Time to admit Obamanomics has failed

Discussion in 'Politics' started by carpro, Aug 9, 2010.

  1. carpro

    carpro
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    http://www.washingtonexaminer.com/o...Obamanomics-has-failed-1008050-100154469.html

    Time to admit Obamanomics has failed
    Examiner Editorial
    August 8, 2010

    Chairwoman of the White House Council of Economic Advisers Christina Romer is retiring during one of the worst economic downturns our country has experienced. (Gerald Herbert/AP file)

    It's no coincidence that Christina Romer, chairwoman of the White House Council of Economic Advisers, announced her retirement the day before Friday's brutal unemployment report. With 131,000 more jobs lost in July, and downward revisions of 97,000 for the previous two months, it's easy to see why she would start looking for the exits.

    Romer is best known for drafting the February 2009 report "The Job Impact of the American Recovery and Reinvestment Plan," which the White House used as an ammunition belt in the fight to gain passage of its $862 billion economic stimulus bill (the actual cost of which exceeds $1 trillion when interest is included).

    Romer predicted that following passage of the stimulus bill, unemployment would plateau below 8 percent last fall and by this month register at 7 percent. That's not close enough for government work, as unemployment stands at 9.5 percent today. It would be higher except that hundreds of thousands of frustrated job seekers have given up looking for new jobs and dropped out of the labor force.

    Predictably, the stimulus bill has proven to be an extraordinary waste of borrowed money that has failed to create jobs, generate economic growth or do much of anything other than line the pockets of White House political allies.
     
  2. preachinjesus

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    Keynesian economics (the underpinning of the current administration's economic policy) has always been a failure. Any attempt to integrate it as a successful means of dealing with a crisis or in long term use for a national economy will certainly have disastrous effects.
     
  3. billwald

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  4. Earth Wind and Fire

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    Admit that Barry is clueless......here is an experssion "Is the Pope Catholic"?:smilewinkgrin:
     
  5. NaasPreacher (C4K)

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    President Obama is just another in a series of ultra-liberals when it comes to economic policy.

    How is he any worse than the last three presidents?

    He is president in the midst of a world wide recession. He has only been president for 18 months.

    We can hardly blame the current economic woes on him alone.
     
  6. targus

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  7. carpro

    carpro
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    Since he's making it worse, we can and should hold him accountable for what he has done to extend the recession.
     
  8. NaasPreacher (C4K)

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    Fair enough - put him the same pot as Reagan (to some extent), Bush 1, Clinton, and Bush 2.

    No better and now worse at handling the economy.

    Can you give an example of a world leader who is doing any better with this recession?
     
  9. Earth Wind and Fire

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    This one doesn't emote the "Praying President" badge. He does bow to certain personages not affiliated with main street & insults folks from Pennsylvania & Ohio.
     
  10. preachinjesus

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    Much of the current economic problems are results of the savings and loan crisis in the late 1980s and early 1990s.

    Some have pointed out that the bill from that crisis has come due and the economy is now paying up for the failure of the leaders of this country at the time. I can't imagine what the next bill will look like for this crisis...
     
  11. carpro

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    He is much worse than any of the above. Bush took steps that ended a recession and Obama has taken steps that have extended this one and made it worse by doing so.

    The differences are not hard to see, if you're interested at all.
     
  12. NaasPreacher (C4K)

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    Bush took steps that ended a recession? Which Bush and when?

    What has President Obama done to deepen this recession that he inherited?

    He is simply another in a series of big government big spending politicians :(
     
    #12 NaasPreacher (C4K), Aug 9, 2010
    Last edited by a moderator: Aug 9, 2010
  13. Earth Wind and Fire

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    Then why employ it in the 1st place? Shouldn't common sense prevail?
     
  14. targus

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    You answered your own question.

    You need to amend your last statement though.

    Obama is the biggest big government spender of all.
     
  15. carpro

    carpro
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    Increased taxes during the recession with more to come.
    Pushed through and signed a healthcare bill we can't afford.
    Backing cap and tax legislation.
    Trillion dollar deficits as far as the eye can see.
    Spent a trillion dollars for a stimulus bill that stimulated absolutely nothing.
    His economic policies alone either have or will cost (if passed) the economy about 3 million jubs.

    All of the above create uncertainty about the cost of doing business and crush the incentive of business to expand or add employees.

    Others put it more succinctly:


    The list of his boneheaded economic moves goes on and on.

    His economic policies are much worse than any president in modern history.

    The only way one could conclude he's just like all the rest is to shut down their critical thinking entirely. If one does that, it invites a continuation of his disastrous policies in 2012.
     
  16. NaasPreacher (C4K)

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    Is President Obama the first recent president to push through a costly stimulus package? Seems like I remember a stimulus package a couple of years ago? Seems like I remember getting a cheque from the IRS and everything thought that was a good idea.
     
  17. preachinjesus

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    One would think that given the repeated failure there is a great case against it. But I'm not guessing many people learn by studying history.:BangHead:

    We should ask President Bush why he employed Keynesian economics and then follow up with our current administration.

    The idea that the government can control the economy has been around for a long time and keeps being shown to be wrong. We came out of a lot of this during President Reagan's administration but were thrown back in by the first President Bush. President Clinton actually helped redeploy a more free market approach and the first several years of the second President Bush's term also saw gains. The difficulty is that in this new recession the incoming party so quickly defaulted to the old school Keynes the nation almost got whiplash.
     
  18. Earth Wind and Fire

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    If I ran my business like that.......Ahhhhh, forget bout it.:tear:
     
  19. Salty

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    Lets keep in mind that its not just the POTUS who spends - it takes Congress to approve it at well.
    Of course, Congress will spend money to keep their districts happy - which in turn they get re-elected with more seniority - which gives them more power to fund pork projects (think Sen Byrd - half of WV is named after him).

    So what does a Congressman Smith do - vote against a funding bill - then his district gets nothing - while other States or Commonwealths are reaping benefits from the taxpayers of Congressman Smiths district?

    No easy answer - except term limits.

    One other thing - too many unearned "benefits" which some considered as a "right".
    Today I took a Medicaid patient home in my taxi - you and I picked up the 70 dollar tab!
    Two weeks ago a round trip cab ride cost us 200 dollars so the patient could get a urinalysis test!
    nuff said! :tear:
     
    #19 Salty, Aug 9, 2010
    Last edited by a moderator: Aug 9, 2010
  20. carpro

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    Neat compartmentalization to pick one item of the many he's done badly and pretend it was a good deal.

    Still won't wash. You're not as disconnected as you are pretending to be. Oversimplification is not usually your forte.

    There is a huge difference between the effects on the economy of a true long lasting and effective tax cut and a small one time tax rebate coupled with hundreds of billions of dollars for pork barrel spending that stimulated nothing. If one appreciated their little check so much they lost sight of the long term lack of impact, they are as economically illiterate as Obama is.
     
    #20 carpro, Aug 9, 2010
    Last edited by a moderator: Aug 9, 2010

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