The U.S. economy will recover without regaining all of the jobs it lost because Main Street America spent too much, saved too little while incomes failed to rise in pace, says investment guru Wilbur Ross.
“This will be the third consecutive jobless recovery,” says Ross, according to the Palm Beach Daily News, adding that 7.5 million full-time jobs have been lost, with 9.3 million unemployed workers settling for part-time positions.
“Many jobs will not come back.”
According to Ross, many jobs moved offshore or were eliminated during the economic downturn.
Furthermore, the Bush Administration underestimated the financial impact of the boom years while the Obama Administration took over underestimating how bad unemployment would get, Ross says.
For a president trying to right a sluggish economy, one polls shows support for Obama holding steady despite yawning fiscal deficits, an escalating war in Afghanistan, an incomplete healthcare plan and unemployment at 10 percent.
An Associated Press-Gfk poll shows 56 percent of those polled approve of the way Obama is handling the country's affairs.
The poll also found that 42 percent favored sending more troops to Afghanistan while 56 percent opposed, leading pollsters to believe that the public likes Obama personally even if they don't approve of some of his policies.
“These were tough decisions this guy had to make,” says Steve Pollaro, a bus driver from Torrance, Calif., according to the Associated Press.
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