Wednesday, October 10, 2012

Obama's Mini-Me

A man is re-elected to the presidency, and “faces economic challenges”. His promise of “an ever-greater state role in the economy” won him a large margin of victory “in what many had thought would be a tight race.” But “the government's free-spending ways, which bankrolled the generous social programs that aided his re-election, may be seriously crimped” by a stressed economy, including “rapidly expanding public debt” and “a weakening currency”. One commentator says that “investment in social issues is great, but he needs to do other things as well that are going to make (the) economy more productive.” The national economy did grow in the past year, “but only because of government spending, primarily on raising salaries for many of the country's... public employees.” Another expense was paying for residential housing. Another challenge – declining productivity, which means less funding available for social programs. Related to this is a drop in foreign investment.

Sounds like something you might read two months from now about President Obama, right? Actually, all these quotes are from an AP article on President Hugo Chavez of Venezuela.

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