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Here Are The Details Of Obama's Upcoming Push For More Fiscal Stimulus
Yesterday we had some choice words indicating why fiscal stimulus in a period of unprecedented monetary intervention (such as now) is about the worst thing that can happen to America, when not even 8 months ago Goldman based its completely wrong and now discredited call that the $100 billion payroll tax "stimulus" would lead to 4.5% 2011 GDP (since retracted). Today, we provide some additional information on just how Obama plans to further stimulate the economy by sacrificing the middle class at the alter of the "this time it's different" gods. From Bloomberg: "President Barack Obama plans to ask Congress for billions of dollars in fresh spending to boost the economy and reduce unemployment, with a new focus on helping the long-term unemployed, an administration official said." But as pointed out the humor is in the post script: "The president also will call for long-term cuts beyond the $1.5 trillion that Congress has charged a 12-member bipartisan “super-committee” of lawmakers to trim by late November, the official said." Preferably cuts that actually affect the US after 2016 when Obama's second term expires. Or even 2013, because according to the mainstream media Perry is now gaining, and who is that Ron Paul fellow?
The comedy continues:
The dollar amount of the additional long-term deficit reduction measures will exceed the cost of the short-term spending that he will propose, said the official, who requested anonymity because plans for the speech haven’t been completed. According to the official, Obama plans to unveil his priorities in a speech in early September and propose a mix of tax cuts and infrastructure spending, including extending two measures that expire at the end of the year: the two-percentage-point payroll tax cut for workers and unemployment insurance benefits.
He will also include new spending and jobs proposals, beyond the ones he has mentioned on his current Midwest bus tour, said the official, without elaborating on the new policies. As part of his jobs package, Obama is said to be considering two sets of ideas: ones that will require legislative action and ones that will can be done by the executive branch alone, without congressional approval.
And now, apparently, Obama is the budget cut warrior.
In an interview with CNN yesterday, Obama hinted at his plans to press Congress for another round of budget cuts, along with more spending.
“We missed an opportunity a month ago when we could have dealt with our debt and deficit in a serious, balanced way,” he said. “We’re going to take one more run at Congress, and we’re going to say to them, ‘Look, here is a comprehensive approach that gets our debt and deficits under control and also accelerates job growth right now.’”
Then again what else can one expect from a president who five years ago said the following vis-a-vis the debt ceiling:
The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. … Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘the buck stops here. Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.
Etc.
As for the efficiency of the fiscal stimulus, this chart from the ARRA vs reality sumarized it all.
From the original ARRA proposal:
And the outcome:
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Yet another constructive ZH tough guy (rotflmfao) rabble comment...
Just trying to come down to your dumbass level.
You Owebama lovers just can't admit you are the fools for the ONE!
I know in your own heart(not your head) you do know it now.
Thus the dead weight belongs in the basket for your kind.
The problems are so massive and systemically entrenched, it will take nothing short of a great economic reset to align priorities and bring Americans (and the western world) back to thier senses.
History is littered with examples of nations that have collapsed. Putting aside war, disease and natural disasters, the one common theme that each of these countries experienced was the general erosion of social values (Rome - wanton public murders, middle age city states (pursuit of greed), Mayans (culture of death worship), WW2 Germany (holocost of the Jewish people), East European Communist countries (supression of intrinsic human rights). When countries have moved away from the "common good" of its citizens, decay and decline have followed.
So what is the situation in America? 50 million people on food stamps (with no end in sight), gated communities, lack of leadership at the community level (not only in minority communities), single parent families, divorce, abortion, euthanasia, rampant display of sexuality (that also includes homosexuality) in the media, worship of the false gods of money and political power to the exclusion of all others. Should I continue? We have debased ourselves under the false guise of "individual freedoms" and "individual rights" to a level without precident. All of the above issues have always occurred in history (as liberals are all too willing to point out), however nothing has ever been at this level of seepage into the public consciousness.
The fact remains that each one of us are all followers to some extent. This idea certainly insults liberal sensitivies, but it a reality - it is hardwired into our making - we operate in a pack mentality and move accordingly. So where are we at? Our society has taken on the form of mud. We have come to view our world through the pre-packaged view of trash TV, 15 second sound bites... all permiated with the themes of unbiridled egoism and self-centeredness. Leave It To Beaver and that gendre of TV was fantasy but... it was something of value to ascribe to. Values of descency and being a good neighbour were themes and illusions, that we could "follow" or strive to attain. Today what do we followers have to influence us? Yep - Jersey Shore.
