Obama Economic Team Admitting Defeat

President Barack Obama may finally acknowledge that his economic team and policy have been a failure, says a senior American journalist. Jeffrey Steinberg, a senior editor with Executive Intelligence Review, said the recent resignations of top presidential aides along with the planned departure of the top economic advisor may finally result in US president Barack Obama acknowledging that his economic policy is not working to save America's faltering economy.

On Tuesday, the US administration's top economic adviser, Lawrence Summers, announced his plans to leave after the November midterm elections at the end of the year.

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