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Subscribe to RSSBloomberg News reports, “President Barack Obama’s advisers have discussed seeking a temporary cut in the payroll taxes businesses pay on wages as they debate ways to spur hiring amid signs that the recovery is slowing, according to people familiar with the matter. The idea, which is in preliminary stages of discussion, is among several being talked about at the White House as the economy holds center stage for the administration and Congress.”
Time magazine: "For now, Obama's aides have chosen to take a careful path, aiming to spur short-term growth while protecting the President from Republican charges that he is a Big Government big spender. How? In public, they talk of "leveraging the private sector" and "investing in the future," with more long-term funds for infrastructure, education and energy, not more bailouts or stimulus. The White House agrees with Boehner that long-term budget cuts and entitlement reforms could add some confidence to the markets, but some Obama aides also want more short-term stimulus to make sure the economy does not languish. "In an ideal world," says one Obama adviser, "you would still have a little more help to the economy right now."
Per a new CBS poll, Obama’s approval rating is down to 48% (after a bin Laden bounce to 57%), while Quinnipiac has it at 47% (down from 52%).
But as we wrote yesterday, what’s most instructive here is that Obama’s numbers are in the mid-to-high 40s -- which isn’t smooth sailing for an incumbent president but which also isn’t necessarily perilous (16 months out) given the current economic headwinds. Folks, we have a LONG way to go…
The Obama re-election campaign's activities are heating up. For the first time, it issued a press advisory announcing an Obama fundraiser in Miami on June 13 (the same day as the GOP presidential debate in New Hampshire). The campaign, per an official, has also announced the hiring of its political director: Katherine Archuleta, who currently serves as Labor Secretary Hilda Solis' chief of staff.
“Obama has issued just one veto every 435 days; the presidential average since 1881 is once every 20 days,” the University of Minnesota’s Smart Politics blog writes.
Here’s a portion of NBC’s Jesusemen Edoro’s dispatch of Vice President Biden’s remarks on Sunday night at the Ford Theatre Society’s annual gala: Biden applauded actress Julie Andrews and former pro basketball player Kareem Abdul-Jabbar, the "Lincoln Medal" honorees of the night. "Whether it was the sweet sound of Julie's voice or the swish of Kareem's sky hook, these two people fit into the sweeping ach of Americas greatness, Biden said." Then quoting Abraham Lincoln, the vice president added, "Whatever you are, be a good one, you two are the very best at what you do." The gala included performances Avery Brooks, Scott Bakula, Richard Dreyfuss, Anika Noni Rose, the cast of the musical “Liberty Smith,” and more.
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It seems to me that the more incentives that the feds give to businesses, fewer jobs get created. Reduce business tax on payroll and increase the companies profits. No new jobs. No trickle down.
No new jobs, Obama more and more vulnerable in 2012.
businesses are doing well now. they just gaming the system......thanks to republicants, the saboteurs.
it's simply a shame that economic issues in this great nation has come to this. a party, GOP, holding the economic recovery hostage by sending all kind of wrong signals across the spectrum and they'll claim patriotism is their first name. this can only be if the people agree to this act of injustice being perpetuated by GOP. Do they really care? My way or no other way party.
What do you call the waste of over a trillion dollars that Obama did with his Shovel ready jobs Didn't see to many of them. When are you people going to be able to admit that his approach was a failure
When will Obama learn that *TEMPORARY* measures do not encourage businesses to hire more employees?
Businesses like *PREDICTABILITY*. They can plan accordingly and decide what expenses they can make that will generate additional revenue. A temporary tax break won't generate sustainable revenue so why hire a permanent employee. Instead they will just pocket the cash. They don't hire employees for compassion. They hire them to help generate increased revenues and profits. Businesses need an incentive where they believe additional employment helps them achieve these additional and sustainable profits.
openmind266
Here is what's wrong, you don't have a clue what you are talking about! Do you have ANY idea how much money gets sent to each state for Road Construction and Infastructure Improvements by the Federal Government? Apparently you don't. Let me make it simple for you, the next time you drive down your local freeway and see abunch guys fixing the road THAT's the Shovel Ready jobs hard at work. You see if there had been no Stimulus then there would have been no more money to keep these guys employed. In my state the stimulus not only kept the current road/bridge improvemnents going it let us start new ones that were planned for the future. Check your facts before posting garbage.
