The Fat Lady just sang.....

The Fat Lady just sang.....

Obama Plans To Spend Way Out Of Downturn
President Barack Obama outlines new. multibillion-dollar stimulus and jobs proposals Tuesday, saying the nation must continue to "spend our way out of this recession" until more Americans are back at work. Full Story ››
Unemployment By State

(visit the link for the full news article)

Well, there you have it. All of you folks that had hope that this was the man, here is your evidence we are in serious trouble.

The audacity of this statement is beyond belief. This is like me saying that the only way for me to get out of debt is too run up all my credit cards to the max and spend all the savings I have and I might want to go borrow some more money on credit as well.

This Obama administration, like all administrations before him, doesn't have the sense god gave a snail. This is the last straw. These people are about to bring the house of cards down and it should happen fairly quickly with non rational thought like this.

If this doesn't convince folks something is wrong. then nothing will. How much more will YOU take?

peas


(visit the link for the full news article)

There's no link for your story.

I'd like to read it. Please add the link.

Kind of missing the link to your story
here take one of mine I got plenty
New Obama Plan

reply to post by theonlyrusty

I think you're misunderstanding the headline. Here's what actually happened. We have leftover TARP money, money that was never spent or is in the process of being returned by the banks who were its original recipients.
BO is going to take some of that money and refunnel it back into a jobs training program. This isn't new money, the initiative is new.

From the same report you site:
To pay for the new programs, the administration is citing the Treasury Department's report on Monday that it expects to get back $200 billion in taxpayer-approved bank bailout funds faster than expected.

news.yahoo.com...

And if you read the article cost estimates range from 50-70 billion, nothing like the 787 billion in the original TARP stimulus.

This isn't as big a deal as you make it out to be, and hey with unemployment at 10% and real unemployment at 16-17% creating jobs is what the govt. needs to be doing, the Stock Market has rebounded, and job numbers are getting better but a real economic recovery is completely dependent on businesses beginning to hire, this will help.




[edit on 8-12-2009 by kenochs]

Do you all have a better idea of a way to fix the country?

Because, by all means, I don't think sitting around and doing nothing will be of great assistance.

"This is stimulus two. They won't call it a stimulus," House Minority Leader John Boehner, R-Ohio, said.

Fox News

reply to post by theonlyrusty


If you think theres actualy a way to get out of this financial collapse , then you are fooling yourself. This and every other collapse occurs because capitalism does not accept the idea that a man should be payed what he needs to live on, not what a company deems him to be worth. Until people are payed enough to run a life without even having to SMELL a loan, then there will always be debt bubbles, and no one will ever be free. Until healthcare in developed nations is universaly affordable, until politicians live like monks , so thier people can be comfortable, your shining new dawn will NOT happen. And it wont happen in a capitalist state, thats for DAMN sure no matter who you elect to get the job done.

Even though I question your sourcing (Fox News) I'll use your source to say again this isn't new money, and also check out who it's going to:

According to an administration official, Obama is looking to back using between $20 and $40 billion in unused bailout funds for increased small business lending. He plans to call for between $25 and $30 billion for tax credits aimed at encouraging small businesses to hire new workers, the official said.

This is good for small business, the very same people the GOP says it wants to help, and who they always say BO's policies are hurting.

But hey I gotta give you a shout out and a star just for your signature quote. Awesome.

reply to post by kenochs

According to an administration official, Obama is looking to back using between $20 and $40 billion in unused bailout funds for increased small business lending. He plans to call for between $25 and $30 billion for tax credits aimed at encouraging small businesses to hire new workers, the official said.

The lending I can see because from what I understood the bailout was to help the credit crisis and save failing companies.

But Does Obama have authorization to use the bailout money for tax cuts?

Did Congress write the bill authorizing this or are we looking at another piece of legislation to accomplish this?

Sorry all.

I thought by " paste"ing the article it would give the entire story that was posted on www.wsbtv.com website.....my bad.

It has now gone over to their "national news" headlines and it takes you to CNN to a different article written by the "big dogs"...

Was in a rush to get to a phone call and didn't post right. Oh well.

Kenosh, maybe I did get it wrong but my question to you is, Where do you think all this money you talk about is coming from? You throw numbers around like they just materialize out of thin air. This is in the form of physical dollars taken out of my pocket to fund all these TARPS and the rest of the BS. they come up with and feed to the public like it is a good thing.

How would I do it differently? Doesn't really matter does it, cause that is not the way it is happening. But I can tell you this... The one sure fire way to make a serious change is to cut off the spicket. We need to quit funding these people. My entire lifetime of paying taxes will barely cover the security detail for Bill Clinton for the rest of his life. It will barely pay for Waxman's lifetime pension. It will barely pay for Hillary's free insurance once she retires....It will barely pay for Dick Cheney's hunting trips and junkets. Or, maybe you could tell me where my tax dollars "really" go.

