America has an economy driven by individual consumption. Compared to times past, individuals are not spending as much due to fearfulness called uncertainty. Individuals impact their own uncertainty when they choose their spending, choose their fears and choose their voting. This means individuals choose a large portion of the state of the economy.
I'm Not Convinced
Individual consumption represents two-thirds of the economy. Generally speaking, unemployment is 8% which means 92% are employed. The 92% who are employed can increase spending but don't due to fear associated with somebody else not having a job. Huh?
By the way, the unemployed are doing their part because, the unemployed spend a greater amount of the money they get than those employed.
Back To Unemployment
It is a false belief that the unemployment rate is the primary indicator of economic progress.
The unemployment rate never reaches zero. For many decades, it has averaged 5%. This means, right now, there is only 3% more unemployment than usual. This does not cause economic havoc. This kind of thinking is similar to stubbing your toe and then believing you can't move.
Who Else Is Responsible?
If banks were to lend the money the banks were given and are still getting, the economy would be better. If banks gave people the breaks and assistance they were given, small businesses could get loans and homeowners would be given at least 6 months moratorium on their long term rental contracts and not have to fight for modifications.
Besides banks, other types of businesses want certainty but are unwilling to hire in advance of demand since their profit motive has nothing to do with their patriotic mumbo jumbo. Despite all the incentives, tax breaks and stimulus laced with taxpayer dollars provided to them, businesses will not temporarily and knowingly permit lower margins to help inject life into the economy by hiring in advance of demand which would create more demand, more confidence in individuals and more spending. Instead business citizens choose to overwork employee citizens and underpay newly hired citizens. It seems like it's not only what individuals do but also what banks and other businesses do that is a self-fulling economic prophecy – not one person's economic policy.
The Impact of Confidence & Other Factors
Per a 9/27/11 TD Bank Financial Group's "Economics Analysis," the U.S. economy in the first half of 2011 was hit by a myriad of negative shocks from extreme weather and rising gas prices to supply chain disruptions from the Japanese disaster. Now, in the second half of the year, a crisis of confidence – caused in no small part by the inability of policymakers in Europe or the United States to propose adequate solutions to their respective debt crises – has taken hold. So, while corporate profits are at near-record highs, the economy is teetering on the edge of a renewed recession." [This is a reminder that some businesses have not been suffering during recent years as much as they'd like everyone to believe. It is also a reminder that confidence has a significant impact on the economy than just the unemployment rate alone.]
President Obama Is Responsible
He believed that what he meant by “change,” individuals did also. He believed change was part of the value system of those who voted for him. Knowing that change is never a straightforward process, not within any individual dealing with the things the individual controls and not within a nation, President Obama still believed those who voted for him were on the same page. President Obama is responsible for depending too much on the belief of millions of individuals. It is more likely individuals will maintain the status quo of their character than maintain any resolve towards change especially when their actions and reactions seem to indicate they believe it's another person's job to make change happen for them.
I Am Responsible
I am responsible for things I control. As far as I can tell, that begins with a value system. A value system made of individual choices that should work together, like a personal ecosystem. Making those choices often requires tuning in to gut instinct to guide me which way to go. It does not depend on listening to speaking contests between presidential candidates. By focusing on the value system I have in place, I realize all my choices and anything I do becomes a vote for who I am.
Additional Reading: President Barack Obama's Job Evaluation
Republican Hostages: President Obama & The Economy
President Obama, One Out Of Four