Hate to burst your Fox bubble, but most of that trillion dollars went to local governments to keep your teachers in their schools, and the fire and police on your streets. You wonder why most if not all of the states had to start layoffs this year? Because the stimulus money is gone and the states aren't stepping up to the plate with more revenue. The "job creation" part of the stimulus was quite small. Even though he is derided by the GOP for it when Obama says he saved jobs. That's in fact what the plan was designed to do, and that's what it did.
RIP27
That's nice, but you do also know that if the economy goes to @!$%# then these same employers will start laying of people too................
If the Federal Government would stop taking the money from the state to strat with and stop inposing their rules on the state a lot of states would be better off without them and the money
openmind266
"If the Federal Government would stop taking the money from the state to strat with"
WOW! When did this ever happen? You got any information about how the Federal Government takes money from ANY States Budget?
Here's what happened. States can't print money or run deficits, but the federal government can. For years, decades, the states were more than happy to take money for Medicaid, food stamps, grants for their universities, their municipal sanitation projects and the like. It was manna from heaven. Once you stop the deficits you try up the states. Then the states close down a state facility and shift it to the communities or reduce local grants. Then the local communities either have to raise their tax levies, do without, or make it the individual or their family's responsibility. Unfortunately, this completely avoids the debate about what should be essential government services at the national, state or local level, what are the government's duties to all its citizens, and who and at what level to tax to provide these services to foster the community.
Stimulous I failed to create any jobs, even the 'shovel ready jobs' promised by Obama! And we're still wondering what happened to money from Stimulous II and III. The American public doesn't want or can't afford another sequel. Even Rocky wore out it's appeal.
We need new leaders with ideas that work, not more debt!
miked-332794
"not more debt!"
really and what is ryans budget proposal all about? do you thing without the stimulus, you and i will be here. how about you calling your speaker, Boehner to provide you with links to the GOP job bill? we don't need new leaders with ideas that will work for the Koch brothers and their cronies.
Be where? So you're say if the stimulus didn't happen something would had happened to us? Really? By the why the stimulus didn't work and there was never any shovel ready jobs.
show one single statistics that the stimulus didn't work......just one. In 2yrs, this administration has created more jobs than bush 8yrs of tax cut......this is a none fact. again, I'll keep directing you to boehner and his congress house of clueless teabaggers, where are the jobs? let them provide their job bill and we go from there.
Obama's veto record is a little disturbing: 1 veto in 400+ bills, while the historical average is 1 veto per 20 bills? The guy just can't say no to a spending bill... this is not a leader we have, but a rubber stamp!
No more stimulous bills, cut spending, reduce payroll taxes, reduce the defict, and get the budget approved. If Obama does those things and creates private sector jobs (not new government jobs) then he might have a chance in 2012. Unfortunately, I don't think he can get it done!
The country needs money to run. We know that conservatives want to starve the government to force it out of existence. But in the process, you are starving the country and IT will cease to exist.
Bill T from USA
Obama's veto record is a little disturbing: 1 veto in 400+ bills, while the historical average is 1 veto per 20 bills? The guy just can't say no to a spending bill... this is not a leader we have, but a rubber stamp!
Not! Bush's was...The rubber stamp was George W. He didn't veto one bill until 2007 when the Dems took control and then he vetoed just about everything. Then you Repubs blame all this on the Dems. Wow selective memory and/or history must be a real problem for you folks to overcome.
miked-332794
Some facts: Clinton left office and our National Debt was 5 Trillion Dollars and the Debt to GDP was negative (a good thing) and the economy was doing well. Bush left office with a National Debt of 10 Trillion Dollars and the Debt to GDP was positive (a bad thing) and the economy was on the brink of total collapse. If not for the stimulus, economists on both sides of the aisle were saying the same thing, Major Industries in default and unemployment at 30%+ can you say "Great Depression" or does your PhD in economics say something else?
miked-332794
Here is what's wrong, you don't have a clue what you are talking about! Do you have ANY idea how much money gets sent to each state for Road Construction and Infastructure Improvements by the Federal Government? Apparently you don't. Let me make it simple for you, the next time you drive down your local freeway and see abunch guys fixing the road THAT's the Shovel Ready jobs hard at work. You see if there had been no Stimulus then there would have been no more money to keep these guys employed. In my state the stimulus not only kept the current road/bridge improvemnents going it let us start new ones that were planned for the future. Check your facts before posting garbage.
