Obama adviser: Nation can afford big stimulus plan

Yahoo ^ | 1-25-09 | staff

[Nachum]

WASHINGTON – One of President Barack Obama's top economic advisers says the nation can afford to spend hundreds of billions of dollars in an attempt to jump-start a weak economy. But Larry Summers warns that fiscal discipline will be necessary once the economy recovers. He says the government must spend money now to revive an economy that shed more than 2 million jobs last year.

[Doogle]

just the Batboy putting up the clinton like shield..”don't blame meeeeee”

[rabscuttle385]

Obama adviser: Nation can afford big stimulus plan

Of course you can afford anything when you're printing money.

[BobL]

That may have been true a while ago, but at this point we’ve about maxed out our ability to service our debt. Add this 1T to the 1T of the deficit this year, and the 2T of deficit next year, and then another T for Stimulus 2 (when Stimulus 1 fails) and the 4T that the bailouts will finally total, and you have an added debt of around $9T, for a total debt of about $20T.

Game over...inflation takes the field.

[EGPWS]

One of President Barack Obama's top economic advisers says the nation can afford to spend hundreds of billions of dollars in an attempt to jump-start a weak economy.

GREAT!

When do we pay off our nation debt then?

Or has it been do already?

[screaminsunshine]

Quick. Invest in ink!!!

[Extremely Extreme Extremist]

We're all Keynesians now!

[Danae]

Here's and idea

CUT TAXES

Not that it isn't obvious, but give businesses the ability to afford more employees and they will hire, those people will then spend money. Cut income taxes across the board, and blamo, people start spending money again. Anyone who derides this simple economic reality has no brain.
Better yet, make it fair across the board, Flat tax, No loopholes. Golly what a simple idea, Fair for everyone, but heaven forbid the Democrats do ANYTHING that would actually put MORE money into the pockets of average people, that would defeat their purpose of making everyone poor and dependent on government handouts!

[EGPWS]

You beat me by a post FRiend....

[Habibi]

“...the nation can afford to spend hundreds of billions of dollars...”

Ya’ know, LBJ said exactly the same thing when he kicked off, “The Great Society”. Stays the same.

[mainerforglobalwarming]

I'm an advocate of free enterprize zones. Complete federal tax free zones on businesses in parts of the nation that are hardest hit. Detroit, the Gulf Region immediately come to mind.

[VRWC For Truth]

Then why doesn’t the O pay for it out of his own pocket if it’s such a great deal. ROFL. Total morons.

[CommieCutter]

“Owners of capital will stimulate working class to buy more and more of expensive goods, houses and technology, pushing them to take more and more expensive credits, until their debt becomes unbearable. The unpaid debt will lead to bankruptcy of banks, which will have to be nationalized, and State will have to take the road which will eventually lead to communism.”

-—Karl Marx
_____________________________________________________

I had to re-post this.

[M-cubed]

...inflation takes the field.<<<

but not until u have a long enough depression whereby the sheeple BEG for more government intervention of the socialist kind....Then u can have your hyper inflation

[ChicagahAl]

“fiscal discipline will be necessary once the economy recovers.”

That shouldn't be too difficult.

By the time the economy recovers, many years from now, the Republicans will be back in power, and will have to do their usual act of “cleaning up the economic mess caused by the Democrats”.

Note: FDR's economic policies turned a severe recession into a depression that lasted more than a decade. The depression ended when FDR's wage and price scams were repealed.

Obama’s economic policies are going to make FDR's policies look downright moderate, in comparison.

[the invisib1e hand]

Nation can afford big stimulus plan

There's over $3 trillion sitting in money funds (at the end of Dec) that would make any robin hood's chops salivate.

[EGPWS]

CUT TAXES

That would work wonders for the ills that we face financially in our country however, the big drawback would be personal freedom to keep ones money to spend as deemed necessary without government intervention as how to spend it, if one would consider that to be a drawback....

[BookmanTheJanitor]

Washington just might as well switch the word “stimulus” to “taxpayer”.

[EGPWS]

We're all Keynesians now!

It's obviously the politically popular mindset to take these days.

[xp38]

This is the first really big lie from the nascent regime. This stimulus is going to bankrupt the nation. Everything else will be minor in comparison.

[dfwgator]

We're all Keynesians now!

We all have been Keynesians since January 20, 1989.

[M-cubed]

aint that the truth!..

[goodnesswins]

STIMULUS = PORKULUS

Yeah...I stole it from RUSH.....

[dodger]

“Game over. Inflation takes the field.”

You are correct ... any ideas on how one best invests for an highly inflationary future???

[An Old Man]

spend hundreds of billions of dollars in an attempt to jump-start a weak economy.

I wonder what the backup plan calls for. They do have one, don't they?

[mysterio]

Stop deficit spending now.

Pay down the debt.

Enough of this madness. Clark Howard for Fed chief.

[EGPWS]

We all have been Keynesians since January 20, 1989.

Government as the instigator long before.

FDR 1932
LBJ 1963
BJ 1992

[BobL]

“You are correct ... any ideas on how one best invests for an highly inflationary future???”

I’m going for gold and oil. You can use ETFs if you don’t want to hold the actual commodity (i.e., gold), you better use an ETF for oil. It may be a while for oil to recover, but it will recover with a VENGEANCE, since today’s prices and economic slump will effectively stop new drilling...and because there’s bound to be some blow-up in the Middle East. Most other commodities are probably good to (like copper).

