Economy Continues to Struggle
Despite consumer confidence suggesting a better outlook for the wealthy, the U.S. economy continues to show signs of weakness. Three reports illustrate how more than two years through Barack Obama’s term, Americans are still struggling in the economy.
- Home prices in the U.S. continue to fall. Data through December 2010 show that home prices declined another 4.1% from 2009. After a 1.6-percent decline in November, economists had only expected a 2-percent year-to-year drop for December.
- New-home sales are still decreasing. Sales of new single-family houses in January 2011 were 18.6% below the estimate from a year ago. The number was also more than 12 percent lower than the sales estimate for December 2010.
- Orders for goods manufactured in the U.S. are dropping. Manufactured, or durable, goods orders in January excluding transportation fell 3.6% from December. Suffering the biggest drop in two years, durable goods orders represent items like washing machines and TV sets. Economists use durable-goods orders to predict general economic activity.
New Low in Obama Rating
The economic reports may help explain why Americans say Barack Obama’s leadership is at a new low. People still struggling with underwater mortgages are also less flexible to pursue the few job opportunities that may become available in the economy.
If Americans want to continue heading in the wrong direction, they need look no further than Barack Obama’s change. But if they instead want a return to economic success based on the American spirit, an opportunity is coming in 2012 to choose a volunteer for president who is thankful for our exceptional tradition.