The liberal monker of "individualism" has failed. The US constitution has failed because courts and political class have moved away from timeless and universal principles of human dignity. Today, these institutions are nothing more than a barometer that adjust to prevailing social thinking and progress (read liberal views), and not according to timeless values based on human dignity.
Unbridlded economic spending, couched in the language and mythology of "freedom" has gotten us to where we are. Nothing short of a great economic reset and social realignment of values will resolve the $140,000,000,000,000 debt of America.
Not a Krugman war nor a new social plan can extract the US from this mud, except for a great economic reset. Two thousand years of currenty debasement history has shown this to be the case. The sooner it happens, the greater the chance that American "may" return to its global leadership role.
Well spoken! Thank you!
What's wrong with "rampant display of sexuality"? You some kind of Jesus freak religious nut like Koresh or Jim Jones? Why do you think The Good Lord made all those female appurtenances if not to grok and grope whenever and wherever possible?
Based on your other trollings... this one seems to be one of your better ones.
Thank you. 140,000,000,000,000% AGREE......
One if my proudest moments....when my 12 year old daughter saw a commercial for jersey shore and said "I hate that show. It's disgusting! " our when they air a commercial that is blatantly using sex to sell and she says "I can't believe they said that!" Then goes on a rant about the ills of society. She is her mothers daughter.
Thats not to say I agree with everything in your post bc I definitively dont....but there is something to be said for how far we have fallen....
And on the other side of the world, Joe Biden is hearing from the Chinese about our debt.
We reposted this piece in its entirety with proper credits and links back to your site. If there is a problem in doing so, please let me know.
The post is here: Obama's New Fiscal Stimulus: SPENDING CUTS THAT INCREASE SPENDING
I've come to realize that to Obama and his buzzword-laden lingo, "comprehensive" and "bipartisan" means "give me what I want". It's always about power to him. It's "heads I win, tails you lose" to the Deceiver in Chief! Not a single syllable from his mouth can be believed.
Barack Insane Obama is THE most catastrophic error of our generation, and the greatest threat to individual liberty of our lifetimes!
nah, he is so inept that he can't do much damage and none of them do any good.
He will be looked on as a circus oddity when the long history is written.
A kind of clown as nothing he does will have much staying power.
The one you describe could come after THE ONE and he/she will be dressed in the flag and spouting the bible from the stump and you will deify them for a time.
Then , maybe it will be too late..............
Ihad a little throw up in my throat.
What is so frustrating is that there is a semblence of truth in the competing arguments. Making neither answer completely correct or completly wrong but does a great job of dividing those who don't wish to look deeper into the underlying problems. We have people that want to work (proof they used to hold jobs) but now are unable to find work. Why is does that disconnect exist? I would argue it is because we have a credit driven monetary system that has maxed out it's ability to grow money. Nobody that can pay it back wants to take on more debt. Fiat money doesn't need to be inherently evil. Having a nice and convienent medium of exchange to eliminate the need for bartering for everything is very efficient. I suspect however the power to control fiat money is inherently evil. The evil currently resides within the fractional reserve banking system that has created money at will for anyone that would promise to pay it back whether or not they really could. That massive money printing caused inflation but not rampant inflation. It didn't drive demand through the moon.
The inflation we are currently seeing in commodities does not seem to be demand driven but rather speculator driven by ZIRP that makes massive amounts of cheap money available to a few who can jump on the inflation bandwagon.
There a real issues and consequences to turning over money creation to the debt controllers. So for that reason I agree these are bad ideas. But just doing nothing will starve the economy of the amount of money needed to keep the economy moving and everyone employed. The amount of consumption has come screaming to halt because of debt creation coming to a screaming halt. Not because we can't create enough goods or there is a short term shortage of resources. Giving up money control to the banks is clearly a bad idea. Governments have done no better. That doesn't mean that it couldn't be done better or there isn't a better solution. I don't think blowing up the banks and restarting the same flawed game is a real solution. I do agree blowing up the banks is a good start but we need a more real form of money that can be used for trade that doesn't rely on banks creating it out of thin air and then borrowing with an interest tax. This is clearly innefficient and full of corruption and deceit. The real question is what is a better form of money creation and control of the money supply. Gold isn't the answer either although it has withstood time the best albiet in great part because it hasn't really been money for quite some time in the real form of exchange but a proxy for a few. If the entire world demanded Gold to back all the currency needs of the world... well that doesn't seem realistic.