"In May 2011, using the latest figures available from the BLS, the unemployment rate reached 9.1%. In contrast, the Romer and Bernstein projections estimated that the unemployment rate would be around 8.1% for this month without a recovery plan, or 6.8% with a stimulus plan (which was ultimately passed). The actual unemployment rate has been consistently below Romer and Bernstein’s worse case scenario for the economy – and by a considerable margin. They projected that the unemployment rate would never climb above 9%. As time has passed, it turns out that only two months out of the last two years have seen an unemployment rate lower than 9%."
So Pius, what would had happened to us if it didn't pass? I don't know Pius, ask where the jobs are at. Here's the problem with you, you want to shift blame on anyone but, "your guy". I don't belong to a political party, unlike you I see the facts and go from there. I'm not blinded by "Hope and Change".
Why are we talking about a recession when Obama said it ended in July 2009? Is Obama saying we are in another one?
Major Tom, Obama said there was no shovel ready jobs. So who's right, you or Obama? No I never seen a bunch of guys working on the roads, I seen one guy and a bunch sitting on their ass watching that one guy working. Just out of curiosity, what state do you live in?
3WolvesandaMoon
And if there had been no Stimulus what would the unemployment rate be today? 30%? and what about Wall Street and Big Banks and our Auto Industry and other large and small businesses and the World economy?
3WolvesandaMoon
What are you getting on about? ALL States get Federal Funding, who cares what state I'm in...... Your State gets Federal Funding, you deny that? Local officials here have stated "that not for the stimulus there would be fewer jobs".
quit cutting and start raising taxes. we pay the lowest taxes in 60 yrs and now we need money, so raise taxes.
forget the deficit. raise the ceiling. invest in infastruture. provide monies for education to hire and/or keep teachers. put the country to work. raise taxes on business, forcing them to invest for needed write-offs and then we will fill the tax coffers.
this idea of deficit and not raising debt ceiling and puting future debt on grand children is a bunch of crap. a ploy to make more for the very few and screw the people who aree convinced they are right?
Raise taxes with unemployment above 9%....Brilliant KR.
@kr-you are clearly retarded, please shut the f up, and put your full name "krazy"
quit cutting and start raising taxes? That doesn't make any sense at all. If taxes did start raising this government would just spend it. Sorry kr, the stimulus was suppose to do those infrastructure projects you're crying about.
Spoken like a person that pay no taxes
Are you or have you ever been employed by nobama? Sound to me like someone must have paid you something to make a statement like that because what you said makes absolutely no sense at all.
The government has already raised taxes on real estate it's just hidden in the Health Care Reform Bill.
Hmmm??? More stimulus?? Does he want Obamavilles all over the US? He wasted nearly one trillion US dollars!! Barrack 'Hoover' Obama will become the Herbert Hoover of the 21st Century, and will take the democratic party just as long to recover as it did the republicans after they stuck with Hoover!
Obama does not have a clue! What happened to his entire economic team -- other than his tax cheat???
you DO know who Hoover was, and what his ecomomic policy was, don't you?
Looks like maybe, not.
Lets just give everybody a free house, and two Chevy Volts in every garage. Oh, and free electricity to charge them up.
Obama is going to Drain every last possible dime from America before he is booted out. Hope the House can put a stop to this nonsense.
Don't forget the food stamps too.
Don't give him any ideas you may find your new party clothes in the mail. That way we can all dress alike. Just like Valerie Jarrett and Anita Dunns hero Mao
Really? You want to keep cutting taxes and continue to give business tax breaks to create jobs overseas while they are sitting on 2 trillion and won't invest in jobs here in America? They are building infrastructure in China and India but you want our roads, bridges and transportation to crumble here? Why do you Repubs hate our country so much.
The more you cut, the less jobs created and the less people will spend. But then you people want everyone to work for a dollar an our like they do overseas. For all you waiting, the jobs that were off shored are never coming back and business is waiting for the day when they can hire people for $8 an hour with no benefits here. Welcome to 3rd world America.
Bottom line if consumers and business don't spend the third leg of the stool (Gov) must or it will be the Great depression all over again.
Lets not forget free health care... a vacation schedule like the Europeans have... and the obligatory picture of chairman Barrack over the fireplace!