The bottom line is that there will a lot more dollars chasing the same goods, so commodities will have to increase in price (once demand picks up a bit).

[spikeytx86]

Exactly. Also, How about suspending Employer Payroll Taxes for say 2 years. That would reduce the cost of an employer's payroll by 7.65% which would help save jobs in the short run and in a year or so make it easier for employers to create jobs.

[BobL]

“Here’s and idea CUT TAXES”

I know that Rush and the Republicans like the idea, but the damage done to the debt will be huge.

A better idea is to, as RR said, “get government off the backs of the people” or really to get them off the backs of business.

What should be done. An end-to-end review of all laws and regulations that affect business and getting rid of everything that is stupid (like Endangered Species, Wildlife Preserves, Air Bags, etc.). Maybe just go back to 1990 and remove EVERY mandate since...we were doing quite well back then.

[hermgem]

This media likes a big stimulus plan, as their print brothers just found out how France subsidizes the print media.
There's no doubt that the NYT strongly calculates on Fed subsidies.
Just think of this 250 million loan at 14% from a Mexican very rich man.
That's 35 mill/year from a bankrupt enterprise.
Taxpayers to the rescue of the New York Times, news will be favorable for Obama and Democrats.

[sf4dubya]

Here is the conundrum:

1. If the Dems pass the stimulus bill with any Republicans joining them, then when it fails to stimulate the economy, the Dems will blame the Republicans.

2. If the Dems pass the stimulus bill without any Republicans, then when it fails to stimulate the economy, the Dems will blame the Republicans.

The difference between 1 & 2 is that the GOP has the higher chance to win back Congress with option 2 if they are EXTREMELY vocal about it for the next two years.

[phatus maximus]

Stop being so logical...it’s clear you don’t understand the complexities of the federal macro economy... /sarc

[Doogle]

they are EXTREMELY vocal about it for the next two years.

...yeah, I hear ya there, but their recent attitude don't fair well with anything extreme, if anything they have gone........limp

[calex59]

Quick. Invest in ink!!!

Ink hell, I want the paper concession,but please pay me in gold, OK?

[calex59]

Golly what a simple idea, Fair for everyone, but heaven forbid the Democrats do ANYTHING that would actually put MORE money into the pockets of average people, that would defeat their purpose of making everyone poor and dependent on government handouts!

Yes, you hit the nail. The libards only want to destroy us to the point we will accept any and all laws that bind us to the government and makes us slaves, as they have made the blacks slaves for the last 50 years with their so called "civil rights" movement.

[3niner]

I have a young co-worker who expressed concern about what this would do to inflation and/or the nation debt. He voted for Obama. I reminded him that this was what he asked for, when he voted.

[Larousse2]

Freeper Thread#48

[depressed in 06]

The dOpey-One has already set stage for failure. He says that if we do not do enough soon enough we will fail. Failure is assured since we already have blame.

[Vaduz]

CUT TAXES Nancy and Harry said no to that but bthey are willing to spend more same old democrat line of thinkig.

[Digger]

“Owners of capital will stimulate working class to buy more and more of expensive goods, houses and technology, pushing them to take more and more expensive credits, until their debt becomes unbearable. The unpaid debt will lead to bankruptcy of banks, which will have to be nationalized, and State will have to take the road which will eventually lead to communism.” -—Karl Marx

I would say that you have summed up the state of the next generation of useful comrades.

[screaminsunshine]

This is insane. That is all there is to be said. Why babble. It is insanity.

[LostInBayport]

One of President Barack Obama's top economic advisers says the nation can afford to spend hundreds of billions of dollars in an attempt to jump-start a weak economy. But Larry Summers warns that fiscal discipline will be necessary once the economy recovers.

All right, just a couple more drinks, since they're "free" and it makes us real happy. But let's all promise that when Monday comes, we're gonna sober up, get on the wagon and join AA. Hey, bartender, make mine a double!

[Digger]

How about suspending Employer Payroll Taxes for say 2 years. That would reduce the cost of an employer's payroll by 7.65% which would help save jobs in the short run and in a year or so make it easier for employers to create jobs.

Never ever will happen because it would work & the Gestapo would lose their power in D.C.

[Arrowhead1952]

Obama adviser: Nation can afford big stimulus plan

Arrowhead1952: Taxpayers CANNOT afford big stimulus plan

[The Electrician]

But Larry Summers warns that fiscal discipline will be necessary once the economy recovers.

Methinks that Larry Summers is assuming facts not in evidence.

Did he mean to say "if" instead of "once"?

[Bullfrogg]

Join the resistance!

http://www.resistnet.com/

Bullfrog

[Danae]

HEHE I can’t be illogical any more than Spock can LOL

[randita]

This massive spending is going to suck the wind out of the private sector. It’s also going to suck the wind out of local and state public sectors.

I’m starting to believe that the only way we can stop this madness is to starve the beast. Do not do business with any financial institutions that are taking TARP money. Don’t spend any money unnecessarily. Pay off debt and save all the money you can - you might need it down the road. Don’t help Obama and the Democrats make the crap sandwich they are intent on shoving down our throats.

Maybe huge protests on the Mall would do the trick, but that’s just not going to happen when so many people are enthralled with The One.

[calex59]

This is insane. That is all there is to be said. Why babble. It is insanity.,/I>

What is insane? The idea that the libtards want to bind us to government servitude(glom the Bozo's "Join the service website" ads on TV)and that people like me can see through their plots,or the idea that they are actually doing it and plan on carrying out their communistic ideas?