US government loses another three billion dollars
The Obama administration is going on a mad spending spree as if there is no tomorrow. As of yesterday , it has lost another three billion dollars of tax payers money through the cash-for-clunkers program. This has resulted in artificial spurt in the car sales in the last four weeks, which touched 700000 cars.
The actual demand for cars is expected to remain low in the next few months with the unemployment rate remaining at a high 9.4%. Unless Obama does something to reduce this unemployment rate, nothing is going to work. The entire US economy is expected to pay a big price in the coming months, if Obama does not stop spending further tax payers money recklessly.
He is running another housing recovery program which is set to run till November 30th, and has already cost over two billion dollars for the US government.