Edward-1075991
Do you know how our Government works, I guess not. The House has to pass any Stimulus before the President can sign it DUH!!!!!!!!!!!!!!!
http://topics.nytimes.com/top/reference/timestopics/subjects/u/united_states_economy/economic_stimulus/index.html
You are correct Major Tom, that's way the Democrats were voted out last November so it wouldn't happen again. Let hope they get rid of HC too. Let me ask you, why doesn't Congress and the Senate take this awesome HC plan? Why are there so many waivers for this awesome HC plan? Answer some of those questions and I might agree with you, but I'm thinking there is no good answer to those questions.
3WolvesandaMoon
I'm no fan of the Health Care Bill since the Republicans butchered it.
But, as for who 's top dog in Congress? it doesn't matter. You know why it doesn't matter, because they ALL know if their state gets fewer Federal Funds (Stimulus) and their state has fewer jobs and they can't fund their pet projects they will pass another Stimulus Bill. As they say, bull@!$%# walks and money talks....
withh the trillions pf dollars he has wasted,he could have bought everybody an energy eff. house and elec car.
carlyss man
And just how did He AND Congress waste it? Where are your facts?
427000 new unemployment just this week, the highest foodstamp rec. in history, unemployment still at 9.5% where as I beleive he said with the stimulis it would get below 8 %. the stimulis money is almost gone.the question is when are you die hard obuma nuts going to admit that he has failed even his shovel ready jobs did not exist and I beleive he admitted to that.
carlyss man
Take one datum point and predict the world you are kidding no?
Never let a good crisis go to waste --- The one pledge Obama has fulfilled - lol.
Pius Nebo has to be on Obama's Administration somehow,, the man is too silly to be real :-)
KR spends too much time at the Dew Drop in with the Hags.
Alan W
So Alan, you're an economic Genius? Tell us all how to FIX the economy........................... we are waiting.
Way to contribute there MajorTom...
You added a lot of value with that statement. (almost as much as I am adding right now :-)
SickOfTheBickering
You so funny ;-)
How about this, Obama took over this country with a 10 Trillion Dollar National Debt AND the economy ready to collapse AND all the economist saying either get some money out there or the economy is going to crash and burn. So Obama and Congress agreed and provided a stimlus package and saved our economy. Now all you guys can do is bitch and moan cause the unemployment rate isn't 2%. When I'm saying you should all be thankful the unemployment rate isn't 30%.
Love your exaggerated figures. Did you dig those out close to where your hemorrhoids grow. You people are so jumping up and down to make this failure look good, you will use anything and everything. From some of the figures I have seen, you will have the deficit up to 14 trillion even before Obama took the office. Do you not think people can't see right through your liberal exaggerations.
George King
Nah, just 10 Trillion that's all..........
Panem et Circenses
Alan W
Never let a good crisis go to waste --- The one pledge Obama has fulfilled - lol.
Yes and according to Dick Cheney "Deficits don't matter." But now they matter so that you can destroy this once great nation, nice work. You people are frauds and liars and only fools and the low educated voters buy into your garbage
If the nobama administration really wanted to help jump start the economy, they would put in place drug testing for every single person who draws, receives or gets welfare, food stamps and any other government give away. Thousands and thousands of jobs at drug test facilities would be created along with all the peripheral work required. Can't pass the drug test each time you come for a free handout, no free handout.
drug tests just add cost to the whole thing.
i say if they want a handout they should be willing to contribute back... let's say by putting them out on the highway picking up trash for 1/2 day. they get a whole day's welfare for 1/2 day of work.
a program like that would even create jobs to assign them their daily work orders, drive them to and from the work site, care center employees who take care of the welfare recipeint's kids while they are earning their daily welfare. there is plenty of work for all...
just think of it... if they have to work for their freebees maybe they will be inspired to use the other half of the day to go get a REAL job.
if not, at least the country gets something back for carrying them.
So if the poor are supposed to help out by devoting their sweat and labor, what is Mr. Corporation supposed to do to chip in? Rather than making the poor "work" for government aid, wouldn't it make more sense for the business to hire him/her and pay them directly? You obviously come from the camp that thinks the poor are unemployed because they are lazy and don't want to work.
Let me tell you... Mr. Corporation is already chipping in you fool!
And you are right... I do come from that camp!
Those that want to work find a way to do it. Lord knows that there is plenty of opportunity for them to get educated (for free on the gubment's dime) and climb out of their funk...
