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Obama warns of worse economy to come

by TheTotalCollapse.com on June 28, 2009

So is the economy in recovery mode? Are we seeing “green shoots” or are we just sliding towards the cliff?

Extract from RawStory.comObama warns of worse economy to come

President Barack Obama painted a bleak picture Tuesday of the economy, warning unemployment will get worse, and vowed to act on climate change and health care as long-term solutions.

In a wide-ranging White House news conference, Obama also said he had no plans for a fresh stimulus package, hoping to give time to see the impact of the 787-billion-dollar economic plan approved shortly after he took office.

“We’re still not at actual recovery yet. So I anticipate that this is going to be a difficult, difficult year,” Obama said.

“I think it’s pretty clear now that unemployment will end up going over 10 percent,” he said, explaining it would take time for an economic recovery to translate into job growth.

The jobless rate in the world’s largest economy surged to 9.4 percent in May, with the figure shooting to a record high 11.5 percent in the most populous state of California.

“What’s incredible to me is how resilient the American people have been and how they are still more optimistic than the facts alone would justify,” said Obama, who has largely held onto his high popularity ratings.

With all this contradiction, how can anybody get a clear true picture?