Recovery plans you can believe in.
that Obama, he is such a uniter
Well you know what they say, "an idiot never knows when to stop spending" or" an idiot and his money are easily parted" "or just simply Obama is an idiot"
According to TMZ and People magazine, Obama's Teleprompter is already planning for a post-2012 future without HotAir One and is getting it's own twitter feed.
BTW, those graphs are the mother of all Kryptonite for those Keynesians and politicians who want to steal your money to "Stimulate" the economy. Despite $1 Trillion dollars, they only made things worse than they would have been had they do absolutely nothing.
He doesn't really care about the citizens of the US.
He is doing what every politician does... forces money from productive individuals and promises it to those who are desperate in order to buy votes and get elected. Some do it more than others and some do it with more grace than others.
In addition, he's employing another great tactic... sweeten the ideal by promising great savings and reduced spending IN THE FUTURE when said politician won't be around or can claim lack of cooperation at that time to actually get it done and reduce spending.
Lather, rinse, repeat, fuck you.
Perry + Paul 2012
What you fail to understand is that forcing "money from productive individuals" is taking the productive wealth from the Chinese proles and redistributing that wealth to a bunch of worthless Democrats and Republicans (of which the Perry supporters like you are part of).
Obama is just a continuance of The Reagan/Bush/Clinton/Bush Dystopian Kleptocracy. Perry is no better and may even be worse (although it's hard to imagine how anybody could be worse than the homicidal maniacal Bushes -- even Hitler didn't kill 3,000 of his own people in the Reichstag false flag fire).
FU2
I don't like your comments about our soldiers but I will agree with you on...
The Obama Bush dynasty is about as bad as it gets and it's ruining our country.
Some good comments on Ron Paul.
Larry Kudlow says Perry “ripped Bernanke’s face off”; Karl Rove says the Fed comment was “unpresidential.” And Perry’s quip that the commander in chief should be a former military man brought Obama’s comment that running for president is different from running for governor of Texas (to which for the first time in three years we agree with the President).
Congressman Ron Paul would not have made these comments because he’s smarter than Perry and unlike the internationalist and former Al Gore campaign official and favorite of the Big War/Big Government conservative Rush Limbaugh, we have too many problems to turn the repair of our national crisis over to a shoot-from-the-hip, I’ll-tell-you-what-you-want-to hear, enterprise-zone--stimulus-to-campaign-supporters to create jobs in Texas like Mr. Perry.
Ron Paul is surging (Huffington Post: From the Fringe to the Fast Lane): the liberals see it and the banker supported War Party/Pro-Israel neo-con conservatives are trying to tamp it down. On two talk shows, both Hannity and Rush Limbaugh yesterday had to tamp down Ron Paul callers asking why Paul’s being ignored, while saying that it’s too soon to predict any winners but Ron Paul “won’t win” (Hannity) and “can’t win” (Limbaugh).
And Perry’s first comment to make the national news - on the Fed - shows exactly why he’s in the race. Persuaded and financed without a doubt by the owners of the Central Bank.
You do not want Rick Perry as the next caesar, he is exactly like Oblunder, bought and paid for, good speaker but it is all just puffery. If you truly believe in the spirit of ZH, pick another candidate.
UST should begin to issue its own debt free money again using it to pay interest on the fiat debt as it comes due, achieve energy independence and safeing the grid against an EMP attack.
In my book energy independence and safeing the grid will increase our national security 1,000 fold more per dollar than foolishly attempting to turn Muslims into Jeffersonians. A fools errand if there ever was one.
