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  1. #1
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    12.10.17 @ 07:01 PM
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    Default Obama and the US economic situation



    There's no evidence Obama has even a sketchy grasp of economics.

    Is President Obama an economic illiterate? Harsh as that sounds, there's growing evidence he understands little about economics and even less about economic growth or job creation. Yet, as we saw at last week's presidential press conference, he's undeterred from holding forth, with seeming confidence, on economic issues.

    Obama professes to believe in free market economics. But no one expects his policies to reflect the unfettered capitalism of a Milton Friedman. That's too much to ask. Demonstrating a passing acquaintance with free market ideas and how they might be used to fight the recession--that's not too much to ask.

    But the president talks as if free market solutions are nonexistent, and in his mind they may be. Three weeks after taking office, he said only government "has the resources to jolt our economy back into life." He hasn't retreated, in words or policies, from that view.

    At his press conference, Obama endorsed a surtax on families earning more than $1 million a year to pay for his health care initiative. This is no way to get the country out of a recession. Like them or not, millionaires are the folks whose investments create growth and jobs--which are, after all, exactly what the president is hoping for.

    Another tax hike--especially on top of the increased taxes on individual income, capital gains, dividends, and inheritances that Obama intends to go into effect in 2011--is sure to impede investment. It's an anti-growth measure, as those with even a sketchy grasp of economics know. But Obama doesn't appear to.

    The president also spoke favorably at the press conference of taxing "risky" ventures by Wall Street investors. It wasn't clear what risky investments he had in mind. Never mind. Reckless risk-taking is hardly a problem at the moment. It's the lack of any risk-taking at all by investors that's holding back the economy.

    Obama said the funds raised through his risk tax would be available for bailouts of large financial institutions whose collapse might harm the economy. Fine, but there's a smarter, simpler, and tax-free way of dealing with outfits deemed "too big to fail." It consists of requiring deeper capital reserves as they grow in size. If that solution is known to the president, he hasn't let on.

    Then there's the matter of corporate profits. You'd think Obama would love profits since they nurture a robust economy and job growth and are largely responsible for the rise in the stock market last week to its loftiest point since January. And strong profits may foreshadow an economic recovery. But the president's opinion of profits ranges from ambivalent to hostile.

    He declared it "a good thing" that banks are profitable again, but he couldn't leave it at that. He went on to bemoan the absence of "change in behavior and practices" among bankers. As for the "record profits" of insurance companies, he had nothing but disdain. "What's the constraint on that?" he asked, as if those profits should indeed be constrained.

    A good example of Obama's economic shallowness is his unrelenting defense of the $787 billion "stimulus." Enacted in February, it has had minimal impact on the economy. Yet Obama has no second thoughts. He says he wouldn't change a thing about the stimulus. It has "already saved jobs and created new ones," he said at the press conference, neglecting to note that 2 million jobs--a net 2 million--have been lost since it was passed.

    http://www.weeklystandard.com/Conten...6/765kishz.asp
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  2. #2
    Atomic Punk LLFHS's Avatar
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    EDIT....forget it. Why bother?


    Yeah, we needed McCain and Palin to come in and save us. Yeah. That's the ticket.
    Last edited by LLFHS; 07.29.09 at 10:47 AM.
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    Damage your reputation seenbad's Avatar
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    11.30.17 @ 06:15 PM
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    great article.
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    Atomic Punk
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    07.24.11 @ 04:36 PM
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    Quote Originally Posted by ScottyBHarris View Post

    A good example of Obama's economic shallowness is his unrelenting defense of the $787 billion "stimulus." Enacted in February, it has had minimal impact on the economy. Yet Obama has no second thoughts. He says he wouldn't change a thing about the stimulus. It has "already saved jobs and created new ones," he said at the press conference, neglecting to note that 2 million jobs--a net 2 million--have been lost since it was passed.

    http://www.weeklystandard.com/Conten...6/765kishz.asp
    i wonder if his continued and unwavering support for the stimulus package will be criticized in the same way and by the same people who criticized GW for his continued and unwavering support for the war in Iraq and other decisions. Supporters said he was steadfast and refused to second guess himself and said it was that kind of focus and confidence that a leader needed, going on to say that wishy-washy second guessing had no place for a leader. His critics said the opposite; that he was stubbon, refused to admit mistakes and in denial.
    Stay out of it, dude.


