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Economic Recession: Obama's Steps for Economic recovery
Obama's recent speech
In his latest speech in American parliment, President Barack .H. Obama has expressed his keen desire to bring his country out of economic crisis and combat unemployment. He is very much worried about his people loosing jobs and becoming unemployed.After great depression that occured last year, every country (perhaps China apart) is struggling hard, to keep itself economically safe. America can never be an exception.
Obama's plans For economic recovery
in his speech, Mr. Obama streed American Congress , to pass the bill restricting giving outsourcing works to other countries like India.he has stated," By this measure, we cannot get back the jobs alrready lost by 70 lacs of Americans. But atleast, we can stop further loss of 20 lacs jobs, which our people are going to loose in a short time. Now every one of 10 Americans is unemployed."
The bill, apart from restricting outsourcing, also proposes to spend $3000, as loan to small industries sector.He also plans to create more employment in the year 2010. But how, he has not eloborated it. He plans to invest more in training the emploees in skills, and quality production.
Doubling Forex exchange
He has also expressed his wish to double the forex exchange in next five years. But it seems he has no definete plan for that just now.
If industry boosts up, it definitely pushes foreign currency trading ahead, in almost every country in the world,whose foreign exchange is connected to U.S. dollars. That further recovers American economy, as the dollar values jumps further.
Wish to remain Super power.
In the same speech, Mr. Obama has further stated, that America wants to retain its 'Super power no.1' position.But it is better if he keeps himself off the ambitious plans like attacking other countries, encouraging industry related to war weapons, etc, in order to maintain this pseudo image. In the past, wars have proved costly much for America.
But Mr. Obama has also stated that he wishes to withdraw his forces from Afganistan, after training the native military forces. That, if implemented, will be a good step.
Effect on India
Mr. Obama's this intention has sent shivers in software industry in India. Large part of its work contract is from U.S.A.Many of Indian software engineers may loose jobs or they may get less salary.On the other hand, it may not be possible for software using companies to stop outsourcing to India, as they may not find suitable workers there, and the required work, if assigned to them, may be delayed very much.
Even though Mr. Obama's decision sounds right from the point of view of saving employment chances in his country this decision has to be seen from another angle also. American government, since long, hes been urging other countries including India, to 'Open the doors and leave the business chances open to all'.It is by USA's pressure only the policy of globalization, economic liberalization etc, have come to existence. That has affected many other countries . These ideas have changed the age-old systems of living in those countries and made the life expensive.
But now the wheel has turned and acting like a boomerang. Now American government wants to impose restrictions on free trading. That may affect it in other ways in days to come.
It has to be seen and judged!
Now, by August 2013, American dollar has gained strength remarkably.It is firm against Euro, and going up against Indian rupee.Rupee is falling down.This has given U S A a strong come back on world economic front.
Govt.shut down in USA
Since 1st October, American govt. has shutdown its offices and has largely cut down its expenses as American parliament has not sanctioned Obama's budget.Its objection was against Obama's 'Healthcare project expenses, termed 'Obamacare'.It is said that it takes weeks to start govt.'s normal functioning again.