The current situation in the Philippines is not an isolated case. As we continually call on President Arroyo and her administration to do something about the massive lay-offs in major industrial areas and economic zones in the country, constituents of the biggest superpowers in the world are doing the same thing.
No less than the most powerful man in the world, US President Barack Obama has been appealing to his fellow leaders at the US Senate to act now and fast if only to save their country from further devastation.
In the recent news, he announced that unemployment for the last week was already recorded at 626,000. “Tomorrow, we're expecting another dismal jobs report on top of the 2.6 million jobs that we lost last year. We've lost 500,000 jobs each month for the last two months," he was quoted by the international press as saying. The new report of US Labor Department is believed to be the highest since October 1982, when their economy was in a steep recession.
Even Obama and his people cry. Even the mightiest of the highly industrialized world are looking into drastic measures to save their economy. The ongoing talk between the White House and the Republican Senates seems to be taking longer than it should be. Obama’s stimulus bill that is focused on higher tax cuts, lower expenditures for the government and relief measures for homeowners is seen to be slashed from $987 billion to $800 billion.
This is fair enough for Obama while other Republican senators are still giving a fight on other cuts on the bill.
Whatever happens to Obama’s stimulus bill will be an indicator of how his administration will fair in negotiating with the US Congress. This will be a reference of the political trends that would eventually dictate the future of US’s economy. Whether US could recover or not will depend on how good Obama could persuade everyone in the US Congress that indeed the time of politicking is over and the Republicans must help him revive their economy fast.
In the recent news, he announced that unemployment for the last week was already recorded at 626,000. “Tomorrow, we're expecting another dismal jobs report on top of the 2.6 million jobs that we lost last year. We've lost 500,000 jobs each month for the last two months," he was quoted by the international press as saying. The new report of US Labor Department is believed to be the highest since October 1982, when their economy was in a steep recession.
Even Obama and his people cry. Even the mightiest of the highly industrialized world are looking into drastic measures to save their economy. The ongoing talk between the White House and the Republican Senates seems to be taking longer than it should be. Obama’s stimulus bill that is focused on higher tax cuts, lower expenditures for the government and relief measures for homeowners is seen to be slashed from $987 billion to $800 billion.
This is fair enough for Obama while other Republican senators are still giving a fight on other cuts on the bill.
Whatever happens to Obama’s stimulus bill will be an indicator of how his administration will fair in negotiating with the US Congress. This will be a reference of the political trends that would eventually dictate the future of US’s economy. Whether US could recover or not will depend on how good Obama could persuade everyone in the US Congress that indeed the time of politicking is over and the Republicans must help him revive their economy fast.
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