into the stratosphere of triumphant recovery and job creation.
As for the social-economic element in the country, it's quite rosy for the 9.6-million millionaires of the nation. Before the recession there were 9.2 million millionaires, so the top one percent are doing very well, thank you very much; full steam ahead and clear the tracks. Record stock prices are elevating their personal wealth. For other Americans the economy hasn't risen to expectations. Although official employment figures come in at 5.6% it's a misleading number.
Since millions have stopped looking for employment, no longer included in the official figures, dropped out of the job race. Including the labour force participation rate gives the real unemployment figure, and it's pretty uninspiring at 11 percent, according to the Labour Department. Deciphered as a stagnant employment rate that hasn't budged much since the recession. Those aged between 16 and 24 have a jobless rate of 12.4 percent.
But African Americans can boast a much higher unemployment figure, fully 25 percent. Anyone finding full-time employment faces competition in a labour market that has broadened to include the global market; too many workers and too few job opportunities. So how robust then is the American economy?
As for the foreign relations of the powerful United States of America, well, it's more or less a check-mate situation with Russia. Similarly with Iran, which has suddenly become an odiously reeking 'partner' with the U.S.-led air campaign in Iraq and Syria, even while the U.S. along with its other negotiating partners in the effort to have Iran ramp down its nuclear ambitions complicates matters even further.
Back home again with two years left to administer the affairs of the nation the Republicans and the Democrats are farther apart than ever before; no hint of bi-partisan fellowship anywhere to be seen or heard of. With the largest Republican majority in Congress in ages, the past six years has seen a sourly antagonistic view from the Republicans responding to the "progressive" agenda of the Democrats under Barack Obama's administration.
His critics speak more of the displayed ego in that State of the Union address, boasting of this president's sterling accomplishments, and threatening vetoes in the near future should the Republicans attempt to tinker with any of them. And then bringing forward again the very same economic and foreign policy stratagems already thumbed-down by Republicans.
Polarization couldn't become too much greater, and how much of a benefit is that to the United States and the rest of the world? He certainly has turned American foreign policy on its head, inside-out and upside-down. And nor has he unified public opinion on the home front, with his vital initiatives to make a difference in the lives of ordinary Americans, much less those of colour.
Labels: Economy, Employment, Natural Resources, United States
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