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Well, other than the fact that Obama took office in JANUARY of '09 and owns the '09 spending record, your chart looks correct. By far the largest in crease in spending in '09 was due to Obama's nearly $1 trillion spending spree as part of "spendulus" to reward his campaign donors and supporters.
Well, other than the fact that Obama took office in JANUARY of '09 and owns the '09 spending record, your chart looks correct. By far the largest in crease in spending in '09 was due to Obama's nearly $1 trillion spending spree as part of "spendulus" to reward his campaign donors and supporters.
Completely false, about $200 billion of the spending during fiscal 2009 was related to the Stimulus. We were already facing a deficit of $1.2 trillion for fiscal 09 prior to Obama taking office.
Completely false, about $200 billion of the spending during fiscal 2009 was related to the Stimulus. We were already facing a deficit of $1.2 trillion for fiscal 09 prior to Obama taking office.
The reason the deficit ballooned to 1.2 trillion in calendar year 2008 was due to the Financial Panic that occurred when The Texas Decider had a brain fart and chose to let Lehman Bros (A very large Investment Bank) fail and causing in the space a few weeks the chain reaction that destroyed about 20% of the nations Wealth (stocks, bonds, housing equity etc) . Causing about 9% of this nations economy as measured by GDP to also disappear and throwing 15 million of us out of work. This erased nearly half a trillion dollars of tax receipts (Federal and state) ,
The market panic forced Mr Bernanke to create several trillions of dollars in T-bills to recapitalize Wall Street, AIG, FHA FDIC paper that's still the Feds Books (This kept the economy from collapsing likr it did after 1929) and 800 billion dollars needed to be placed in Treasury's (Mr Paulsen) hands to cover a range of unanticipated emergency spending for from paying benefits to15 million people needing something anything to replace some of the income lost when that job they had disappeared , to prevent 2/3 of the American auto industry from being liquidated or placed in foreign (i.e China's) hands, and to recapitalize AIG and save the pensions and annuities backed by AIG and millions of Americans count on for their retirements. Lastly the cash bailed out numerous cities and states which didn't have to make a beeline to bankruptcy court and stiff all their creditors thus wiping out even more of this great economy!
With great effort the free fall this nation found itself over the Christmas holiday 2008 was slowed and halted by mid 2009.
Well, other than the fact that Obama took office in JANUARY of '09 and owns the '09 spending record, your chart looks correct. By far the largest in crease in spending in '09 was due to Obama's nearly $1 trillion spending spree as part of "spendulus" to reward his campaign donors and supporters.
To be fair, 36% of stimulus ($288 billion) was in tax cuts.
I get why it's controversial but it's pretty standard economic practice to borrow and pump capital into the economy to keep people employees and off welfare.
Most estimates put the impact of stimulus at 3 million jobs.
Bailing out the auto industry, while not ideal, saved another million jobs largely in a region of the country that wouldn't recover and would sacrifice our domestic industrial base.
So, it's complicated but we did avoid a massive depression so probably made the right call. The market would divide and conquer out assets globally otherwise.
To be fair, 36% of stimulus ($288 billion) was in tax cuts.
But we were told non stop that tax cuts dont stimulate..
Quote:
Originally Posted by Bluefly
I get why it's controversial but it's pretty standard economic practice to borrow and pump capital into the economy to keep people employees and off welfare.
Except it didnt keep people off welfare.. I cant believe you even said this..
Quote:
Originally Posted by Bluefly
Most estimates put the impact of stimulus at 3 million jobs.
In fact the CBO put the long term effect of the stimulus at a NEGATIVE -.2% in the GDP because the money needs to be taken out of the economy due to interest on the debt etc
Quote:
Originally Posted by Bluefly
Bailing out the auto industry, while not ideal, saved another million jobs largely in a region of the country that wouldn't recover and would sacrifice our domestic industrial base.
The auto industry was bailed out by TARP..
Quote:
Originally Posted by Bluefly
So, it's complicated but we did avoid a massive depression so probably made the right call. The market would divide and conquer out assets globally otherwise.
We avoided a mass depression because economies rebound on their own.
Obama didn't sign the $1.2 trillion, the Stimulus package added about $200 billion to the deficit in the budget year 2009 so the overall deficit wound up being $1.4 trillion, but we were already facing a $1.2 trillion deficit before he took office.
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