Latest News:  
Beijing   Light to moderate rain/Light rain    13 / 8 ℃  City Forecast

English>>World

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.

【1】 【2】 【3】



Most viewed commentaries
World News in Photo
U.S. naval vessels cruise in waters near China Russian aerobatic team to perform in China's air show Joy and distress fill the air during Eid festival
Hurricane Sandy hits United States N. Korea's Kim attends university anniversary celebration Houston air show kicks off

Email|Print|Comments(Editor:朱蕤、张茜)

Related Reading

Leave your comment1 comments

  1. Name

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.
  

Selections for you


  1. China's stealth fighter concept model

  2. PLA Macao Garrison finishes 13th rotation

  3. Unforgettable moments in Nov. (III)

  4. Flight test of unmanned aircrafts conducted

  5. First inter-blood-type liver transplant in China

  6. Harbin Autumn Automobile Exhibition

  7. Embroider best wishes on insoles in Shanxi

  8. China's rich people will reach to 280 million

Most Popular

Opinions

  1. Commentary: Hot money needs cooling
  2. Smart solutions for better city, better life
  3. China remains an 'engine' in global economy
  4. M&A of listed companies gaining steam
  5. Is 'culture' inferior to 'commercialization'?
  6. Chinese liquor makers "sober up" over bans
  7. Strength of Chinese culture lies in understanding
  8. Securing China's e-commerce growth
  9. Hammered ore prices threaten Chinese iron miners
  10. CNN Beijing chief: China's challenges, opportunities

What’s happening in China

Landmark building should respect the public's feeling

  1. Herders, sheep flock move to winter pasture
  2. First inter-blood-type liver transplant in China
  3. HIV patient to sue hospital over cancer op refusal
  4. Test in intelligent vehicle for food detection
  5. Smart card, dumb refund rules