In sum a limited Federal government focused primarily on national security and sound money as originally outlined in the Constitution will set us free. Any increases in Federal power over that specifically assigned in the Constitution will need to be approved via the Constitutional amendment process, (i.e. no more “Commerce Clause” loop holes please). I would also make 100% of all Federal laws sunset in five years ‘unless’ they are signed into law again. After which they would come up for renewal every 10 years.
Unfortunately my prediction is that less than 10% of the voting public understands the pivotal importance of even a fraction of what I just wrote above.
Instead we will be fed a steady diet of the Left vs. Right arguments year after year. Meanwhile the pumping action of a inflation/deflation debt based paper currency system (run by an un- Constitutional international banking cartel) will be used to fund worthless wars and ever increasing dependency on government of all citizens thereby transforming what little wealth is still being generated by a shrinking ‘asset’ producing middle class workforce into their hands.
Long story short until we deal with the rotten un- Constitutional monetary system at the heart of this growing beast “it matters not who makes the nations laws”.
UST should begin to issue its own debt free money again using it to pay interest on the fiat debt as it comes due, achieve energy independence and safeing the grid against an EMP attack.
In my book energy independence and safeing the grid will increase our national security 1,000 fold more per dollar than foolishly attempting to turn Muslims into Jeffersonians. A fools errand if there ever was one.
In sum a limited Federal government focused primarily on national security and sound money as originally outlined in the Constitution will set us free. Any increases in Federal power over that specifically assigned in the Constitution will need to be approved via the Constitutional amendment process, (i.e. no more “Commerce Clause” loop holes please). I would also make 100% of all Federal laws sunset in five years ‘unless’ they are signed into law again. After which they would come up for renewal every 10 years.
Unfortunately my prediction is that less than 10% of the voting public understands the pivotal importance of even a fraction of what I just wrote above.
Instead we will be fed a steady diet of the Left vs. Right arguments year after year. Meanwhile the pumping action of a inflation/deflation debt based paper currency system (run by an un- Constitutional international banking cartel) will be used to fund worthless wars and ever increasing dependency on government of all citizens thereby transforming what little wealth is still being generated by a shrinking ‘asset’ producing middle class workforce into their hands.
Long story short until we deal with the rotten un- Constitutional monetary system at the heart of this growing beast “it matters not who makes the nations laws”.
How would "money" that the US Treasury issues be "debt free"? They probably don't have any significant amount of gold anymore.
Easy instead of issuing bonds that are bought by banks that create money out of thin air the treasury would issue dollars. Not printed dollars just and entry in the account. Those dollars would be a claim against whatever a dollar can buy just as it is today. Just cut out the banks who tack on an interest tax to support their lavish self indulged delusions of grandiure and importance.
It happens now, every time the US mint makes a coin. Coins are used as medium and exchange right along side the Federal Reserve Notes printed by the International Banking Cartel and yet they contribute zero to the national debt. Imagine that. All currency in circulation is debt which is why the austerity approach advocated by those on the right will lead to a depression. See to pay off the debt is to ‘destroy’ the currency supply (ie deflation = depression). Not to be out done, the left (i.e. Obama and Co) advocates a hyperinflationary collapse via printing more debt based currency in order to keep the Social Ponzi scheme going. Either way we lose regardless of whether we buy beans (left) or bullets (right) or choose to inflate (left) or deflate (right) the currency supply. All the above is just a pump used to suck the middle class dry.
Having this US Mint paper currency could ‘also’ represent a claim check to a defined physical asset (ie Gold and Silver) held in vault redeemable on demand would be a nice addition but in the end inflation and deflation is driven by an imbalance in the supply of currency vs the good/services/population of the economy. So anchoring the paper currency to something of historical value is nice but not necessary ‘provided’ we also had a balanced budget amendment. In this way we pay-off the debt with interest using this re-payment as a mechanism to re-introducing Constitutional money once again. The banks once again become a storage of capital, the access to which is based on the ability of said investment/investor to leverage it to generate new wealth.
This approach is a dual edge sword though, if you print too much currency (debt based or not) than you get inflation, thus the Federal government will need to have balanced budget in order to make this return to Constitutional currency ultimately work. Hence why many in this camp advocated going back to some precious metal standard in order to put some upward limit on the rate at which new currency can be put into the economy.
