San Francisco (Obama.net)- The cat is out of the bag. The citizens of the United States of America and the rest of the world know that President Barack Obama has an unscheduled meeting Wednesday morning. And everyone in the world now knows that the meeting was with one of the richest men in the world, Warren Buffett. But what the people of the world are not in the know about is just what exactly did the billionaire and the leader of the free world talk about behind closed doors this week.
But now, the cat is out of the bag on that question as well as President Barack Obama told the news team of NBC Television about the conversation the two men had.
The conversation was essentially Obama getting Buffett’s take on the current economic situation in the United States of America as well as the overall scope of the unfortunate recession caused by former President George W. Bush and his administration.
According to President Obama in his talk with NBC’s news team, the billionaire Buffett said, “we went through a wrenching recession and so we have not fully recovered. We’re about forty, fifty percent back, but we’ve still got a long way to go.”
Buffett, who is essentially an economic guru, made it clear that the current state of the American economy is not even close to being where it could and should be. In the eyes of Buffett, we are barely half of the way there to a full recovery and a totally stable economy in the United States of America.
In his conversation with President Barack Obama, Buffett also brought up his concern about the current unemployment rate in the United States. With the rate sitting at a staggering nine and a half percent, Buffett made it clear that it is too high to be acceptable in the United States. Buffett confirmed Obama’s views that the unemployment rate needs to be lowered significantly in order to truly restore the economy and help the United States bounce back.
Buffett pointed out that the housing in the United States could be at fault for part of the recession. On average, 1.2 million homes are constructed every year in the United States, but during the early millennium, the number exploded to over two million per year until the prices got out of control and loans were not paid off and thus the housing system collapsed under itself.
In response, Obama said, “What Warren pointed out was, look, we’re gonna get back to 1.2. But right now we’re soaking up a whole bunch of inventory. So a lot of the challenge is to work our way through this recession.”
With the upcoming Midterm Elections taking place on November 2nd, the Democrats are in a rush to speed the recovery of the economy and employment rate in order to maintain the majority in the House of Representatives.
Obama feels confident that most Americans will not fault him and the rest of the Democratic Party for the current economic state and remember that the poor economy is the fault of former President George Bush. As Obama said, “they’re going to remember the policies that got us into this mess” and that the people of America “don’t want to go back to those” in any way, shape, or form.
With his willingness to work with experts in economy and inspect the economy is high detail, it is clear that President Barack Obama is determined to restore the economy of the United States of America. And with that effort will come an enormous decrease in the unemployment rate. With a little more patience on the side of Republicans and a few critics, Obama will prove that his policies are truly on the cusp of stabilizing the American economy.