Blog Entry

Fear mongering? Or don't know what to do?

Posted on: February 5, 2009 10:59 am
 

"Irreversible recession" Obama warned in his op ed piece in the Washington Post.  In all my schooling in Economics, macro and micro, I have never heard the term. 

What does it mean? I suppose it means Obama doesn't know what to do other than spend money to stimulate the economy with wish list pork spending and if he doesn't get his way we are doomed.  How can the Hope & Change candidate become so doom and gloom so quickly? 

Because there are myriad of ideas being floated that could stimulate the economy.  Things like tax cuts for individuals and business, you know, to let the people decide how to spend their money in their economy. This thing will take care of itself, you can bet on that.  When the government got involved in the Great Depression they prolonged it by 7 years by eliminating competition, instigating protectionism policy, granting sweeping power to Labor, legalizing collusion and anti-trust, wage fixing above market value, and the list goes on. Principles of Socialism, but I digress.

What gets me really irked by his Carter-esque gloom and doom was this comment:

He rejected the argument that more tax cuts are needed in the plan and that piecemeal measures would be sufficient, arguing that Americans made their intentions clear in the election. "I reject these theories, and so did the American people when they went to the polls in November and voted resoundingly for change," he wrote. Talk about over reaching the results of the election.  Wow, the arrogance is astounding!  The people did not vote for a Pork Stimulus Package when they elected him president.  I am absolutely certain I did not see that plank in his platform when I vetted him all last fall on my blog.  I don't remember any Obama supporters chastizing me last fall that I had ommitted it either.

The honeymoon for Obama ended far sooner than I ever thought.  The media is now awake and will pick him apart.  I would now put his odds at re-election at 1 in 4.


On the bright side of the economy, consensual sex is still free! Thank goodness....

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Comments

Since: Dec 31, 2007
Posted on: February 6, 2009 10:15 am
 

Fear mongering? Or don't know what to do?

From the USA Today

President Obama is pressuring Congress to move quickly on the package of federal spending and tax cuts that the non-partisan Congressional Budget Office says will create between 1.3 million to 3.9 million jobs by next year. The president has scheduled a prime-time news conference Monday to discuss the economy. Compromise may hinge on a group of Senate moderates who hope to trim as much as $100 billion from the measure to capture support from fiscal conservatives. The group is targeting school construction, which some said is not a federal responsibility, as well as money for the National Science Foundation.So its not 90% pork and certianly not 100% doom and gloom.  About 11% or so (if the paper is correct) is the wasteful spending then I have no problems with members of the senate trying to hash it all out.  Its just been about a week since the hashing has begun so lets all hope they get something done soon.




Since: Dec 31, 2007
Posted on: February 6, 2009 9:44 am
 

Fear mongering? Or don't know what to do?

Ask yourself this Sunny. If you had to look your granddaughter in the eye when you are old and gray and explain why you saddled her with trillions in debt that destroy her QUALITY OF LIFE, what do you think she would say?How did George Bush get a 2nd term?




Since: Mar 20, 2008
Posted on: February 6, 2009 8:38 am
 

Fear mongering? Or don't know what to do?

zbarms,

No problem. That is what it is for.  I summed up your numbers and they round out to about $280 billion give or take a billion among friends. 

This bill should do the following:

  1. Tax relief - more money in every working person's pocket will result in three things:  debt reduction, savings and spending. All good for the economy.
  2. Tax relief for businesses - more money to purchase stuff, to hire and train, to invest, to research, to reduce debt, etc...
  3. Mortgage relief programs
  4. Loans to large to small corps who are tetering on collapse.
  5. Purchase the bad debt from banks.

Nothing else.

From the Wall Street Journal:

  1. In it's current form the bill purports to create or save 5 million jobs or $286,000 for each one!!!  And 1 in 5 are government jobs.
  2. 90% of the bill is not stimulus but is wasteful spending.
  3. Represents the largest Generational Theft ever proposed.

Ask yourself this Sunny.  If you had to look your granddaughter in the eye when you are old and gray and explain why you saddled her with trillions in debt that destroy her QUALITY OF LIFE, what do you think she would say?




Since: Jan 1, 2007
Posted on: February 5, 2009 7:52 pm
 

Fear mongering? Or don't know what to do?

When BHO was running for office one of his campaign promises was to eliminate adding pork barrel pet projects to bills. He was going to do this by calling out the people who add them. He along with John McCain both said that this was necessary. Now in his very first piece of major legislation it is loaded with pet projects (since you do not like the term pork) and he is giving a pass it or else we will all die ultimatum. This is suppose to be an Economic Stimulus Bill, not a federal budget. I want to know who is adding these special projects, I do not care which side of the aisle they are from. Get their names and get them out.

Reasons Why the Stimulus is not a Stimulus:

1. $50 million for the National Endowment for the Arts

2. $380 million in the Senate bill for the Women, Infants and Children program

3. $300 million for grants to combat violence against women

4. $2 billion for federal child care block grants

5. $6 billion for university building projects

6. $15 billion for boosting Pell Grant college scholarships

7. $4 billion for job-training programs, including $1.2 billion to provide “youth” summer jobs for people up to the age of 24

8. $1 billion for community development block grants

9. $4.2 billion for “neighborhood stabilization activities”

10. $650 million for digital TV coupons, including $90 million to educate “vulnerable populations”


POORLY DESIGNED TAX RELIEF:

11. $15 billion for business-loss carry-backs

12. $145 billion for “Making Work Pay” tax credits

13. $83 billion for the earned income credit

STIMULUS FOR THE GOVERNMENT:

14. $150 million for the Smithsonian

15. $34 million to renovate the Department of Commerce headquarters

16. $500 million for improvement projects for National Institutes of Health facilities

17. $44 million for repairs to Department of Agriculture headquarters

18. $350 million for Agriculture Department computers

19. $88 million to help move the Public Health Service into a new building next year

Sorry I hi-jacked your blog Cyndi.




