Friday, February 19, 2010

It's Obama's Economy Now

New economic figures came out just the other day and it would appear, despite the state-controlled media's spin on it, that the economy is continuing to degrade. Unemployment is "unexpectedly" up again and there now are signs that high inflation is on the horizon.

Federal Reserve chairman Ben Bernake has stated that he might not be able to leave interest rates where they are in the near future. If inflation continues to rear its ugly head, he will surely have to raise rates to combat it.

The problem is that the financiers of our national debt also know this frightening little fact. This is a huge reason why China not only stopped buying T-Bills to help finance us, but they actually dumped huge quantities of these treasury bills this last week. By doing so, China is no longer the largest foreign financier of America's debt. That dubious honor now belongs to the long stagnant economy of the country of Japan.

And yet, despite all of this bad economic news, President Obama has proposed a budget for the coming year that will add 1.6 TRILLION dollars more to our national debt. Needless to say this is asinine in the extreme and only pushes us closer to the edge of that abyss. President Obama cannot keep blaming all of the economic woes he faces on the past administration of George W. Bush, when every policy he enacts only exacerbates the problem by an order of magnitude.

Its time to be a leader, Mr. President. No more blaming others. Step up and lead with proven economic policies; not failed socialistic and Keynsian economics.

Here is an idea to help get you started on the right path. Your current 1.6 trillion dollar deficit adding budget you are proposing... scrap it. Start by an across the board 5 to 10% cut in spending for all departments except the Department of Defense. Next, 2/3rds of the $787 billion dollar stimulus is still unspent. DON'T spend it! Use it to reduce taxes for the rich and middle class so that it can stimulate the economy and job growth. Lastly, take the $500 billion dollars in TARP money that has been repaid and do the same thing. Do not spend it or reinvest it in other failing banks.

Businesses refuse to hire people and the economy continues to decline accordingly because they are scared to death of the future tax burdens you intend to place upon them should your plans come to fruition with card check, cap & trade, and health care legislation. When businesses know that they won't have to face these huge future expenditures, they will more likely take what profits they make into growing their businesses and thereby adding new jobs.

This exact same tactic worked when John F. Kennedy cut taxes and it worked again in spades when Ronald Reagan followed suit. Now is your chance to step up and pull us out of the ditch we are in, sir. If not, in 2012 your successor will do so... if it is not too late by then.


Dave Splash said...

Your plan sounds remarkably like the one John McCain ran on in 2008. It was rejected, if I remember correctly.

T. Paine said...

Yep, and look how much further in debt and deeper in trouble we are in as a nation accordingly.

I think the people realize that now and are gearing up to correct their mistake.

PoliShifter said...

You do realize Reagan, Bush Sr, and Bush Jr., all Republicans, are responsible for the majority of our National Debt, right?

Heck, Bush Jr. took us in 2001 from $5 Trillion debt to over $10 trillion in debt by the time he left office. And that was with tax cuts for the wealthy elite not to mention 2 unpaid for wars.

The debt and deficits were created by Republicans. To quote Dick Cheney "Reagan proved that deficits don’t matter."

And by the way, it didn't trickle down.

And you want more of that? More tax cuts for the wealthy elite? More wage deflaction? More jobs moved overseas?

And deficit was going to be $1.2 Trillion regardless of who was President. All that changed was the wars were brought back into the budget after years of Republicans keep them off the books.

Bank Bailouts were done by Bush and Hank Paulson.

Yes, Obama has the stimulus but that pales in comparison to the over $5 trillion Republicans spent over 8 years.

Also, Thomas Paine was a Liberal :) no matter what Beck says...just read what Paine wrote.

T. Paine said...

Polishifter, I am afraid you are in error on a great many of your facts, sir. (I assume you are male; forgive me if I am incorrect in that assumption.)

While the Republican idiots do indeed share a significant portion of the blame for the financial mess we are in, they pale in comparison with what Obama has done to decimate our economy in only one year's time in office.

Look at the numbers from the treasury and IRS and you will see that Reagan's tax cuts brought in a HUGE increase in federal revenues to the government. The problem was that the DEMOCRAT congress spent $1.50 for every dollar brought in. I distinctly remember Reagan having a press conference one year to extoll the nonsensical earmarks and wasteful spending placed in the budget by the Democrats.

By the way, your class warfare nonsense aside, I got a tax cut as an E-4 in the military at the time thanks to Reagan. Hardly part of the rich elite.

Just as when JFK cut taxes for EVERYONE, he stated how a rising tide lifted all boats. Same was true with the economic expansion created under Reagan in the 1980's.

Bush Jr. and Obama have seen fit to spend asinine amounts of money that we don't have on things that it is not even Constitutionally the government's purview to be handling.

Obama rightfully criticized Bush for his foolishness when it came to spending and then when elected, has gone and spent or proposed more spending than all of the previous 43 presidents combined!

Check the facts instead of relying on the state-run media or Daily Kos.

And by the way, Thomas Paine was a classic liberal. Not a neo-liberal. He was for what was best for liberty and this country. On this issue, Beck is certainly right.