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What I have always found is that the changes/legislature enacted today sometimes do not show effects for months/years later.
That is how I felt with previous presidencies. Things done by the previous administration in the last year will show their effects after the new administration takes over. And the new guys get to take the heat or praise for them.
While I don't necessarily support all that is going on in Washington these days, Obama and this Congress have been dealt a bum hand. Expecting results immediately is to be naive.
It will take years to recover from this mess. The way I see it is...
- our economy has been propped up by Americans spending money we didn't have (credit cards, mortgages, etc).
- this has been going on since the early 1980s, but really ramped up in the 90s through 2006.
- the economy is contracting partially because those bills have all come due.
- Americans no longer have the disposable income to buy the cars, TVs, services we once did.
- Our disposable income is now paying off our bills.
- Our government is in the same boat; they spent more than they should have the last 20+ years
The situation gets worse since the government is going to need to raise taxes. Sorry Obama, but in 2012 there will be a George Bush Sr-like "read my lips, no new taxes" campaign smear coming your way. This country is paid for by the middle class. If we want to pay our debts down, it has to come from us. Couple higher taxes with our other personal debt we have to pay down, and our disposable income is going to remain low for years.
Tack on increased oil costs (they will go back up and past $150/barrel) and we are in big trouble.
Bush tax cuts expire next year. Capital gains rates go up. And tax increases are inevitable with our astonishing debt level. Businesses are shaving costs in preperation for an even BIGGER recession next year. I don't think we're even near the bottom yet.
You can argue all day long about what caused this (yes, some is Bush's fault), but Obama and the democrats are doing absolutely nothing at all to fix the problem.
could you explain exactly what Obama is doing that you feel will ruin this nation?
Is it turning around GM and Chrysler? Is it loaning the banks money? Is it trying to help uninsured folks get insured? Is it "spending money to make money"? What exactly is it?
"Turning around GM and Chrysler?"- why are liberals all of a sudden so supportive of Corporate welfare? And yes that is what happened when Bush gave billions to AIG and CITI and Obama gave Billions to GM and Chrysler. Funny how the liberals go biserk when a 5 % corporate tax cut is passed but when they are handed 100s of billions of our dollars it is just fine.
It will take years to recover from this mess. The way I see it is...
- our economy has been propped up by Americans spending money we didn't have (credit cards, mortgages, etc).
- this has been going on since the early 1980s, but really ramped up in the 90s through 2006.
- the economy is contracting partially because those bills have all come due.
- Americans no longer have the disposable income to buy the cars, TVs, services we once did.
- Our disposable income is now paying off our bills.
- Our government is in the same boat; they spent more than they should have the last 20+ years
The situation gets worse since the government is going to need to raise taxes. Sorry Obama, but in 2012 there will be a George Bush Sr-like "read my lips, no new taxes" campaign smear coming your way. This country is paid for by the middle class. If we want to pay our debts down, it has to come from us. Couple higher taxes with our other debt we have to pay down, and our disposable income is going to remain low for years.
Tack on increased oil costs (they will go back up and past $150/barrel) and we are in big trouble.
We need more than hope to get us through this.
Problem is,no-one wants to change the way they live....I have yet to read how our society is meant to change to make things better.
Most people are simply waiting for it to go back to the only way they have known,spend now and put off paying for it until some future date...hopefully far FAR AWAY in time....
We've got a long way to go, but things actually *are* looking up, or at least they've been hauled up out of the hole and are starting to crawl sideways, on their own.
And at least we dont have to worry about inflation for a while....
Against that [negative] backdrop, the Fed said inflation is likely to stay "subdued." Fed policymakers predicted that idle factories and the weak employment market will make it hard for companies to jack up prices.
***
While unemployment dipped to 9.4 percent in July, the Fed says it's likely to top 10 percent this year because companies won't be in a rush to hire.The Fed has been weighing whether it should end some of its revival programs now that signs are growing that the economy is on the mend.
Factory activity is improving. Home sales are starting to pick up, although much of the activity involves people snapping up bargain-priced foreclosed properties. Companies are cutting far fewer workers.
Some financial stresses also are easing, but lending is not flowing normally and financial markets aren't back to full throttle.
Many analysts believe the economy — which logged a mild contraction in the second quarter after a dizzying free-fall in the prior six months — is growing now.
‘We’ve Got To Spend Money To Keep From Going Bankrupt’
If so...yeah!..that one...
It certainly didn't work in the Great Depression, or after the devastation in WW2, or during the S&L scandal, during the tech bust, or back in 2007 when the first stimulus was pushed out. Keynesian economics - Wikipedia, the free encyclopedia has never worked and has never been done before I guess.
It certainly didn't work in the Great Depression, or after the devastation in WW2, or during the S&L scandal, during the tech bust, or back in 2007 when the first stimulus was pushed out. Keynesian economics - Wikipedia, the free encyclopedia has never worked and has never been done before I guess.
Problem is,no-one wants to change the way they live....I have yet to read how our society is meant to change to make things better.
Most people are simply waiting for it to go back to the only way they have known,spend now and put off paying for it until some future date...hopefully far FAR AWAY in time....
Well we have run out of time.
I agree 100%. No one wants higher taxes, everyone wants a government bailout. The money has to come from somewhere. As it stands now, with nearly 10% unemployment, if we start taxing the middle class now, it might even drive more people out of work. They might say "Hey, I could stay home and collect unemployment/welfare/etc and make almost as much money."
I wish I knew the solution. I know that back during all of this stimulus talk, I was saying, "Give the people the stimulus money." Between the 787B plus the bank money that went out... between the 60 million US taxpayers out there, each would get a check for about 20 thousand. For many people, that is enough to pay down all credit card debt, maybe some student loan debt with some cash leftover to "stimulate the economy."
I know, a harebrained scheme. But, I know it makes my blood boil when I hear about how my credit card company received billions in bailout money and then they want to increase my interest rate by 10%. Something doesn't seem right.
Problem is,no-one wants to change the way they live....I have yet to read how our society is meant to change to make things better.
Most people are simply waiting for it to go back to the only way they have known,spend now and put off paying for it until some future date...hopefully far FAR AWAY in time....
Well we have run out of time.
You're on the same page with Barack Obama.
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