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    Eruption
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    12.10.17 @ 07:01 PM
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    Quote Originally Posted by LLFHS View Post
    EDIT....forget it. Why bother?


    Yeah, we needed McCain and Palin to come in and save us. Yeah. That's the ticket.

    Much better than the wellfare state Obama is creating.
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    Quote Originally Posted by LLFHS View Post
    EDIT....forget it. Why bother?


    Yeah, we needed McCain and Palin to come in and save us. Yeah. That's the ticket.
    Exactly. She couldn't even handle being the governor of Alaska...quitter...
    http://www.myspace.com/pennydreadfulnj

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    Eruption
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    09.16.17 @ 05:43 PM
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    People actually WANT Sarah Palin in office??

    You're scaring me, guys.

  9. #9
    Eruption
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    12.10.17 @ 07:01 PM
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    The democracy will cease to exist when you take away from those who are willing to work and give to those who would not - Thomas Jefferson
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  10. #10
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    12.10.17 @ 07:01 PM
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    Default Obama still delaying release of disastrous new budget numbers

    White House putting off release of budget update

    WASHINGTON — The White House is being forced to acknowledge the wide gap between its once-upbeat predictions about the economy and today's bleak landscape.

    The administration's annual midsummer budget update is sure to show higher deficits and unemployment and slower growth than projected in President Barack Obama's budget in February and update in May, and that could complicate his efforts to get his signature health care and global-warming proposals through Congress.

    The release of the update — usually scheduled for mid-July — has been put off until the middle of next month, giving rise to speculation the White House is delaying the bad news at least until Congress leaves town on its August 7 summer recess.

    The administration is pressing for votes before then on its $1 trillion health care initiative, which lawmakers are arguing over how to finance.

    The White House budget director, Peter Orszag, said on Sunday that the administration believes the "chances are high" of getting a health care bill by then. But new analyses showing runaway costs are jeopardizing Senate passage.

    "Instead of a dream, this routine report could be a nightmare," Tony Fratto, a former Treasury Department official and White House spokesman under President George W. Bush, said of the delayed budget update. "There are some things that can't be escaped."

    The administration earlier this year predicted that unemployment would peak at about 9 percent without a big stimulus package and 8 percent with one. Congress did pass a $787 billion two-year stimulus measure, yet unemployment soared to 9.5 percent in June and appears headed for double digits.

    Obama's current forecast anticipates 3.2 percent growth next year, then 4 percent or higher growth from 2011 to 2013. Private forecasts are less optimistic, especially for next year.

    Any downward revision in growth or revenue projections would mean that budget deficits would be far higher than the administration is now suggesting.

    Setting the stage for bleaker projections, Vice President Joe Biden recently conceded, "We misread how bad the economy was" in January. Obama modified that by suggesting the White House had "incomplete" information.

    The new budget update comes as the public and members of Congress are becoming increasingly anxious over Obama's economic policies.

    A Washington Post-ABC News survey released Monday shows approval of Obama's handling of health-care reform slipping below 50 percent for the first time. The poll also found support eroding on how Obama is dealing with other issues that are important to Americans right now — the economy, unemployment and the swelling budget deficit.

    The Democratic-controlled Congress is reeling from last week's testimony by the head of the nonpartisan Congressional Budget Office, Douglas Elmendorf, that the main health care proposals Congress is considering would not reduce costs — as Obama has insisted — but "significantly expand" the federal financial responsibility for health care.

    That gave ammunition to Republican critics of the bill.

    Late last week, Obama vowed anew that "health insurance reform cannot add to our deficit over the next decade and I mean it."

    The nation's debt — the total of accumulated annual budget deficits — now stands at $11.6 trillion. In the scheme of things, that's more important than talking about the "deficit," which only looks at a one-year slice of bookkeeping and totally ignores previous indebtedness that is still outstanding.

    Even so, the administration has projected that the annual deficit for the current budget year will hit $1.84 trillion, four times the size of last year's deficit of $455 billion. Private forecasters suggest that shortfall may actually top $2 trillion.

