A new President.

Wow does President Obama face a number of challenges or not as he takes office?

But probably the most urgent is addressing the state of the US economy, much as Brown’s is over here.

The US economy has already been in a recession since the beginning of 2008 whereas we have just gone into recession, and that slowdown is expected to last at least another year, making it the longest recession since World War 2.

The rate of job loss is accelerating, with 2.6 million jobs lost in 2008 alone, and the unemployment rate has soared to more than 7%. Not good!

Some economists believe the real jobless rate, including discouraged workers and those working part-time, is closer to 14%.

The housing market is still in freefall after two years of declines, and the number of repossessions, is at a record high.

The credit crunch has spread from the housing market to other sectors, with credit cards, car loans and commercial property lending all affected – as well as loans to businesses.

All this is likely to push the Federal government’s budget deficit to over $1 trillion, the highest in history and more than double what it was during the last financial year.

Tackling the jobs crisis President Obama will take office with 11 million citizens out of work, and he has signalled that his highest priority will be job creation again very similar to Brown’s pronouncements. Well let us be thankful that Bush is gone both for the sake of the US people and even more so for the sake of the rest of the world. At last we have a man in the White House who realises what’s really important, not crappy messages about how powerful the US is and how we are defending freedom but playing a responsible global role that is inclusive and not divisive.

Interesting reaction!

I got only one reaction to that previous post probably as no one reads this blog. However it was interesting as it was basically a stream of vitriol from a young woman in the states who had obviously (a) not read the post or else she would have seen that it was not written by me and (b) she hadn’t read my profile (less surprising). The level of bitterness and hate in her words was truely worrying.