Obama will eventually be the most disliked President of the United States ever for promising so much but short of performance.
His spend-spend, borrow-borrow policy is no better than the program of Jimmy Carter - mortgaging the future of the American youth.
The US Federal Reserve has an asset of more than US$1-Trillion. But the US government presently owes its creditors more than US$13-Trillion.
Obama's economic strategy is to increase US borrowings, and use such to bailout bankrupt American companies, subsidize the gargantuan expense on healthcare and other public projects.
Borrow,borrow,borrow; then spend,spend,spend. And where will your nation go with such strategy? To the ocean of debt.
You will print more and more money, until your nation's bills become like the Japanese paper bills printed by the Japanese government in the Philippines.
You call that sound economic strategy?
If Obama thinks Marxist-socialist economics will work in America or anywhere else in the world, he should run for President of Kenya and not of the biggest capitalist country on earth which has built its fortune through competition.
There should be more Ronald Reagans and John F. Kennedys in America today, and not the type of Obama, Mao, and Pol Pot.
The president of any country that thinks more borrowings and runaway spendings will create more jobs and wealth should go back to the school of economics.
This is what we should be vigilant about here in the Philippines.
Obama has the good opportunity of duplicating Mao's performance in China - the Great Leap Backward. This time, for the United States of America.
Bishop Norberto L. Mercado is the current
Chairman of the Christian Center for Strategic Economics,