Article by Hrant Kevorkian of Where Is My Vote?
Billionaire Jim Rogers, in making scathing remarks, against Obama suggested that he should resign due to his administration’s inability to cut spending and stem the unprecedented increase of the inflation rate.
In making a comparison to the civil unrest (violence and rioting) in Greece among other parts of Europe, he predicted that the United States would soon follow suit as most countries in Europe if the skyrocketing inflation rate is not stopped.
These harsh statements by the billionaire comes in response to the statements made by President Obama in not willing to cut expenditure in areas of education, new technology and infrastructure in the United States, and that he has been adamant to continue to make investments in for the future.
However, the President was very clear on saying that he was willing to work with both party members to cut the deficits and debt that the country has racked up over the last few years. But it didn’t seem like reduced spending would solve the economic crisis and help the country in prospering.
While Jim Rogers’ suggestion in asking the President to resign at this juncture might not be such a feasible one, the truth is that the his administration, while blaming the Bush administration for the state of the economy, has spent even more money than Bush did which has resulted in a higher inflation and unemployment rate.
And in Roger’s own words, what Obama “should do is take an ax – no, not an ax – take a chain saw to spending in the U.S.” While it might seem a bit radical to oust Obama out of office, the reason why people should take these statements seriously is because Jim Rogers is one of those investors who has a proven track record, and is a much better judge of the economic direction of the country especially if Federal Spending and the inflation rate is not taken into consideration.
