Paul Ryan begged congress to pass Tarp. (wages, campaign, democrat)
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What was needed was to expand the money supply. Cutting taxes and lowering interest rate had been done under the previous administration, though it did help, obviously, the economy was still sinking, and the only recourse, short of getting the press to print the money, was a stimulus package. You can argue that the package was too small and therefore didn't have the impact it should have had, and I will agree to that.
Lowering the rates and keeping them there was a large factor in causing the crash. It still is causing stagnation and higher unemployment.
When the economy is stagnant, you need to expand the money supply, not contract it. An austerity program, would be disastrous. You just need to look at the UK, where the austerity program implemented by the Tory party plunged the country into a double-dip recession.
When the reason is unsustainable out of control debt piling on more is like flooring the gas pedal instead of hitting the brakes when your headed for a wall at 90 mph...
Oh yea and raising taxes and keeping our ridiculously complex tax code in place wont help...
SS and Medicare are in trouble, what does 0bama do??? CUTS SS and Medicare taxes...
The fact is we are headed for bankruptcy no matter who gets in there, we need a 40% minimum cut in spending RIGHT NOW just to stop deficit spending, Ryan's "budget" just barely slows it down but does nothing to balance the budget at all...
The budget is economic policy. Which position of Obama's was correct? I know, things changed so Obama's position changed. Ryan just as easy could claim that he thought the first round of money was enough.
That would be reason enough to question his judgment in matters of the economy. In Jan-Feb 2009, we were losing more than 100,000 jobs a month. Monetary expansion was badly needed. Tax cuts and lowering interest rates had already been done, and not much could be done in that department, except a stimulus package. If Ryan is supposed to be a wizard in economic matters, which I doubt, he certainly didn't show it then. He preferred to vote along with the tribe.
When the reason is unsustainable out of control debt piling on more is like flooring the gas pedal instead of hitting the brakes when your headed for a wall at 90 mph...
I agree that for the long term, we need to tackle the deficit, but not when the economy is falling or stagnant. Once we are out of this hole, and the economy is producing surpluses, we can then use these surpluses to offset the debt accumulated during the hard times.
I agree that for the long term, we need to tackle the deficit, but not when the economy is falling or stagnant. Once we are out of this whole, and the economy is producing surpluses, we can then use these surpluses to offset the debt accumulated during the hard times.
More of the same failure called Kenyan economics, Hope and Change, verses Reality....
Originally Posted by zaybu I agree that for the long term, we need to tackle the deficit, but not when the economy is falling or stagnant. Once we are out of this whole, and the economy is producing surpluses, we can then use these surpluses to offset the debt accumulated during the hard times.
Quote:
Originally Posted by Earlyretired
More of the same failure called Kenyan economics, Hope and Change, verses Reality....
That would be reason enough to question his judgment in matters of the economy. In Jan-Feb 2009, we were losing more than 100,000 jobs a month. Monetary expansion was badly needed. Tax cuts and lowering interest rates had already been done, and not much could be done in that department, except a stimulus package. If Ryan is supposed to be a wizard in economic matters, which I doubt, he certainly didn't show it then. He preferred to vote along with the tribe.
We have had QE I and II. It failed. But I can see you will do anything to avoid the fact that Obama is no different than Ryan in toeing the party line and basing their positions upon who was in office.
Obama even admitted that where it came to the budget deficit.
And so that was just an example of a new senator making what is a political vote as opposed to doing what was important for the country. And I'm the first one to acknowledge it."
No, you counteract a falling economy(deflation) with an expansion of the money supply (inflation). Do the math.
It isn't working which is why the Dems are crying for even more. They are now complaining that it's not working because the banks aren't playing along. The banks have nothing to spend the money on. Wall Street is doing great. Fuel prices are back to $4.00. Nobody is interested in the low rates. Housing still sucks and will for a long time. Unemployment is heading back up, but the markets have been made whole.
We have had QE I and II. It failed. But I can see you will do anything to avoid the fact that Obama is no different than Ryan in toeing the party line and basing their positions upon who was in office.
Obama even admitted that where it came to the budget deficit.
And so that was just an example of a new senator making what is a political vote as opposed to doing what was important for the country. And I'm the first one to acknowledge it."
I can find 50 examples easily. Is it wrong for one to make votes based upon politics only if you are of the opposing party?
I guess sticking to the issue raised by the OP seems to be difficult for you. Neverthess, I'll take a shot at your sidestepping remarks.
1. Obama never ran as an expert on economic matters. 2. Ryan is.
The OP raises questions about Ryan being the economic wizard that many in the Republican party are cheering for. So far, his record seems to indicate otherwise.
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