A disappointing economic report from the US government on Friday showed economic growth in the April -June quarter slowed to an annual growth rate of 1.5 percent. Unemployment is likely to continue around eight percent for a couple more years.
This is disappointing news for the country, and it will undoubtedly become campaign fodder in the presidential election race.
Another piece of bad economic news on Friday was that the estimated federal budget deficit for the fiscal year ending in September is likely to be around $1.2 trillion.
Is it any wonder the economy is struggling when the nation is saddled with a crushing federal deficit? Sadly, we have seen no one, in Congress, in the White House or on the campaign trail, who has the will to do anything about runaway federal spending. Or if they have the will, they will not have the support in Congress to tackle it. Republicans as well as Democrats have contributed to the rise in spending over the years. Attempts to make even small cuts in spending have failed.
Until someone can introduce some economic sanity to our federal government, we expect our economy will continue to languish.