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October 2, 2009

Will the present U.S. administration dictate more stimulus?


"Obama Exploring Additional Steps to Spur U.S. Economy

President Barack Obama said today’s report of U.S. job losses is a 'sobering reminder that progress comes in fits and starts' and that he is considering additional steps to spur economic growth.

'I’m working closely with my economic advisers to explore any and all additional options and measures that we might take to promote job creation,' Obama said at the White House today.

U.S. job losses accelerated last month and the unemployment rate climbed to 9.8 percent, the highest level since 1983. Payrolls dropped by 263,000 in September, exceeding the median forecast in a Bloomberg survey.

Obama signed into law a $787 billion economic stimulus measure in February to mitigate the nation’s worst economic crisis since the Great Depression. Vice President Joe Biden’s top economic adviser, Jared Bernstein, said that program still has 'a lot more firepower' to spur job growth.

'The recession would be much worse without those interventions,' Bernstein said in an interview with Bloomberg Television."

*This information is solely an excerpt of a third-party publication and is incomplete. Please subscribe to the referenced publication for the full article. This is not an offer to buy or sell precious metals. Investors should obtain advice based on their own individual circumstances and understand the risk before making any investment decision.

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