SO... what is left are the lazy one's that just want it handed to them. But if you made them work for their welfare they would quickly realize that there is no free meal and that there is more to be had if they choose another path.
So yes.... I say make them work!
SickOfTheBickering
Wow! What a very simplistic statement regarding a very complex issue. So, from what you are saying, there are 11 Million unfilled jobs out there that can support all the people looking for jobs?
I mean "Real" jobs not flipping burgers at McDonalds, since in case you didn't know it, flipping burgers at McDonalds wont support a family. Sounds like you could start a lucrative job placement business with your knowledge. Let us know how that works out for you.
Seen it all before,
Anyone remember "the Job Corps"?? All I ever saw of that was a bunch of lazy, good for nothing, clowns leaning on shovels and rakes. Nobody working or even pretending to. You can lead a horse to water, but.....
Where were all you economic geniuses when Bush took our National Debt and good economy from 5 Trillion dollars to 10 Trillion Dollars and the economy on the brink of collapse??????????
Do any of you wingnuts have a clue what you are talking about. Economists from both parties agreed, no stimulus, then our economy would "Crash and Burn" and take the WORLD MARKET with it!!!!!!!!!!! Some of you peeps need to get a grip.
MajorTom... get a grip? GRIP THIS! While you're sitting in a tin can far above the world!
SickOfTheBickering
WOW! what an erudite response. Should I have expected more from a wingnut? I guess the truth has you dumbfounded.............
@Major Tom...
NO... what has me dumbfounded is the ridiculous crap that you spew.
You love to point fingers and pose questions... but you never offer solutions. Your comments are comical!
SickOfTheBickering
What's rediculous is the facts: Bush left this administration with a 10 Trillion Dollar National Debt and an economy on the brink of collapse. You denying this Sick?
Now the President AND the Congress agreed to "Stimulate" the economy to keep it from collapsing and all you guys want to do is bitch and moan. Do any of you guys have a PhD in economics? No? Then why post stuff you know nothing about?
Tom,
It seems as if you're having a bad day. Take a look at one of your postings, Bush added 5T in eight years, Obama 4T in 2.5 years. In addition, Obama's economic advisors (if any remain) have forecast deficits in excess of a trillion dollars, ANNUALLY, for the foreseeable future. If Obama has 1.5 years left, at this rate, his contribution to the deficit will be something on the order of 6.5T in four years, but if he manages eight years, roughly 12T can be laid at his feet. Bush's contribution, while significant, pales next to the potential Obama contribution, again, if he gets an additional four years.
For all of you that reference Cheney and his "deficits don't matter", there comes a point were deficits matter, whether it's your own household, or a nation. We as a nation have reached that point, whether we like it or not, the belt has to be tightened, and the deficit reduced.
The "stimulus" was a total joke. It created absolutely nothing. All it did was give "hack" politicians locally lots of money from "hack" politicians nationally. Do you have any idea what actually happened to all that money. All I ever say around here were the same ole people leaning on the same old shovels.
Living in L.A.
Can you tell us what the unemployment rate would be now if there had been no stimulus? Can you tell us what our economy would look like now if there had been no stimulus? Should Obama and our Congress let our country default and let our economy collapse?
Living in L.A.
"For all of you that reference Cheney and his "deficits don't matter", there comes a point were deficits matter, whether it's your own household, or a nation. We as a nation have reached that point, whether we like it or not, the belt has to be tightened, and the deficit reduced."
I agree, At some point it has to stop. But if the boat is still taking on water you need to keep bailing until the hole is fixed. The "hole" being unemployment and the economy. There has to be enough jobs so people can support themselves and start paying taxes and buying houses and cars and keep the economy rolling. If unemployment gets too high then things will get much worse.
George King
You may want to do some reading:
http://www.daulatguru.com/interviews/47-richard-c-koo-chief-economist-nomura-research-institute-explains-how-this-balance-sheet-recession-is-different-107
Tom, you are really having a bad day.
