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President Barack Obama's stimulus bill was passed fewer than five months ago. Only a small fraction of the money has been spent, but Republicans already know it's a failure.
It's too soon to grade stimulus bill
Seeded on Sun Jul 12, 2009 12:07 AM EDT
Article Source: The Baltimore Sun- Enjoy this article? Help vote it up the 'Vine.
- Public Discussion (11)
It seems to me this should be a "no brainer" for anyone that has any sense. President Obama has said right from the git-go that it was going to take time for this recovery to take hold, and he also said that unemployment would likely continue to rise even after recovery had started.
I know he said that, because I heard him say that. However, it seems his detractors have decided to forget he said that, or more likely, because they do not like him,they don't t listen to his speeches.
- 2 votes
#1 - Sun Jul 12, 2009 12:21 AM EDTJerry - politicians seem to be transparent. We can see right through their short sighted economic forecast. How long did it take the world to spend themselves into this collapse? Well, how long will it take for it to turn around? With Rep and Dem nay sayers, and bureaucracies sitting on the stimulus money, nothing gets accomplished. Any mature adult knows it takes years to rebuild finances after going into too much debt. The Health Plan is not finished yet and this might have an effect too. The tax being proposed should generate some new capital. (Couples earning more than $350,000 will pay an extra tax of about 1%) It would be so refreshing to have politicians do the right thing for the country, instead of trying to get re elected and woo their special interest groups,for a change.
- 2 votes
Hi angela,
Politicians make economic forecast base on the information they get from the financial experts they consult.
It took about 8 years for us to "spend" ourselves into this economic collapse, which was basically accomplished through unregulated and irresponsible lending practices. That, plus the lack of oversight of the financial industry in general, created era of "loose money" and loose money creates a "feel good" economy and a feel good economy makes for a feel good voters, and feel good voters usually (almost always) vote for the incumbents.
Americans vote by their pocket books and politicians know this. Unfortunately some politicians will manipulate the economy to create an artificial economy in order to stay in office. I believe this President will not do that. I believe Barack Obama will take his time, and carefully engineer the restructuring of our economy with sound and careful planning to create an economic foundation that will sustain a lasting and strong economy.
Obama is a very smart and confidant man. He knows what he's doing, and he knows he knows what he's doing. I think he is confident he will get re-elected in '012, so he feels he has plenty of time to rebuild our economy, our confidence and our image.
To be fair it can't be given a proper grade for 9 more years to see what all the negative effects that are held against it come true or not.
- 2 votes
#2 - Sun Jul 12, 2009 8:25 PM EDTTo be fair it can't be given a proper grade for 9 more years...."
Nine more years?! Don't you mean nine more months? I think that would be a more reasonable time estimate.
Actually, I believe we will begin to see some significant improvement as early as Sept of this year. And, by April of next year, we should have our economy running in high gear.
Of course, trying to predict the economic future is like trying to predict the weather, you will only be correct if everything you think is going to happen, happens. So, like the weatherman ....... I could be wrong. (But, I don't think so)
- 1 vote
I belive the improvement will be seen shortly and I belive it was needed but the full grading can't be given until the debt has it's full impact or is paid off.
The unpaid debt of Regan to fight communism/recession.
The unpaid debt of Clinton for (I'll leave that for someone else).
The unpaid debt of Bush for Iraq and the war on terror (two seperate things).
The unpaid debt of Obama for a recession/two wars not yet done.
All of these are to be held after class until their grades can be tabulated.
- 2 votes
When Paulson and Bush announced the stimulus package, it was obivous that they were on the wrong track, but it seems that the only people who questioned that were the common working folks. Now that the Obama Admin. is in charge, they're still on the wrong track.
The idea that President Obama is taking his time to set up a solid foundation for a long term stable economy is questionable. The mindset seems to be that ecomonic recovery depends on the health of global corporations and financial institutions, as measured by the financial markets.
This thinking is the result of those in charge of the recovery all coming from the financial corporate sector and they are unable to see past that to the real economic factors that drive the general economy. Hence the recovery will take longer than need be and disadvantage more people than necessary.
In fairness to the Obama Admin., they inherited an out of control economic mess, and they have to operate within the confines of political acceptance. The global corporations and global financial instutions have a great deal of influence on the politcal structure. They are fighting hard to insure that any recovery works to their advantage. They would rather see a very delayed recovery, than one that reduces their profits.
- 2 votes
#3 - Mon Jul 13, 2009 10:14 PM EDTHello Jerry - I agree with you that we'll see improvement in the economy in nine months time; modest and slow, but positive and as the result of market forces righting themselves as worthless securities are purged. And this will happen without the "stimulous" spending orgy, which can only impede, if not prevent, economic recovery - perhaps permanently. First, the administration's policies will very likely destroy the tax base upon which they depend. Secondly, our currency has been rendered worthless and what little remains of our manufacturing base is being gradually turned over to the very people who destroyed it. And have you noticed what's happening to agriculture? How do we survive as a nation of consumers, depending on little more than providing services and imported goods and food to one another, which no one can afford to buy.
I think a good model for where we're headed is North Korea - if we don't change direction quickly. I believe the world is a more dangerous place than it's ever been before - and that's discounting the environmental side show.
#4 - Sun Jul 19, 2009 11:06 AM EDTHey Belgrador!
Welcome to Newvine!
I understand what your saying, however I do not agree that our manufacturing base is being "turned over" to any one. We are simply being beaten in the competitive market by other countries, mainly China.
Your right ....... we simply cannot survive by doing nothing more than selling things to one another. We need to establish a new market in which we can gain superiority.
I think the Energy Field is where we can do exactly that. We have the technology and the technological ability to expand that technology, plus we have the manufacturing infrastructure to create new energy products that can be sold around the world.
Much of the stimulis money is going into creating and manufacturig new eneergy products, but we have to give it time to "kick in".
I have faith in this kid Obama, I have three sons his age and he's smarter than all of them put together .... well, maybe not, ..... but trust me, I've lived under every President since FDR. and this guy is the smartest and the hardest working President I can remember. Give him time, support him ..... he'll come through.
- 1 vote
In addition our global share of the value of manufacturing has not changed in decades. We make less shoes and more high end things.
So nearly every statement about bringing manufacturing back is to bring back low value (with low pay) manufacturing.
With higher end manufacturing there is less jobs but they are higher paying jobs. So the issue all along has been how do create jobs? Recently we had tens of thousands telemarketing bad loans destroying the nation but being paid. Hopefully we can find something more productive for all of us.
- 1 vote
I don't think that The energy industry, once there is one, will bring only low paying jobs. Energy is a high tech industry; studying and developing new ways to save energy and reduce carbon emissions is not going to be done by minimum wage workers.
The retrofitting of the existing equipment in factories, high rise office buildings, homes and government buildings, is an enormous market, and will required trained, higher paid personnel to do the work. And, that's after some other highly trained and highly skilled workers get paid to develop and build the equipment.
Sure there will be minimum wage jobs in the mix, and we need them, because we have a lot of unskilled workers in this country that have to eat.
- 1 vote
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