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What we really can't afford is a huge recession that undercuts the tax base. That's a vicious cycle that will make it increasingly harder to dig out the longer this goes on. The Congressional Budget Office projects that the current slowdown will cost the federal government $166 billion in lost tax revenues in 2009 -- a number that could easily get even larger in coming years if we fall into a real depression. If we get on that trendline, we could lose a trillion dollars in government revenues by the end of Obama's first term. We need to invest what we have while we still have it if we hope to have a strong economy going forward.
Businesses have always invested their capital to create more capital. The best parts of Obama's proposal involve getting the government to do the same thing. Conservatives are resisting this because don't believe that there's such a thing as the common wealth -- which is how they've rationalized their plundering of our common assets. We need to make it absolutely clear that we do believe in the common wealth -- and that their assaults on everything that allows America to generate national wealth are going stop, right here and right now.
To the first part of your response; I agree. BUT, this doesn't justify spending a trillion dollars we don't have, can't pay back and is made up of questionable spending which may or may not improve the economy. A trillion dollars is an enormous amount of money and requires a commitment and a price tag I'm not comfortable with as a tax payer.
I like the concept of a stimulus but only if it puts real money back into real businesses that create true economic growth. Give every business that left America a reason to come back and stay, export more than we import, and create a platform where businesses can succeed is the real solution here. We can spend all we want to but in the end the income (taxes) we collect won't cover the bills that are due.
Especially considering this quote of his from his inaugural address:
"We have chosen hope over fear."
To now:
"A failure to act, and act now, will turn crisis into a catastrophe."
i can take this quote and flip it, into some post 9/11 nonsense that republicans been eating off of to get votes and i dont believe one minute you questioned their usage of fear
Because denial of economic alarm bells going off for years (not the dope fed the masses for how long saying we're all good and well) is being taken seriously by Obama?
Denial is a very powerful thing. Same as deer in headlights look when the first plane struck. I see no deer in headlights look now. His concerns are justified by every known historical benchmark we've got and beyond because this has global reach. We've worn out our welcome internationally and our currency just might have any prestige it's got left eradicated permanently. How many peso's is our treasury worth???
As for the 'his way' part, I think you'll have to be more specific if you mean for anyone to scrutinize a perceived impropriety. Otherwise you've relegated yourself as just another partisan extremist crying wolf in a desperate bid to win sway. I think you can do better.
You said it better than I. Yes, because for so long we were told to be fearful when it wasn't the case ...until now with the economy.
Apparently it worked well for the previous administration, you know... mushroom clouds over New York? Why try and reinvent the wheel? Obama is a politician after all.
Awww TN you can't seriously allude to the notion that these long standing economic exclamation points neglected/denied for years aren't valid. Politics aside, beyond our own borders, any economic source I've been reading (no matter political ilk) has been ringing warning bells for years. When 20 doctors tell you you're ill and you insist you're healthy as a horse it doesn't make it so. Deliberately overheated economies have consequences that are predictable too.
This mile high pile of guano in Obama's lap is any politician of any party's worst nightmare. People should be more worried about an inability to fund our military than a hypothetical bomb or boogie man on their street. Our military might is possible because of our fiscal health. KNOW that. Financial crisis is exacerbating an already vulnerable/ precarious situation.
Politician or not, I don't know that anyone can fix this no matter how good intentioned or talented. Be prepared for turbulence is all I can say, with the hope we all get to see the other end.
And it's not just the US, it's every major economy in the world. So we all have to correct in a careful choreography. That's going to make recovery take longer and take more effort and cajoling and patience and risk unforeseen glitches and deliberate recalcitrance too.
The Toyota Motor Company, the world’s largest automaker, said Friday that it expected its full-year operating loss to be three times bigger than its previous forecast, and also said it expected its first net loss since 1950.
Sony Corp. (ADR: SNE) posted a loss of $19.9 million (17.96 billion yen) for its fiscal third quarter ended Dec. 31, with net profit falling 95% - all just a preview of its forecasted annual operating loss of $2.9 billion.
Lehman Brothers' overnight collapse has left a heap of trouble in Europe, setting off an alarming domino effect. It all happened over a span of three weeks: what began with the U.S. subprime problem has evolved into a dilemma of tsunami-like proportions. It has destroyed some of the most well-established names on Wall Street and taken down a number of large European firms, such as Fortis Bank, Bradford & Bingley (B&B) and Dexia.
Pepsi Bottling Group Inc. The soda bottler announced plans yesterday to cut almost 1,000 jobs amid efforts to cut costs by $150 million.
The U.S. economy contracted violently in the fourth quarter, with gross domestic product falling at its fastest pace in more than 25 years, economists said ahead of what promises to be a grim week of economic news.
Nov. 21 (Bloomberg) -- Goldman Sachs Group Inc. increased its recession estimates, saying gross domestic product is declining at a 5 percent annual rate in the current quarter and will drop 3 percent and 1 percent in the next two quarters. Unemployment will reach 9 percent by the fourth quarter of 2009, Goldman economists led by Jan Hatzius wrote in a research note today.
oh this is juicy! Now conservatives are concerned with Government spending? Nothing to "fear":
598,000 Americans lost their jobs in January.
3.6 million Americans have been unemployed since December of 2007
Obama doesn't need fear to get his point across as evidenced by above.
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