It's simply amazing that such an openly fascist fuck like Rick 'secessionist' Perry....major bullshitter too, would be gaining in the polls. Anyone, and I do mean anyone who votes for that person is a complete fucktard....with stickies, no takebacks.
Put your weight behind Glass-Steagall and the American Credit System, not a fascist fucktard bullshitter who lives in idiotland (mindset). Oh and he incites violence rather than pushing for the legal process. Which is funny...because he serves the same people as Bernanke. So can he rough himself up?
Hey idiot, you balanced the budget with California dreaming revenue magic and federal stimulus, and you rail against the federal gov't and ben bernanke. Looks like a mirror to me.
Nor NerObama who breaks the constitution as often as Bush looked stupid on camera. He's pushing fascism too, that's what the whole debt comission to pay off fraud so our bankster overlords get it instead and do it outside of the legal rules of congress.
Fraudulent debt begets fraudulent laws.
Meanwhile he wants more keyenesian stimulus...not actual projects that are needed, will work, and have long lasting benefit....(which we need), and wants THAT in his deficit cutting bill.
He's literally an insane Nero.
Wants to placate the rich bankster and corporate class, while still throwing some bones to the poor (but since it's based off of flawed ideology the bones he gives them are mere dust). It won't be NAWAPA, it won't be a fusion program, it won't be a NASA science driver program, or nationwide mag lev, so on and so forth.
But since congress won't do that, Obama is saying he's restarting the idiocy we just witnessed at stage minus 1 or 10, and if he throws in tax increases...which he will...it'll be minus 2 or 20.
Which of course means the 'mandatory' cuts will be what happens. Defense will scream, medicare providers will scream, and someone else will get screwed at the last minute.
Of course could it be the soldiers fighting the bullshit wars (it's not their fault they're being used) who will have their pension thrown into Wall Street..under get this...the fucked up 401k type plan? Yes you too can have an idiot asset manager use your pension to buy netflix and BofA. The wounds and scars remain, but your pension sure won't. Still want to fight imperial wars that only benefit the corporations and banks? But sure, you learn the skills employers are looking for, just look at the unemployment rate of veterans. Of course if you aren't the 1 in 3 or so that doesn't have brain damage known as PTSD....or worse.
Let's pull an A&F and pay these guys to NOT run for president in 2012. They are ruining the name of the U.S.A.
Then pass Glass-Steagall
". . . soldiers fighting the bullshit wars (it's not their fault they're being used)"
Whose fault is it they're so stupid that they sign up for a useless bankrupt criminal military?
it still beats the shit out of being some keyboard whoring troll though, now doesn't it?
Hey, belay that shit asshole.
The volunteer troops defending your ass are doing so based on honor, duty and self sacrificing service to others. They don't have a lot of control over their destiny and they certainly don't have any control over the decisions of the commander in chief. Sure, they can quit... but many have obligations to the services that they can't or won't break.
One thing they are not... is "stupid".
Hey now, both of you.
A former USN E5 I know personally "woke up" and realized the error of his/our (US) ways and stopped at nothing to exit the military prior end-of-contract, receiving an other-than-honorable discharge. Said sailor told me he joined for the $$$ (came in as an E4) in a damaged economy.
I talk to him frequently about the situations we are in, and sometimes his deep regret for siding with "evil" is the discussion, although he claims the big picture was not understood at 17. It is hard to judge him though, as we are all guilty of it in one form or another.
I believe the parents are to blame here. And history teachers.
Everyone agrees that we must grow our way out of our situation.
The fiat method has failed yet we insanely persist.
America still almost dwarfs all other economies combined. It is up to us and not the EU or China.
2008 is blamed on housing and not the attack on illegal immigration that drove millions of illegals back across the boarder or deeper into hiding and out of spending or housing. Most of these illegals had sub prime loans through falsified documents or extended family support.
The best and easiest cure is to open immigration to anyone who has refereces here, an education, can speak English and has the proven wealth to support themselves for a short period of time based on where they intend to locate.
No one argues that we need to grow our way out of this.
Give us your educated, ambitious, entrepreneurial spirited masses and we will save the world or collapse together.
"Perry is now gaining"
Yep, the American people cannot be trusted in a voting booth. Perry looks like super bad news for the country, but I can see the disillusioned dropping their support for Paul and backing this seedy fellow.