The "at some point" is now. This is our one chance to stop all the crazy Democratic spending spree and reall pass a balanced budget. Better to undergo a little pain now, than to wait for an Obama induced disaster.
you sound like one of those people still stuck in the sixties at woodstck danceing around protesting everything, You know the dem senate stopped thousands of jobs in the oil drilling buss, while our gas hangs around 4.00 , per gall. also I do beleive bush had to fight a democratic gov. that helped that dept. but it still was no 4 trillion in less than 2 years, heres one for you and please ck it out.since obauma toof office the whitehouse has added 73 % more new lemos at 60.000 per unit and I will bet none of these are electric.
carlyss man
Edward-1075991
4 Trillion trying to get the economy back on track after 8 years of a downward spiral. The problem is it's easy to just say OMFG we are all going to die! Rather than look at what He and Congress are trying to do.
You guys need to do some reading before posting garbage:
http://www.daulatguru.com/interviews/47-richard-c-koo-chief-economist-nomura-research-institute-explains-how-this-balance-sheet-recession-is-different-107
Somebody needs to take their meds.
End the crusades ! Its all borrowed money and and you win nothing ! This whole financial disaster is the fault of the Republicans..relaxing the banking regulations and the tax breaks for anyone who moved their business out of the USA !! Then they allow the wealthiest to pay no taxes! And are still giving the banks free money that they wont lend out !
Say it isn't so
Yep, can you say Reaganomics? But, you should be careful with the truth around Republicians they have a way of twisting it around until it looks nothing like what it really is. I think the act of doing this releases vast amounts of dopamine in their brains.
It sure is easy to belittle someone with name calling when you do it from the other side of a computer screen. This is hillarious.
viva la revolucion!!
Take down the entire regime and rebuild.
LHO.....don't you know by now, that is all they do, obviously, because that is all they know.
LHO-11-22-63
George King
I called someone a name?
Alright guys, could either of you answer these questions?
Can you tell us what the unemployment rate would be now if there had been no stimulus? Can you tell us what our economy would look like now if there had been no stimulus? Should Obama and our Congress let our country default and let our economy collapse?
Obama selling his "stimulus" is like the side show, snake oil salesman trying to sell tiger repellent in Illinois. When asked if it works, he replies: "Well, you don't see any tigers around, do you?" LOL
My posting was not a response to anyone else's post, so therefore I was not calling anyone person out. I was merely stating that it is easy for someone to be so high and mighty and so aggressive when they are behind a computer screen. Of course no-one could say for sure what the economy would have been like had their not been a stimulus, unless its Marty McFly and Doc Brown. Everything we work off of are projections.
viva la revolucion!!!!
Dems and Repubs take em all out of the picture....rebuild from the ground up.
LHO-11-22-63
What can I say. People post on here like they KNOW the answer and they don't. At least you answered my question, and I thank you for that.
"Everything we work off of are projections." and I would hope also Historical events, like the Great Depression.
Do me a favor LHO, go to this link and read this article and let me know what you think:
http://www.daulatguru.com/interviews/47-richard-c-koo-chief-economist-nomura-research-institute-explains-how-this-balance-sheet-recession-is-different-107
Major Tom,
That was a very interesting article. As an economic layman I found it to be very easy to understand for the most part. The only problem I see here is that we have to groups of knuckleheads that are on power trips and just want to argue with each other for the sake of argument. I dont think the nation should be forced to make a decision on the POTS or senate or house by choosing which one is the lesser of the two evils. Greed is a b!tch. Until this country learns to not be so damn greedy, we have a long hard road ahead of us. We need some serious restructuring.
viva la revolucion!!
LHO-11-22-63
"We need some serious restructuring."
I certainly don't have all the answers, but putting some regulations back in place for our financial institutions seems appropriate. When they can legally sell things like derivatives that even the issuing institution can't tell you how they work, something is broken and needs to be fixed.
Something for all you guys to think about:
What are the lessons that US can learn from Japan’s great recession?
When a country falls into this type of recession, which happens may be once every 70 years or so, because the last time US fell into something like this was during the Great Depression 70 years ago, you not only need fiscal stimulus but the fiscal stimulus has to remain in place until private sector deleveraging is over. We didn’t know that in Japan. So at first, in recession we provided fiscal stimulus and then when the economy improved and budget deficit increased, we cut the stimulus. The economy again goes down and we repeat the process. So we had this zig zag and it took us 15years. There is no reason to have taken 15years, if we knew in advance that this is a different disease. So, my message to the US and UK is that if you see private sector deleveraging, then maintain the stimulus until the private sector balance sheets are repaired. And once these companies start coming to borrow money, then that’s the time to cut the budget deficit. But not before that. If you try to cut the stimulus prematurely, then the whole thing will come crashing down and the recovery process will take longer.