Since: Feb 18, 2008
Posted on: February 5, 2009 4:51 pm
 

Fear mongering? Or don't know what to do?

I know its not "stimulating" the economy so to speak so its not correctly listed but outside of the dog park I don't have much of an issue with what you listed. True its not for stimulating the broken economy but we all knew that one blank check wouldn't solve all the economy issues but not doing anything about it would only hinder us more.

I have a huge problem with it.  WE CAN"T AFFORD IT.  We just got rid of one President with a spending problem, we can't have another.  There are lot's of nice things we could do, but that is not the role of the federal Government.  China is no longer buying U.S. debt, what our government is doing now is just printing more money.  What kind of effect do you think that is going to have on the U.S. economy?  The quality of life?  We have a division of power in this country for good reasons.  It is to stop a President from doing whatever he wants just because he won.  Congress can block this, just as a president can veto a bill.  Checks and balances.  You say it passed in the House no problem, but did you notice every house republican and several Democrats voted against it.  It only passed because the republicans do not have enough seats.  Pray the Senate blocks this, so it can be revised to something that makes sense. That is why we have senators, to protect the interests of their constituents.  When 67% of the country is stone cold against a spending proposal, it is the duty of that senator to vote against said proposal.  Remember, Senators, Congressman, even the President are servants to the American people and the Constitution of The United States of America.



Since: Dec 31, 2007
Posted on: February 5, 2009 4:10 pm
 

Fear mongering? Or don't know what to do?

By pork we mean all the non-stimulus waste in the bill. 325 million for STD prevention. 50 million dollar endowment to the arts. A Frisbee golf park in Texas. Dog parks in California. ACORN. Carbon capture. Global warming research. This is just the crap I can rattle off the top of my head that's in there.............so since when did improving the quality of life in the USA be considered crap?

 

I know its not "stimulating" the economy so to speak so its not correctly listed but outside of the dog park I don't have much of an issue with what you listed.  True its not for stimulating the broken economy but we all knew that one blank check wouldn't solve all the economy issues but not doing anything about it would only hinder us more.

 

I'm surprised that they haven't attempted to legalize weed in an attempt to stimulate the economy. lol




Since: Dec 31, 2007
Posted on: February 5, 2009 4:05 pm
 

Fear mongering? Or don't know what to do?

I did not think about Censorship as a possible root cause.Thats the patriot act hard at work for you.




Since: Dec 31, 2007
Posted on: February 5, 2009 4:04 pm
 

Fear mongering? Or don't know what to do?

BTW Sunny, Barack's second biggest donor after trial lawyers was big business. Fact. How do you like his odds of re-election given that?ah sorry missed this comment.

 

Regardless of what or whom donated to him I think that after 4 years the people will judge him on what has been accomplished.  If he doesn't make good on restoring the economy and leave his imprint on our growing energy needs then yes he would not be re-elected. 

 

But I will say if he can somehow tackle immigration reform prior to the next election that he would get re-elected.  Thats the 800 pound gorilla that no one wants to talk about.




Since: Dec 31, 2007
Posted on: February 5, 2009 3:57 pm
 

Fear mongering? Or don't know what to do?

Pork has been used to describe wasteful spending since I came to this country in 1986. Come on Sunnysidez. I said I put his odds at re-election at 1 in 4. Not that he wouldn't get re-elected. He has the ability to get re-elected but so far he has not shown it. Pouting, chastizing, preaching, ...they all speak volumes about his leadership style. So far I am not impressed

 

I know what the pork is.  But ever since he was elected a republican can't spit a sentence out without pork being one of the words used.  You know this is true.

In regards to his leadership style, he hasn't even left DC yet for anything.  What has been said from him needs to be said.  The bill needs to get passed in the senate.  What was he supposed to say?

Senate members if you don't pass this bill (which the house passed null sweat) well I guess we will take it up tomorrow then!

There needs to be some emphasis from our leader that the wheel house needs to get back to churning.

 




Since: Feb 18, 2008
Posted on: February 5, 2009 2:48 pm
 

Fear mongering? Or don't know what to do?

Imo we need to let him do the job he was elected for. If there were better ideas on how to deal with this perhaps McCain could have done a better job with his campaign.

People didn't vote for a trillion dollar pork barrel.  So far Obama has mad several policy announcements.  Only this one has received large scale criticism.  Like I said before, trim the waste and it will pass.  Everyone might not like it, but he will gain the support of a majority.  By pork we mean all the non-stimulus waste in the bill.  325 million for STD prevention.  50 million dollar endowment to the arts.  A Frisbee golf park in Texas.  Dog parks in California.  ACORN.  Carbon capture.  Global warming research.  This is just the crap I can rattle off the top of my head that's in there.  Though some of these might be noble projects, they are not stimulus and now is not the time to try and fund them.  Stick with the tax credits (though I am against them), the infrastructure projects, and other areas that directly effect the economy and jobs.  Fiscal responsibility was part of his platform, let's see it.The Job he was elected to was to represent the American people and serve as the head of the executive branch of our Government. 


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