January 22, 2009

Our nation’s new president, Barack Obama, has his work cut out for him. However, he brings a large supply of political capital with him to the job. The nation is behind him, for the most part.Our economy is in a rut. After years of stagnant wages, vanishing productive jobs and the sudden surge in the price of oil, our nation’s lifeblood, American consumers, are crushed.

Fettered with mortgages that can’t be repaid — which should not have been given in the first place — and weighed down with consumer debt, they can no longer spend at the rate needed to keep the economy going.This is to be expected when two-thirds of the nation’s economy is consumption and one-third production.