If you want to read the whole article go here, I highly recommend it:
http://www.daulatguru.com/interviews/47-richard-c-koo-chief-economist-nomura-research-institute-explains-how-this-balance-sheet-recession-is-different-107
Just read a book about the Great Depression by T.M. Watkins. Things were much different then. We have much more sophisticated safeguards in place than existed then.
OUR MAIN THREAT NOW IS OUR CRUSHING DEBT. We have to cut our spending drastically. As the CBO pointed out. We have some time left, but not a lot of time. Can't keep putting it off.
Since Obama took office he has done everything wrong and made everything much worse! 9.1% UNEMPLOYMENT, trillions upon trillions in corrupt wasted spending, mountains of debt, and what does Obma want to do. Double down with more spending and debt. In Chicago its pretty much a tradition to ramp up city spending and use that money to buy the upcoming election. It looks like that is Obama's plan no matter how much damage it does to and economy already teetering on a Grand Canyon of Debt. If Obama gets 4 more years the date of his reelection, if not the date of his first election, will likely go down as the start of the decline and fall of the United States of America! Fool me once shame on you, fool me twice shame on me!
Yep Valwayne,
To stop the crime wave, you first get rid of the criminals.
Obama is toast in 2012. Liberals sense this and are getting worked up into a frezy already. The best part, is that when Obama is drummed out of office, there will be plenty of Congressmen and women who carry the dreaded "D" after their names who will be joining him.
valwayne
Edward-1075991
Guys, please follow this link and read it and try to understand what this Economics Expert is saying:
http://www.daulatguru.com/interviews/47-richard-c-koo-chief-economist-nomura-research-institute-explains-how-this-balance-sheet-recession-is-different-107
Would that be the same kind of "expert" that just abandoned Obama's ship?? No thanks.
Edward-1075991
Let me help you out, what is happening in the USA is what happened to Japan, they learned some valuable lessons. These lessons could help us from repeating what happened to them. If you can't learn from the past then you are bound to repeat it.................
What are the lessons that US can learn from Japan’s great recession?
When a country falls into this type of recession, which happens may be once every 70 years or so, because the last time US fell into something like this was during the Great Depression 70 years ago, you not only need fiscal stimulus but the fiscal stimulus has to remain in place until private sector deleveraging is over. We didn’t know that in Japan. So at first, in recession we provided fiscal stimulus and then when the economy improved and budget deficit increased, we cut the stimulus. The economy again goes down and we repeat the process. So we had this zig zag and it took us 15years. There is no reason to have taken 15years, if we knew in advance that this is a different disease. So, my message to the US and UK is that if you see private sector deleveraging, then maintain the stimulus until the private sector balance sheets are repaired. And once these companies start coming to borrow money, then that’s the time to cut the budget deficit. But not before that. If you try to cut the stimulus prematurely, then the whole thing will come crashing down and the recovery process will take longer.
Oh, you economic geniuses have nothing to say? Come on,,,,,,,, Bring it!!!!!!!!!!!!!!!!!!
After 10+ years of serving my country and understanding what was right and wrong and looking at the outcome of decisions that have been made over the last 40 years "WE" all should stand back and really look at what "WE" stand for and what "WE" need to do to make it all right. Take religious and political affiliations out of the equation and do the right thing......... Let Freedom Ring.
First thing we need to do is make absolutely sure we don't allow Obama to do any more damage. Cut his purse strings. Defund his socialist programs. The longest running lame duck in history. Then, in 2012, lets get a REAL President in the White House. One with REAL Business experience. One that actually knows how to fix the economic mess Obama has created.
While were at it, might as well clean out all the Democratic trash once again.
I can see in the near future it will be considered an insult to even be called a Democrat. Like being called an idiot.
Edward-1075991
Perfect! After Bush invaded Iraq and turned it into @!$%#, with Cheney talking 6 weeks to 6 months and it would all be over, you have the gall to make that absurd statement. You best look at the trash in your own back yard before talking about throwing out the trash.
And looking at the Republician line up for President, just which of them knows how to fix the economic mess Obama (actually Bush) has created.
Edward-1075991
Ummm, Interesting indeed.............
http://carloz.newsvine.com/_news/2011/06/08/6812693-most-americans-blame-wars-for-federal-debt-few-cite-tax-cuts-data-suggests-reality-a-bit-different