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18 Aug, 2010 20:53

Obama over confident in US economy

In Ohio, US President Barack Obama said the US economy is heading in the right direction, job growth is up and improvements are coming along. But according to a new AP poll, Americans disagree with the president.

Gerald Celente, the director of the Trends Research Institute, said Obama was selling presidential porn and promising an economic orgasm. He argued however that there will be no happy ending.

Celente said that Obama is trying to build confidence so that Americans will begin to feel better about the economy, begin to spend more and encourage businesses to hire more people.

He is a confidence man, a con man, a con game. They’re not creating jobs. What did they create? They dumped in nearly $11 trillion dollars that was lent, spent and guaranteed to stimulate the economy. The job numbers are terrible, way; way below what they had forecast,” said Celente.

Although Obama is spreading the word the American economy is “slowly, but surely” moving in the right direction, Celente said the president's words are nothing more than political jargon.

No, they’re not making progress. We are not pulling out of the recession. We haven’t left it. It’s not a double-dip recession, it’s not a ‘W’, it’s not a ‘V’, it’s not an L. It’s a recession heading towards a recession,” said Celente.

He argues that the stimulus is merely hiding the symptoms and is not curing the problem.

Obama visited a family said to have been helped by the stimulus. The family credited the stimulus with allowing them to keep their architecture firm and maintain two employees who would otherwise have been fired. The stimulus also gave the firm an opportunity to rebuild a police station.

Yeah, a country of what 300 million plus people – two jobs, and what a cheap trick. Ohio, put it all together. Whether it’s Republicans or Democrats, they go for the same cheap trick,” said Celente.

He added, “Come on, two jobs, what’s that? The county’s lost over 8.5 million.”

Celente further pointed out that his top trend forecast in December 2009 predicted the 2010 market crash, referring to it as a global meltdown.