Obama And The Economy
(The picture doesn't have anything to do with the story, but it was too weird not to post)It's hard not to see the continued sell-off on Wall Street and the growing fear on Main Street as a product, at least in part, of the realization that our new president's policies are designed to radically re-engineer the market-based U.S. economy, not just mitigate the recession and financial crisis.
The illusion that Barack Obama will lead from the economic center has quickly come to an end. Instead of combining the best policies of past Democratic presidents - John Kennedy on taxes, Bill Clinton on welfare reform and a balanced budget, for instance - President Obama is returning to Jimmy Carter's higher taxes and Mr. Clinton's draconian defense drawdown. Mr. Obama's $3.6 trillion budget blueprint, by his own admission, redefines the role of government in our economy and society. The budget more than doubles the national debt held by the public, adding more to the debt than all previous presidents - from George Washington to George W. Bush...
posted by Digital Fortress at 10:19
8 Comments:
Before I start, allow me to establish my bona fides. I’m a right-of-center moderate. I voted for Bush the first time. (Remember “I’m a uniter, not a divider?” I believed him.) and was on the threshold of voting for John McCain until Sarah P. came along.
Over the past eight years, this country has enjoyed unprecedented tax relief and has been treated to Republican fiscal policy. Look where that got us. And their fresh idea to solve this crisis is more tax cuts? I think that the far right has messed things up so badly that they have, for the time being, forfeited their right to offer any guidance. The polls certainly reflect that they are not to be trusted with the keys to the vault and I am in agreement. Guys like Charles Krauthammer should shut their fucking mouths and hang their heads in shame for helping to drive this country off a cliff.
I’m not a big fan of President Obama either, but he’s what we have right now so we all have to pray he succedes. And when I hear that fat fuck drug addict Rush Limbaugh pray that he fails it makes me nuts. He’s praying that the country fails just to save his own ego. He's a traitor to our country.
Obama has put the economic gun to our heads and pulled the trigger.
"This crisis provides the opportunity for us to do things that you could not do before."
Like what? Go tens of trillions into debt?
Saying that McCain's economic plans wouldn't have been any better than with Bush still doesn't mean Obama's aren't worse.
I counsel vigilance and patience.
Calling folks traitors didn't get anyone anywhere when they were against Bush so I am not going there, but I will agree that Limbaugh is an asshole and a blow hard. I don't listen to him.
WORD VERIFICATION: repress
Well, you’re right about the “traitor” comment. I got all fired up and stooped to name-calling and for that I’m ashamed of myself. Mea culpa.
I think that vigilance and patience is akin to Nero watching Rome burn. I prefer that action be taken. I’m not sure running up the national debt is the answer but I can assure that further tax cuts will get us nowhere fast. Oh, and by the way, if you make <$250K, you are getting a tax cut.
Excuse me, but tax cuts did NOT drive our economy into the ditch. It's never bad for Americans to keep more of what they EARN.
Well-intentioned liberal policies which forced banks to extend loans to low-income, high-risk individuals are what lit the fuse to our current market conflagration. Add on Congress' (and Bush's) extravagant spending and voila! We have liftoff!
I don't agree with everything Rush says. But I, too, want Obama's big-government plans to fail and for us to return to more a modest approach to government. I don't want our economy to fail, nor our country. I just don't want socialism nor communism to be successfully implemented into American government, which is precisely what President Obama's agenda is all about. I want that agenda to fail. And I want the taxpayers of this country to get better educated about our foundations. When we can get back to that as a people, we will ALL be successful, regardless of who is in Congress or the White House.
I agree that it’s great for Americans to keep more of what they earn but the tax breaks of the last eight years only benefited a small percentage of the population.
Nobody “forced” the banks to extend risky loans. They did it because bundling said loans became a very lucrative business. Do you mean to say that the banks were “victims” of liberal policies? I’m sure I misunderstand you.
Obama’s failure would mean a catastrophic economic ruination for thousands and thousands of families. Is that worth the price of wishing failure on him? Be careful of what you wish for.
“Socialism” and “Communism” are the new buzzwords of the angry right. They wield them the way they once wielded the label “liberal.” Socialism and Communism can never, and will never, succeed in this country. They are only creating a boogie man.
A modest government? Like the one the Bush administration left us with? That modest or more modest?
Jesus! My voting record is fairly conservative! How the hell did I wind up on this side of the debate?!
I was never convinced that Obama's socialist ideals were not dangerous to this country. I don't think they are just "buzzwords". I for one remain concerned.
Since Barack Obama became President:
- The stock market has changed from 8,200 to 6,500, down 20% to the lowest point in more than a decade
- The unemployment rate has changed from 7.6 % to 8.1%, the highest rate since 1983
- Enrollment in the Food Stamp program has changed, jumping to more than 30 million, an increase of 700,000 in a single month
- The U.S. deficit has changed, ballooning to the highest level since World War II
And the changes in the federal government personnal include…
- A tax cheat nominated to be the Department of Health and Human Services Secretary
- A tax cheat nominated to be Treasury Secretary
- A tax cheat nominated to be the U.S. Trade Representative
- A tax cheat nominated to be the government’s Chief Performance Officer
- A man under investigation for a bribery scandal nominated to be Commerce Secretary
A lot of change, but not hopeful...
After five weeks in office, it's become clear that Obama's policies are slowing, if not stopping, what would otherwise be the normal process of economic recovery.
From punishing business to squandering scarce national public resources, Obama is creating more uncertainty and less confidence and thus a longer period of recession or subpar growth.
Not very hopeful and not the change we need.
This is the second time a Democrat president has promised tax cuts on the campaign trail and then broken the promise. You'd think voters would have learned a simple truth by now: you aren't going to get tax cuts out of Democrats.
I want his policies that I believe take us in the wrong direction to fail too though. If he takes us down the road of tripling our national debt in ten years and making us vulnerable to higher interest rates and higher inflation, and things of that nature, I want all those policies not to succeed.
Actually I'd prefer it if he just left office. Today.
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