It’s Time for Leadership

In today’s (8/11/10) Wall Street Journal, “The U.S. trade deficit widened unexpectedly to a 21-month high of $49.90 billion in June, as imports from the nation’s largest trading partners ballooned. U.S. exports contracted 1.3% in June from a month earlier, while imports increased 3.1%. The trade gap with China expanded to $26.15 billion in June — the widest level since October 2008.” http://online.wsj.com/article/SB10001424052748704901104575423051863102666.html?mod=djemalertNEWS.

Meanwhile, “The yen hit a 15-year high against the dollar of 84.72 yen, breaking its 2010 peak set earlier Wednesday (8/11/10). U.S. currency has come under heavy selling pressure against the yen in European trading hours, following the U.S. Federal Reserve’s downgrade Tuesday (8/10/10) of its economic assessment and its decision to reinvest some expiring bond holdings.” (see below) http://online.wsj.com/article/SB10001424052748704164904575422252831246966.html?mod=djemalertNEWS.

Yesterday (8/10/10), the Federal Reserve announced its decision to reinvest proceeds from expiring mortgage-backed securities into longer-term U.S. Treasurys in a bid to help the weakening U.S. economy by keeping mortgage rates low. In the closely watched statement that followed its policy meeting, the U.S. central bank acknowledged that the pace of the recovery had slowed in recent months. The Fed planned to release more details about the reinvestment operation later that day. The Fed also reiterated that it expected to keep benchmark short-term interest rates close to zero for an extended period due to low inflation and high unemployment.” (see below) http://online.wsj.com/article/SB10001424052748704164904575421481861512518.html?mod=djemalertNEWS. Read the Fed’s statement at http://blogs.wsj.com/economics/2010/08/10/fed-statement-following-august-meeting-2/.

Last week (8/6/10) the Wall Street Journal reported: “The U.S. economy shed more jobs than expected in July while the unemployment rate held steady at 9.5%, a further sign the economic recovery may be losing momentum. Nonfarm payrolls fell by 131,000 last month as the rise in private-sector employment was not enough to make up for the government jobs lost, the U.S. Labor Department said. Only 71,000 private-sector jobs were added last month while 143,000 temporary workers on the 2010 census were let go.” http://online.wsj.com/article/SB10001424052748703309704575412990024153682.html?mod=djemalertNEWS.

So this is what is covered in the New York Times.  Are you seeing the trend?  The economy is underperforming. 15 million Americans are out of work. Wall Street remains guardedly optimistic; and the federal government has no idea how to repair the economy. The most they can say is that they think the free-fall has ended. It is time for American’s to ask “how is the President working with Congress, the private sector, and the nonprofit sector to repair the economy, to put people back to work and to move this nation forward.” It’s time for America to ask the question and demand an answer. It’s time to demand leadership.

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About David A. Ross and Associates
David A. Ross, J.D. is a public policy and advocacy consultant from Pennsylvania. David A. Ross and Associates connects companies, nonprofits and government agencies to the rules, tools, information and resources they need to achieve their mission goals.

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