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Thread: Obama says GOP making life harder for the jobless

  1. #191
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    Re: Obama says GOP making life harder for the jobless

    Crazy, on behalf of all clear thinking Americans, my sincere apology to you and your country for the actions of our empty suit President. Your country deserves better than this President is delivering. I would have hoped that our govt. would have provided better support for our best ally in the region and a democracy closest to ours. Finally Jews everywhere are waking up to the mistake most made in voting for Obama.

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    Re: Obama says GOP making life harder for the jobless

    Where Today's Large Deficits Come From — Center on Budget and Policy Priorities

    Bush-era tax cuts — Through 2011, the estimated impacts come from adding up past estimates of various changes in tax laws — chiefly the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA), the 2008 stimulus package, and a series of annual AMT patches — enacted since 2001. Those estimates were based on the economic and technical assumptions used when CBO and the Joint Committee on Taxation (JCT) originally “scored” the legislation, but the numbers would not change materially using up-to-date assumptions. Most of the Bush tax cuts are scheduled to expire after December 2010 (partway through fiscal 2011). We added the cost of extending them, along with continuing AMT relief, from estimates prepared by CBO and JCT.[16] (We did not assume extension of the temporary tax provisions enacted in ARRA.) Together, the tax cuts account for $1.7 trillion in extra deficits in 2001 through 2008, and $3.4 trillion over the 2009-2019 period. Finally, we added the extra debt-service costs caused by the Bush-era tax cuts, amounting to more than $200 billion through 2008 and another $1.7 trillion over the 2009-2019 period — and $330 billion in 2019 alone.

  3. #193
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    Re: Obama says GOP making life harder for the jobless

    How long are you going to blame Bush for the Democrat created recession and the fact that Obama is doing nothing to help get us out of it? It isn't Bush economic policy that is leading to the current results nor was it Bush policies that led to the sub prime financial collapse. You need to get off the Bush bashing and get the actual facts from the sites I gave you. You obviously went to the site to get the reduction in govt. revenue now explore the rest of the site to see economic growth numbers. Go to BLS for the employment numbers. You have a problem with facts getting in the way of your personal opinions.

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    Re: Obama says GOP making life harder for the jobless

    Quote Originally Posted by Conservative View Post
    How long are you going to blame Bush for the Democrat created recession and the fact that Obama is doing nothing to help get us out of it? It isn't Bush economic policy that is leading to the current results nor was it Bush policies that led to the sub prime financial collapse. You need to get off the Bush bashing and get the actual facts from the sites I gave you. You obviously went to the site to get the reduction in govt. revenue now explore the rest of the site to see economic growth numbers. Go to BLS for the employment numbers. You have a problem with facts getting in the way of your personal opinions.
    The democrat created recession? wtf? are you for real?

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    Re: Obama says GOP making life harder for the jobless

    Yep, I am for real and have real facts. listen to Barney Frank and Chris Dodd regarding Freddie Mac and Fannie Mae. Apparently the MSM media didn't tell you that it was Democrats that pushed mortgages for people who couldn't afford the payments. Apparently civicis wasn't a strong suit for you as you ignore that Congress makes the laws not the President and Congress has been under the control of the Democrats since January 2007. When exactly did the recession begin?

    By the way do you know what the Community Reinvestment Act is? For someone your age you sure are misinformed.

    Frank's fingerprints are all over the financial fiasco - The Boston Globe

  6. #196
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    Re: Obama says GOP making life harder for the jobless

    Quote Originally Posted by Conservative View Post
    Yep, I am for real and have real facts. listen to Barney Frank and Chris Dodd regarding Freddie Mac and Fannie Mae. Apparently the MSM media didn't tell you that it was Democrats that pushed mortgages for people who couldn't afford the payments. Apparently civicis wasn't a strong suit for you as you ignore that Congress makes the laws not the President and Congress has been under the control of the Democrats since January 2007. When exactly did the recession begin?

    By the way do you know what the Community Reinvestment Act is? For someone your age you sure are misinformed.

