The economy is still spiraling down. This is a direct result of Obama's continuing attempt at Big Government take over of market functions.
Obama managed to eradicate trust in the American system of wealth generation. Without trust, there will be no wealth coming out from the free market system. So Obama will be able to take over economy based on him being the last man standing. Obama's system is being based on the thug's old reliable - force.
Obama's banking overthrow
People remember the “Democratic” Party's law to buy voter approval by complicating banks collection of their own money on home loans in default. (Canceled debt may be taxable) Similar law enacted to inhibit collection on unsecured credit cards in default.
Banks were prohibited from collecting the money they lent... often the same money they had borrowed from their depositors. Although sticking it to the banks is politically appealing, it is wrong. Obama is unfair. How can the banks trust this government to help them regain their property? With no recourse, bank loans became harder to obtain. Financial liquidity dries up.
Result: A marked increase in insolvency among banks. The Obama Administration got to take over quite a few small banks, thus clearing the way for a direct takeover of large national banks by the Party corruption machine.
Obama's attack on Trust
The breakdown in trust has made banks very cautious about making new loans. The banks can never tell when the Obama government might move in and declare the banks loans "noncollectable."
Inflation is significant. We the People cannot trust our dollars. Our currency is getting devalued via government sponsored inflation. When using the Bureau of Labor & Statistics, please remember the BLS calculation basis has been shifted to remove the impact of several CPI inflators. The net effect is, just when we need to be able to rely on our money retaining value, it doesn't. The administration wants it that way.
Trustworthiness is vital in economics. Without trust, the whole free enterprise system seizes up and stops working. Therefore, trust has been one of the Obama's administrations primary targets.
Obama's attack on Manufacturing
Everyone knows about the seizure of health care, but do you realize how much the EPA has been used to control economic functions? The EPA can invent an environmental impact result and quash the activity of any company Obama wishes to smash. The destruction of Gibson Guitar Inc. and its American jobs is one example. The feds seized Gibson Guitar property despite the fact that there are no charges filed. The administration is clearly abusing their power under law.
Update: Gibson Guitar And Martin Guitar use woods from the same sources. Only Gibson was raided. The reason? Gibson's CEO is a donor to the GOP. Martin's CEO is a Democrat. This is a criminal abuse of power by the Obama administration.
Restricting food supplies
Under Obama, creating food shortages has fallen to the EPA. For two years now, the EPA has conducted close inspections of a Lancaster County watershed farms operated by the Amish. Farmers in general are getting the putz by Obama's use of the EPA. Farmers are becoming reluctant to risk even putting seed in the ground for fear of expensive federal intrusion.
Control of labor
The Left continues to sideline workers by jobs control. This is a three pronged effort on its own. One is restricting access to jobs through union control. Two is the 2009 increase in the federal minimum wage to prohibit appropriate pay for entry level positions. Three is the ever-extending unemployment compensation - which is used to finance extended furloughs of workers while the workers forget the job they used to know. All of these regulations sound like compassion on the surface -- If so, why don't they work?
Obama's madcap government debt accumulation But of course
Obama's mad spending spree and the $4.4 Trillion in new debt. Ape-snot government spending is one of the things which got us into this mess in the first place. Another debt-laden "Stimulus" bill of any sort, and the country is sunk.
Obama - Avoiding blame – The political game
The old-line Left (and their puppets in the press) portray the themselves as victim of dark and sinister Republican forces. Its hard to imagine the Republicans, who are presently airing each others dirty laundry, as dark or sinister. Republicans are disorganized political neophytes – not ready to take on the power-at-any-cost “Democratic” Party.
Tell me it ain't so
Last month, the FDA moved to expand its regulation of cigarettes and smokeless tobacco to include cigars. If the FDA gets its way, new “cigar-killing” regulations could be put into effect as early as October.
I don't even smoke.
The US has suffered so much incompetence and neglect seasoned with so much indifference, it will take years to recover. Let-them-eat-cake Obama is by far the least caring of any president ever.