Don't know about you but I am tired of watching my child( The USA) continue to run around town bouncing checks and spending money they don't have (U.S. Government/Budget). How long can one go spending money that is not there?

Spend your way out of debt...War for Peace...blah blah blah...I thought it was pretty evident from this headline, that this is the way folks in our government think.

peas

Well let me ask everyone if you know of the Japanese attempt to spend their way out of their recession 10 years ago?

Did not work for them.

Let me ask if you ever heard of the Great Depression? Hmmm, this did not work back then.

They are trying to destroy our country, fact.

Give me one other reason to do this. 12.5 Trillion in the hole and counting.

No, do not stop the wars. No, do not stop the NAFTA and other economy killing treaties. No, do not spend money on infrastructure.

No, the best thing to do is give huge amounts of money to your special BUDDIES. Raise taxes. Shut off credit for anyone but government.

Yes, this will work this time. We will throw more money on the fire.

It is time to get out of this country if you have an exit strategy.

The revolution is being force fed TNT.

reply to post by TrueBrit


I think you may have missed some important information. The problem is not that people aren't getting paid enough, it's that they are living too far above their paychecks. It became too easy to get a loan for whatever "stuff" people thought they needed and then when it came time to pay, there was not enough money. How might I know this you ask? I am one of the millions of idiots who spent more than he made. I am on the road to recovery and when finished, will never be in that position again, but some have yet to learn.

What I found interesting an here's the story I got news.yahoo.com... is that thanks to ole BO were 12trillion dollars in debt and he wants to spend more? The first part says it all.
WASHINGTON – President Barack Obama outlined new multibillion-dollar stimulus and jobs proposals Tuesday, saying the nation must continue to "spend our way out of this recession" until more Americans are back at work.
Without giving a price tag,

So once again obama The Destroyer is throwing this out without telling we the people just how much of our money he's going to blow. Yes, we're getting some of the TARP money back, but with socialised medicine and cap & tax hovering in the back ground do we really need another lead ballon around our necks?

reply to post by network dude


Right you do have a very good point. We've (not me ) become a give it to me now! I'll worry about paying for it later generation.

The president is not in charge. In the end it doesn't matter who's president. Thought most of you would already know that.

i guess the problem that they created wasnt big enough to leave people grasping for any solution........

America is now holding the world hostage with its reckless economic policy. I wouldnt be supprised if this is all supposed to make america the bad guy and a new world war where WE are the nazis.

Massive government spending was how the US got itself out of the Great Depression. Programs like the WPA (Works Progress Administration) and the CCC (Civilian Conservation Corps) not only provided jobs to out of work Americans but they infused badly needed capital into the economy while benefiting the country with infrastructure, art work and other things - the next time you hike on a path in a National Park, you can probably thank the CCC. The final key of course was the gear up for World War 2.

I hope that the plans for spending by the Obama administration include money for infrastructure and research into alternate sources of energy. We desperately need not only the economic stimulus such spending will provide but also the research results.

Of course the OTHER side believes that Obama's plan is a recipe for disaster. He could single-handedly cure cancer and they'd find some fault in it. So what, might you ask, is THEIR answer as to how to stimulate the economy and fix things? The same solution they always drag out: cut taxes for lareg corporations. Or, wrapped in a more consumer-friendly packaging, trickle-down economics. Give the money to the top dogs and they'll eventually piss some out to rain down on all us little guys.

And you people believe that this solution is better? They gave hundreds-of-billions to the banksters to help them after they screwed the economy with the (stated) EXPECTATION that those banksters would start lending again. But what did they do? Retracted credit as fast as they could, increased fees wherever possible and sat on the money. Oh, except for the tens-of-billions they paid to themselves.

Everyone seems to think they know better.

reply to post by theonlyrusty

Of course I understand that these are tax dollars, but the fact is that this new initiative is funded entirely from left over or returned TARP funds.

Listen, say what you will about a tax and spend administration, tax credits for small business, in my opinion, are a non-partisan good thing. Also, I am one, so go tax credits.

And lets not get into the back and forth about deficits and who made them and who is raising them. Obama inherited a whopper, and he's grown it. But under his watch the DOW is back of 10K, and the jobs numbers are getting better.

Government can't shrink the deficit, unless the US economy is booming. Expanding hiring, funneling TARP money back into the economy is the best way to grow it, I think.

Final point, never forget we had a surplus less than a decade ago.