Baaaaaaaaaawahahaha!
Unbelievable.
[ snip ]
After launching an unprecedented spending program aimed at forestalling a meltdown of the US economy, US President Barack Obama vowed on Saturday to tackle a trillion-dollar deficit facing the nation.
[ snip ]
The full article Obama Urges Control of 'Exploding' Deficits can be found at Breitbart.com.
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Sunday links: not worrying about the why
2 hours ago
9 comments:
That is exactly my reaction.
Hahhhhhhhhhhhhaaaaaaaaa
He might want to check with Japan and see how that worked out for them. Every time they try it the economy fall of a cliff. Goverment spending is the economy.
Translation=Higher taxes, lower standard of living
Ninja - Ben,
Your blog is one of the best there is and your economic insights very perceptive. Nevertheless, regarding politics you seem somewhat naive though this is really hard to imagine from someone so intelligeng. As Marx suggested class interest explains a lot of the way people think.
In the spirit of exchange and dialog, regarding your "unbelievable" comment on Obama's budget, there are several things to observe. The government is obliged to use an expansionary monetary (FED) and fiscal policy (Obama-stimulus) to get us out of the steep deflationary spiral we are in. Almost every single economist, and I believe you yourself, agree that he/they have no choice. It shouldn't be necessary to note that the economic situation is one inherited from 8 years of profligacy following government surpluses at the end of the Clinton era.
Obamas budget seeks to do the only real balancing act possible in the current circumstances from non-productive expenditures blowing things up in Iraq, to a more balanced budget in the out years once the economic crisis is hopefully abated. The shift in taxes from the very wealthy to the middle class, though somewhat more neutral from the standpoint of fiscal stimulus, will provide a stronger stimulus to consumption than under the present tax structure. In a time of excess capacity this is well counseled and will additionally serve to revive America as a society based on broad based participation and not one divided between gated communities surrounded by hostile masses of the unemployed and impoverished.
I continue to draw valuable insights from your posts - the one on Citi today is brilliant -- and hope to reciprocate with some insights of my own here. Thanks
SS
Add to that 17000 extra troops in Afghanistan. Ok, maybe that's just another %50 billions added to the budget deficit.
American media has been most effective: most Americans react exactly the same way to any mention of government deficit spending, or government supplied services. kinda like Pavlov's dog, they associate these both with the word "bad".
So O-man is trying to dispel some of the cognitive dissonance arising from the need to adopt those policies now (so that things can change, in order that they may remain the same.)
Fearless prediction: ten years from now, Bush's family will still be powerful...but with a different name.
Even leftys are starting to sound sensible:
http://www.counterpunch.org/hudson02172009.html
It appears that leftists are less blinded by ideology in this situation than some others, who may have skin in the game.
Meanwhile Clinton is begging the Chinese to keep buying our debt.
Suddenly things make sense.
China which has already been starting to diversify away from US treasuries is telling us they won't buy our crap unless we fix our deficit.
agreed codeMonkey: bloomberg reports they want Freddie & Fannie paper explicitly guaranteed by the Fed, like BAC & Citi bonds are.
Link:http://www.bloomberg.com/apps/news?pid=20601109&sid=azObP8_4deuI&refer=news
For all the idiot "youth" and the liberal fools who voted for B. Hussein Obama's lies on "hope" and "change" garbage, I say, you deserve to inherit misery and lower standard of living.
Translation for average moron B. Hussein voter:
You get to pay
(1) $13,000,000,000,000 Federal Government debt: +
(2) $70,000,000,000,000 in empty promises to pay, but of course without money to pay) Medicare and Medicaid and Social Security and lower standard of living;
(3) $5,000,000,000,000 federal government employee health care and pension plans.
:-)
Losers~~~
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