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No Money More Problems

By Stephfon Guidry

In a nation that is slowly recovering from a Recession related relationship, dealing with natural disasters and a federal agency that cannot balance its budget as well as young Americans dealing with underemployment and unemployment, MONEY seems to be a good topic of discussion for current President Barrack H. Obama as well as upcoming presidential hopefuls.

Officially the recently released 2010 Census dictates that the recession ended mid-2009 and left nearly 1 in 5 young adult working Americans between the ages of 20-30 in poverty. Andrew Sum, an economist and director of the Center for Labor Market Studies at Northeastern University, describes the young people’s financial crisis (EdgeBoston.com), “Their really high levels of underemployment and unemployment will haunt young people for at least another decade”. 2010 Census data released stating that “single-mother households” are at an all-time high as well as almost 1 in every 8 households in the nation receives food stamps. During this economic struggle young people are postponing milestones of adulthood such as liberating themselves from living with their parents, seeking a college degree, and/or getting married.

On a larger scale with the government, in a constant budgeting war within Congress many fear another governmental shutdown.  Among the major debates are:  government spending, maintaining money in disaster relief funding in order to keep FEMA running, and bills that would allocate more money to creating new jobs. CNN.com reports, “This is the articulation of the impulse that led 77% of Americans to tell CNN that Congress acts like “spoiled children” rather than responsible adults.”

President Obama’s new Budget plan is leaving no wallet untouched in order to present the nation with plan out of the recession.  Obama’s financial novocaine comes from plan to $1.5 trillion in new taxes as well as a $1 trillion debt-ceiling deal that will aid the nation in its reboot to financial independence. Obama was quoted on CNN.com, “We are not going to have a one-sided deal that hurts the folks that are most vulnerable,” Obama said at the White House, offering a defense of tax hikes on the highest earners.”

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