Barack Are you the saviour !

In the G20 summit , this year, the, American president stood up and said the american voracious consumer cannot only drag the world out of recession, everyone has to play its part. Well president Barack obama got america,and presidentship at that point of time  when it was facing all sort of issues from his predecessor George Bush Junior who was a failure like his father in all aspects.

On december 6, 2008, Barack came on national channel when 533,000 jobs were lost in November alone, the single worst month of job loss in over three decades, with  a challenge of how can he revive the economy back. His economic recovery plan which will create two and half million jobs while rebulid the infrastructure with developing roads and improving school education. He wanted that the public buildings be made more energy proficient.He promised to upgrade the federal builidngs and making the federal highway system. Barack when was promising these to common man..knew very well that it will not be easy for him to implement all but he knew even if he did half of it , america can come out of recession and atleast be stable, if not be in the best of situations. The bush adminstration was at fault when the subprime crisis started and was not able to control its effect not only in america but to the whole world.

The 787 billion dollar economic stimulus package known as the Recovery Act, helped  to make the economy revive stronger from ashes.The Recovery Act included help for homeowners in danger of foreclosure to pay their mortgages, measures to unfreeze credit markets; extensions of unemployment benefits,tax cuts for middle income Americans, and investments that are putting people back to work rebuilding and renovating roads, bridges, schools, and hospitals.

The US jobless rate hit a 26 year high of 9.5% in June as more employers retrenched. Some expect the unemployment rate to rise to 10% or higher. Commerce Department revised figures showed a 6.4% decline in the first quarter of 2009, worse than the previous estimate of a 5.5% drop. In the fourth quarter of 2008, the drop was revised to 5.4% instead of 6.3%.Other revisions from 2008 showed a weaker GDP than originally estimated, with growth of 0.4% for the full year instead of 1.1%. Some economists warn that rising unemployment could dampen any economic recovery.(Source:- CNN reports).

Barack had a real tough time in front of him and may be he had many sleepless nights, in trying to change the hardcore american mentality. Americans have been buying and selling in credits. Banks have been ruthless enough to provide them with loans they can never repay. A average american lives and dies in credit.

While Goldman Sachs estimates that the US  will drop into recession this year saying Federal cut would be like around 2.5 percent a year, barack s recovery scheme seems to be Failure. But with markets slowly reviving  up, I hope barack  finally gets a praise,for his fight. The good part is he is open to all changes and has has shown that with time , he is ready to take stringent decisions. The Franklin.D.Roosevelts depression and Baracks Recession have turned gears and the world is asking...Barack are you the saviour!