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Can Barack Obama help U.S. out of troubles?

(People's Daily Online)

16:54, November 09, 2012

Complicated economic problems

Recently, 31 U.S. economists expressed their concern about the future of U.S. economy.

Since Barack Obama took office, the U.S. economic situation has been deteriorating, with domestic unemployment rate exceeding 8 percent in 43 successive months and the total national debt over 16 trillion U.S. dollars, hitting a record in history.

As the tax reduction policy formulated by the Bush administration is about to expire plus the expenditure-reducing plan made in 2011, Obama will face the problem of "no money available" first after winning the re-election.

Reducing expenditure is not a good method because it will cause serious economic recession, according to both the International Monetary Fund and U.S. economists.

If the U.S. Senate and House of Representatives cannot reach an agreement on deficit reduction, the tax increase of 600 billion U.S. dollars and deficit reduction plan will be automatically initiated in the early 2013, which will bring about the loss of 50 billion U.S. dollars and 6 million jobs to the United States.

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wende at 2012-11-0998.109.105.*
If US keeps blocking Chinese investment in the US, restrict exports to China and establish all sorts of protectionist policies, US will never get better under any president. US will fall to the economic abyss.

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