Political economist Jack Rasmus brings us an update on the still-faltering economic “recovery”. Wall Street and large corporations seem to be doing just fine, reporting record profits once again. But Main Street remains on the skids, with home foreclosures continuing apace and alarming unemployment figures refusing to budge.

Confronted with a Republican minority in the House that has shown its willingness to hold the country's economy hostage to its radical right-wing agenda, what can or should President Obama be doing to kick-start a recovery? Is massive deficit reduction really what is needed now? If not, why has Obama signed on the idea? What are the chances for new job creation efforts? Or is it already too late?