    The administration has projected that the annual deficit for the current budget year will hit $1.84 trillion, four times the size of last year's deficit of $455 billion. Private forecasters suggest that shortfall may top $2 trillion.

    If a higher deficit and lower growth numbers are not part of the administration's budget update, that will lead to charges that the White House is manipulating its figures to offer too rosy an outlook — the same criticism leveled at previous administrations.

    The midsession review by the White House's Office of Management and Budget will likely reflect weaker numbers. But where is it?

    White House officials say it is now expected in mid-August. They blame the delay on the fact that this is a transition year between presidencies and note that Obama didn't release his full budget until early May — instead of the first week in February, when he put out just an outline.

    Still, the update mainly involves plugging in changes in economic indicators, not revising program-by-program details. And indicators such as unemployment and gross domestic product changes have been public knowledge for some time.

    Standard & Poor's chief economist David Wyss said part of the problem with the administration's earlier numbers is that "they were just stale," essentially put together by budget number-crunchers at the end of last year, before the sharp drop in the economy.

    Wyss, like many other economists, says he expects the recession to last at least until September or October. "We're looking for basically a zero second half (of 2009). And then sluggish recovery," he said.

    Orszag, making the rounds of Sunday talk shows, insisted the economy at the end of last year, which the White House used for its optimistic budget forecasts, "was weaker at that time than anyone anticipated." He cited a "sense of free fall" not fully recognized at the time.

    "It's going to take time to work our way out of it," the White House budget director told "Fox News Sunday."

    Even as it prepares to put larger deficit and smaller growth figures into its official forecast, the administration is looking for signs of improvement.

    "If we were at the brink of catastrophe at the beginning of the year, we have walked some substantial distance back from the abyss," said Lawrence Summers, Obama's chief economic adviser.

    http://www.google.com/hostednews/ap/...AqvWwD99I1PS00
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  11. #11
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    Quote Originally Posted by broken9500 View Post
    i wonder if his continued and unwavering support for the stimulus package will be criticized in the same way and by the same people who criticized GW for his continued and unwavering support for the war in Iraq and other decisions. Supporters said he was steadfast and refused to second guess himself and said it was that kind of focus and confidence that a leader needed, going on to say that wishy-washy second guessing had no place for a leader. His critics said the opposite; that he was stubbon, refused to admit mistakes and in denial.
    Meanwhile unemployment is at 9.5 %. Isn't that why we had to SLAM the stimulus through, so we would'nt have an unemployment rate higher than 8%?
    ~ I like the way the line runs up the back of her stockings ~

  12. #12
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    12.10.17 @ 12:20 PM
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    Quote Originally Posted by LLFHS View Post
    EDIT....forget it. Why bother?


    Yeah, we needed McCain and Palin to come in and save us. Yeah. That's the ticket.
    Yep. The stock for Johnson and Johnson (Depends) would SKY-ROCKET.

    And Sarah Palin would be looking through her binoculars at Russia looking for the country of Africa.
    My man, when you are fantasizing, don't go for attainable, you can get attainable at the local Applebee's. - Dave's Dreidel

  13. #13
    Atomic Punk
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    07.24.11 @ 04:36 PM
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    as most of you know, I am a strong proponent of a nationalized health care system.

    However, I am having a very very very hard time supporting the way this administration and congress are dealing with, the context within which it is being handled and the lack of real information regarding how the hell it's going to be paid for and what it's going to look like.

    This article only reinforces that.
    Stay out of it, dude.


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  14. #14
    Atomic Punk
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    07.24.11 @ 04:36 PM
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    Quote Originally Posted by ScottyBHarris View Post
    Meanwhile unemployment is at 9.5 %. Isn't that why we had to SLAM the stimulus through, so we would'nt have an unemployment rate higher than 8%?
    no I guess that's why we needed to have slammed an even bigger one!
    Stay out of it, dude.


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  15. #15
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    12.11.17 @ 04:37 PM
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    Hoping to keep some CHANGE in my pockets for coffee at work...
    "Watch what people are cynical about, and one can often discover what they lack.” -- Gen. George S. Patton

 

 

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