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True.. BEFORE the stimulus spending even began to take place...
Lets not forget, in order for the stimulus spending to even occur, they had to sell debt, thus removing money from the economy..
If you remove money from the economy, and then put the exact same money back into the economy, you stimulated NOTHING..
No Mr Bernake used a little known trick that you can do when you are the nations reserve bank. The liquidity he needed was created by a request from the Federal Reserve Chairman and simply sent as a deposit to the Federal Reserve banks which for them became assets that they count on their balance sheets to the present day. They then loaned it to big money center banks like Citi Group, Bank of America, Wells Fargo Bank, Bank of New York-Mellon, Barclay's Bank (its US operation) (Yes big foreign Banks are part of the Federal System) JP Morgan-Chase or Goldman-Sachs which bought up a failing bank in California. They used this to buy up bad mortgage paper and get it off the market, buy failing banks (400 as so) and the biggest rescue of all Freddie Mac , Fanny Mae, VA and AIG which was on the hook for trillions of Credit Default Swaps that it could not honor. Mr Bernanke's financial magic that is why the assets of the Federal Reserve system jumped from around a trillion dollars in the summer of 2008 to nearly 5 trillion dollars today. Getting the liquidity into the Financial system and getting bad financial paper out of the market is the reason the US dollar has any worth what so ever today and why you who might have some nice retirement accounts or a stock portfolio are not penny-less today .
The deficit under Obama has been his biggest weakness - I like him but he has not been a fiscally competent President. However, my question to those who just throw a debt number out as evidence of a failed presidency is: given that he inherited a $1.2tn deficit and a massive recession, what was he supposed to do? Slash a trillion dollars in spending just to balance the budget? Where is the economics in that?
So, what should the deficit have been for the 4 years following Jan 2009?
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.
Obama signed something like 11 of the 14 budgets for that year
Obama has run the deficit up more than the first 43 presidents combined!
As of today, 35% of ALL debt run up by the USA is due to Obama's profligate spending.
He is the Champion!!
LOL...... that's adorable......
Conservatives still haven't figured out that worst economic crisis since the Great Depression is going to cause automatic spending increases in social net spending....
Conservatives still haven't figured out the worst economic crisis since the Great Depression tanked revenues for several years.....
Conservatives still haven't figured out those multi-trillion dollar wars (who woulda thought healthcare for military veterans is so expensive ), very expensive dept of homeland security, and expensive Medicare Part D program have added to the deficit.....
Aside from ACA and the stimulus, where's the big ticket expensive policies that Obama pushed through?
True.. BEFORE the stimulus spending even began to take place...
Lets not forget, in order for the stimulus spending to even occur, they had to sell debt, thus removing money from the economy..
If you remove money from the economy, and then put the exact same money back into the economy, you stimulated NOTHING..
That's not how it works and I'm pretty sure it's been explained a hundred times why that notion of money creation isn't correct. If you want to keep looking ignorant, then that's on you, but that's not correct.
Obama signed something like 11 of the 14 budgets for that year
There is only one budget for any given year. The President prepares it and transmits it to Congress, usually in February for the fiscal year to begin the following October. Depending on how you count them, there are either 12 or 13 appropriations bills that implement the budget. The Democratic Congress passed three of those bills in 2008 and Bush signed them. He had stated that he would veto the others, so Democrats waited until after the new Congress had been sworn in and passed all the rest as an omnibus appropriations bill. Simple fact and history.
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), very expensive dept of homeland security, and expensive Medicare Part D program have added to the deficit.....
