Obama to visit Ind. to talk about economy

July 22, 2010 10:27:38 AM PDT
Pres. Barack Obama was set to visit Elkhart, Ind. in the coming week, to promote his economic plan.Elkhart is a community hit hard by the recession, but there are signs the recession may be easing. Manufacturing activity increased in the past week, the drop in economic growth slowed dramatically, and new home sales had their biggest monthly increase in eight years, which has some asking if the worst is over.

"I'm pretty sure we've already seen the bottom. In fact, if you look at the weekly production figures, of various different industries, it's clear that we've turned perhaps in the middle of last month, the middle of July," said former Federal Reserve Chairman Alan Greenspan.

However, unemployment is still a serious issue. A new study shows that by the end of 2009, 1.5 million workers will have used up their benefits. Congress and the White House are expected to extend them, but the cost will add to the federal deficit. The red ink is so scary that administration officials refuse to rule out higher taxes.


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