    Frank's fingerprints are all over the financial fiasco - The Boston Globe
    Back at ya:

    The Real Deal

    So who is to blame? There's plenty of blame to go around, and it doesn't fasten only on one party or even mainly on what Washington did or didn't do. As The Economist magazine noted recently, the problem is one of "layered irresponsibility ... with hard-working homeowners and billionaire villains each playing a role." Here's a partial list of those alleged to be at fault:

    * The Federal Reserve, which slashed interest rates after the dot-com bubble burst, making credit cheap.

    * Home buyers, who took advantage of easy credit to bid up the prices of homes excessively.

    * Congress, which continues to support a mortgage tax deduction that gives consumers a tax incentive to buy more expensive houses.

    * Real estate agents, most of whom work for the sellers rather than the buyers and who earned higher commissions from selling more expensive homes.

    * The Clinton administration, which pushed for less stringent credit and downpayment requirements for working- and middle-class families.

    * Mortgage brokers, who offered less-credit-worthy home buyers subprime, adjustable rate loans with low initial payments, but exploding interest rates.

    * Former Federal Reserve chairman Alan Greenspan, who in 2004, near the peak of the housing bubble, encouraged Americans to take out adjustable rate mortgages.

    * Wall Street firms, who paid too little attention to the quality of the risky loans that they bundled into Mortgage Backed Securities (MBS), and issued bonds using those securities as collateral.

    * The Bush administration, which failed to provide needed government oversight of the increasingly dicey mortgage-backed securities market.

    * An obscure accounting rule called mark-to-market, which can have the paradoxical result of making assets be worth less on paper than they are in reality during times of panic.

    * Collective delusion, or a belief on the part of all parties that home prices would keep rising forever, no matter how high or how fast they had already gone up.

    The U.S. economy is enormously complicated. Screwing it up takes a great deal of cooperation. Claiming that a single piece of legislation was responsible for (or could have averted) the crisis is just political grandstanding. We have no advice to offer on how best to solve the financial crisis. But these sorts of partisan caricatures can only make the task more difficult.

    FactCheck.org: Who Caused the Economic Crisis?

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

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    Re: Obama says GOP making life harder for the jobless

    lmao, it was failure of the banking industry and financial products that turned into toxic investments. The materialization of an unregulated market for bizarre derivatives , collateralized debt obligations (CDOs), credit default swaps (CDSs), CDSs on CDOs sanctioned reckless financial institutions to put the entire financial system in jeopardy. The global economic collapse is attributed to deregulation. Everyone knows this. Wow.

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    Re: Obama says GOP making life harder for the jobless

    The only mention of Bush was the needed govt. oversight of the mortgaged backed security and the Bush Administration tried that in 2006 but was filibusterd by Dodd. As you stated there was a lot of blame to go around but it all started with the CRA and the desire of Democrats to put everyone in a home even though not everyone can afford a home.

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    Re: Obama says GOP making life harder for the jobless

    None of this has anything to do with Bush who you blame for the recession. Bush tried to initiate more oversight but Chris(Countrywide) Dodd filibustered that attempt and Barney(Freddie and Fannie are fine) Franks continued to ignore the problem. Based upon your own comments you need to stop blaming Bush for the crisis we are now in and hold Obama responsible for not getting us out of it. He has total control of the Congress and could have implemented anything he wanted. He doesn't have a clue, never managed anything, and has not made the economy better in his first 1 1/2 years but has created more debt in two years than Reagan created in 8 and will pass Bush debt in 5 years if he lasts that long.

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    Re: Obama says GOP making life harder for the jobless

    Gabriel & Goldenboy,

    What do you hope to get out of a discussion with a user who obviously does not understand key basic economic and statistical principles and habitually fabricates arguments to avoid discussing what you actually posted?
    A discussion requires both sides to address each others' arguments. You are dealing with a user notorious for ignoring everything he doesn't understand and fabricating arguments that his opponents never made as well as spectacularly failing to understand the difference between correlation and causation much less how statistical linear regression is required to sort out the impact of complex factors upon an outcome. His constant arguments pointing to aggregate net data is evidence he has functionally no understanding of complex subjects.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

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