Ernest and Young Report Pounds Obamanomics: Will Shrink Economy Cost Jobs

A slew of tax hikes supported by President Obama will shrink the U.S. economy by 1.3 percent and cause 710,000 job losses, according to a new Ernst & Young report prepared on behalf of the Independent Community Bankers of America, the National Federation of Independent Business, the S Corporation Association, and the United States Chamber of Commerce.

washingtonexaminer.com...

Another blow to the slimeball-in-cheif! Ernest & Young an independent accounting firm, confirms what the conservatives and republicans have been saying for 3.5 years! Obama economy is going to get worse and we will probably fall into depression if he is re-elected.

That's really all I can say here folks. The facts are at your finger tips.

Originally posted by jjf3rd77

...Obama economy is going to get worse and we will probably fall into depression if he is re-elected.

I think we are already in a depression. The Gov just won't call it such, as that would be a blow to consumer confidence. We have been in this mess for quite a long time.

reply to post by Skada


Stupid government Consumer Confidence has dropped since Obama got elected.

Looks like these people never studied history. When taxes went up the number of employed went up. Clinton raised taxes and the number of employed went up Bush lowered taxes and the number of employed went down.

reply to post by buster2010


That's a false argument and it also compares unlikely variables.

Are you really claiming that you and your little graphs are smarter than the entire firm of Ernest and Young who are Ivy League Graduates and the top ranking accountants in the world???

The stretches Obamacrats will go to skew the facts! Amazing!

reply to post by jjf3rd77


It's the Cloward-Piven Strategy.

We have a chance to avert this if Romney gets in, but are doomed if Obama gets re-elected.

reply to post by jjf3rd77


Just a beginning note... Whether you respect the current holder of the office or not... disrespecting the Presidency of the United States is unbecoming in my opinion.

Now to address the rest. The economy was messed up before this POTUS took office. It will most likely remain messed up for quite awhile - regardless of who holds the office next. Trying to lay the blame at any persons feet is naive and oversimplistic. Our economic woes are the result of generations of poor planning and policy.

Show me a candidate with a solid plan to fix problems and I'll support them. Right now I see no such candidate on either side.

~Heff

reply to post by Hefficide
If Obama was legitamately trying to improve the state of our nation, he'd get my support.

But I just see his "solutions" as making things worse.

My humble opinion, I know your statement wasnt directed at me.

Originally posted by jjf3rd77
reply to post by buster2010

 

That's a false argument and it also compares unlikely variables.

Are you really claiming that you and your little graphs are smarter than the entire firm of Ernest and Young who are Ivy League Graduates and the top ranking accountants in the world???

The stretches Obamacrats will go to skew the facts! Amazing!

There is no skewing of facts here. Even when Reagan raised taxes the number of jobs went up. But then again I'm not a bought and paid for accountant.

Originally posted by beezzer
reply to post by jjf3rd77

 

It's the Cloward-Piven Strategy.

We have a chance to avert this if Romney gets in, but are doomed if Obama gets re-elected.

Romney will kill this country if he gets in. He wants to go back to the time when the banks and wall street killed our economy. So how would this avert anything?

reply to post by beezzer


I completely agree -but with the caveat that armchair quarterbacking isn't the most admirable way to approach things. For example professional economists still fiercely debate whether or not any stimulus package ( A joint Bush and Obama endeavor ) did any good or not. It's impossible to know if things would have been better or worse without them,

Perspective tells me that it will be years before we know if Obama did any good or not. I'm worse off than I was than I was six or seven years ago - but then again I'm not living in a tent yet. So...

My primary thoughts in political debate these days is simply this. The blame game is wasting precious attention and resources. We need jobs. We need a better healthcare system. We need better infrastructure. We need new energy sources... I just wish the pundits, politicians, and people would expend half as much energy on problem solving as we've learned to spend on critique and blame.

~Heff

reply to post by buster2010


Brilliant! Lets return federal spending at the same level that Reagan had it.

reply to post by Hefficide


Keynesian economics works great in the classroom. But his approach is only damaging it (The US).

Is Bush also culpable?

Yes. Since TARP, it's been going downhill. I not only voice my displeasure, though. I'm voicing my opinions and solutions as well.

reply to post by jjf3rd77

Ernest & Young an independent accounting firm

With two Republican elected government officials on the payroll, I don't think independent would be an accurate description of this firm.

GOP biased accounting firm would be more accurate.

en.wikipedia.org...

Please don't try to sell us the 'Lower Taxes will create jobs" bullcrap we've been hearing since Bush Jr. Where are these jobs the Bush tax cuts, which have been in place how many years now, are supposed to have created? China? India? Mexico?

Jobs are created when the middle class has money to spend, not when rich people have more money in their offshore bank accounts. They won't create jobs because no one is buying their products.

Kind of hard to buy stuff with the wages the 1% pay us.

reply to post by jjf3rd77


What are you saying? That spending trillions of dollars on "green" tech and other nutjob ideas that only created a million short term jobs isn't the way to fix the problem?

If employers pay their employees a wage that meets the cost of living than there will be an economic boom, if they don't there will be a recession, as all the disposable income is dried up and now can't buy products.

It isn't nearly as hard to understand the concept. They make it overly complicated to skew the data so that evveryday people don't realize what they are doing.

Look at history, recessions and depressions don't happen during times where workers are paid well for their time. They only happen during times when the rich shrink wages. For personnal greed, as now workers can't meet their commitments in bills, this causes a cascade effect that reachs evvery corner of the economy, except the rich guys that caused it of course, they always remain rich.

The only way to fix the economy is for employers to pay a wage that at least meets the cost of living in ones area, which in turn leads to dispossable income, that people use to purchase services, which makes jobs.

Economics is very easy to understand, it is only made to seem complicated to keep everyday people from understanding it.

If we want to go for simple graphs and pictures, this one means a lot more to me:

Well unfortunately your sources are from right wing organization and dont really hold to much credibility. Nice try though.