Russia is in big trouble. So far its droughts have led to costly wildfires. The bear has lost 15 billion dollars and battled to protect its main nuclear research center. Meanwhile, at least 700 people have lost their lives in the flooding in China. The number is likely to grow, given the fact that 2100 people are missing.
The news in America wasn't any better. We learned that productivity was down 0.9% in the second quarter.This comes a week after the labor Department reported that the U.S. economy had another net loss in jobs. Simply put, the so called "Summer of Recovery" is canceled. After almost two years of broken economic promises, President Obama's stimulus package has failed.
The more Obama appears on talk shows, the more he looks like a washed up reality TV star. He parades into Dallas like the King of England, his wife turns a vacation into an extended episode of "The Lifestyles of the Rich and Famous" (expect it's on the taxpayers' dime) and he continually lies about the success of his special interest love letter known as the stimulus package. As of August 10th, 2010, President Obama is underwater in his approval ratings. Realclearpolitics averages the major polls (Gallup, Rasmussen, etc) and it doesn't look good.
Obama's Ratings
Approval
44.7
Disapproval
50.1
The writing is on the wall. This president is losing relevance. Just as George W. bush was losing relevance before September 11th, 2001.
Is Obama Still Relevant? Not really. I still think that he can turn it around, but I highly doubt it. The real question is, what will the elite power do to restore the relevance of their puppet?
Ahead of the Bell: Productivity seen slower in 2Q
Mudslides deepen China's flood woes
Report: Wildfires, Drought Cost Russia $15 Billion
