Obama: Russian economy has ground to a halt

WASHINGTON Wed Aug 6, 2014 6:57pm EDT

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WASHINGTON (Reuters) - U.S. President Barack Obama said on Wednesday that the Russian economy had "ground to a halt" as a result of U.S. and European sanctions and said Ukraine's weaponry was sufficient to fight separatists in the eastern part of the country.

Asked whether the United States was reconsidering sending lethal aide to Ukraine because of Russian troops gathering at its border, Obama noted that the Russian military was much bigger than Ukraine's.

Until now Ukraine has faced separatists who cannot match the Ukrainian army, he said.

"If you start seeing an invasion by Russia, that's obviously a different set of questions. We're not there yet," he said.

(Reporting by Roberta Rampton, Matt Spetalnick and Jeff Mason; Editing by Sandra Maler)

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Comments (4)
nose2066 wrote:
What is so completely puzzling about this situation is that the American government claims to have the economic knowledge and the resources to bring the Russian economy to a “halt” in a matter of weeks.

But apparently the American government does NOT have the economic knowledge NOR the resources to improve economic conditions for the average worker in America.

Aug 06, 2014 10:30pm EDT  --  Report as abuse
@nose2066 I’m imagine you know that it is much simpler to break than to fix.

Aug 06, 2014 11:02pm EDT  --  Report as abuse
pyradius wrote:

Not only does the American government have the knowledge, plenty of private analysis has this knowledge as well. As for the resources, of course not. We don’t have ‘state ownership’ here we have private ownership. Might want to familiarize yourself with the American economy.

The rising wave of income inequality over many decades has eroded the middle class. Corporations now sit on trillions of dollars but are hesitant to hire or raise wages. This is counterproductive of course, because these same people would be spending their extra income directly on the economy. In essence our system is designed to feed itself by having a strong middle class.

What we now have is short-sighted wealth-hoarders that are more interested in paying dividends than fair wages (that also wonder why people aren’t buying more of their things). We’ve got too many MBA’s (people who want to simply want to be the man/woman at the top) and not enough science and engineering degrees, and not enough spending on infrastructure.

I could go on but addressing the skill/educational problems, infrastructure problems, and getting companies to worry more about their employees than their investors would go a long way toward righting many of this country’s wrongs.

Aug 06, 2014 11:43pm EDT  --  Report as abuse
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