America is in a steep decline because of the Obama administration's anti-business policies that have blocked economic growth.
From the beginning of his presidency, Obama's retro-New Deal policies were all about expanding federal spending, programs and taxes at the expense of the private sector and the labor force, both of which have shrunk under his remedial management.
The result, as we head into the Labor Day weekend, is a shrinking labor force, stalled economic growth, deepening debt, and a White House that is out of substantive ideas about how to pull our country out of its economic nosedive.
The Commerce Department reported last week that the economy was growing at a feeble 1 percent in the second quarter and has all but stopped growing. This week, The Conference Board research group said its Consumer Confidence Index dropped in August to its lowest level since April 2009, falling 15 points to 44.5.
The U.S. Bureau of Labor Statistics reports that the percentage of younger workers with a job declined to 48.8 percent in July, the lowest rate for that month since the BLS has been collecting such data.
Meanwhile, forecasters expect the Labor Department's report this Friday will show only 67,000 jobs were created in August, signaling a trend that indicates unemployment will remain high throughout Obama's presidency.
Americans are justifiably pessimistic about the economy, fearing that it's not going to get better anytime soon and, indeed, will likely get worse in the months ahead as the White House vainly struggles to patch together a new jobs agenda in order to rescue a president whose job approval polls have sunk to new lows.
Obama says he will soon offer the country a new plan to turn the economy around. But the Washington Post reported Tuesday that "behind the scenes Obama and top aides had yet to reach agreement on the major tenets of that plan, and it remained unclear whether the president was looking for narrower ideas with a realistic chance of passing the Republican-led House or more sweeping stimulus proposals that would excite his liberal base and draw contrasts with the GOP."
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