Correct. But it DOES mean that saying that the recession is "Obama's fault" because he maxed out our credit cards is ridiculous, because A) he didn't, and B) that isn't even the economic problem we're currently facing.
While i agree the recession was well beyond the Obama administration's control, i cannot accept that the national debt has no part to play in the current economic climate, however small that part is. While it certainly is not the cause of the low growth and unemployment, to say it should not be addressed as a result is ludicrous.
Because Obama has failed on his pledge to decrease the funding gap and national debt, investor confident has fallen in the US and it will only make access to credit harder. If the waste is cut and instead that money is utilized into creating jobs and investment and subsidies for small businesses, the situation wouldn't be as bad. But the fed gov is cash strapped and Obama doesn't want to make the cuts where it hurts and it mean's the much needed access to credit to actually create growth and job creation is becoming more and more expensive because it is being used in all the wrong places.
In fact most of his "social policies" have just strained that deficit further.
Deficit spending is exactly what we should be doing during a recession; and the bigger the recession, the bigger the deficits should be. This is absolutely the correct path to stimulate aggregate demand and get the economy moving again.
A really good economist would cut the waste, stop creating inefficient social programs and balance out cuts at a federal level with growth at a private level. None of that is happening. While it would be ideal to expand spending in times of downturn, the fact that the US is being downgraded by creditors and the fact that US debt has hit $14+ trillion now means that such a policy just cannot be sustained.
Yeah, we kinda had a financial crisis a few months before he got elected. :roll:
$65 billion-a-year health plan
$25 billion-a-year increase in foreign aid
What part of this $90 billion dollars is increasing the wealth of US citizens?
Obama's Trillion-Dollar Spending Plan - Capital Commerce (usnews.com)
The financial power required for this pathetic health care "road map" could have been more easily diverted into immediate job creation and job security.
How about the 1 trillion dollars worth of money Obama pumped into the economy and banks that have yielded little results?
Oh bull****. The Republicans have no plan for dealing with rising health care costs except shift them from the government to individuals. The Democrats are actually interested in slowing health care inflation by copying policies that have been successful in other countries that have adopted them. And they don't just have a plan, they have an actual law in the Affordable Care Act. Health care is the biggest component of the structural deficit. One party has absolutely no plan, and one party has a reasonably good law.
If the Democrats exercised more fiscal restraint and devolved fiscal powers to state authorities it would probably be much more easier to attack rising health care costs at a grass roots level, but we know Obama has done nothing to actually balance spending with what he can afford. Talking about "passing on the taxes to the other guy", doesn't medicare require American citizens pay for access to medicare for other citizens even if they use private hospitals themselves?
Let's move to taxes. Democrats have shown willingness to compromise on the issue, and have called for some spending cuts as well as higher taxes. Republicans, however, have flatly declared that raising taxes on the wealthy is off the table as a method to balance the budget.
And it makes sense since the wealthy have a greater economic potential.
Democrats have a much more sensible plan to deal with structural deficits, and in any case structural deficits aren't the cause of the current crisis (which is the subject of this thread). But good job repeating talking points from Glenn Beck. :roll:
I dont listen to that moron but it's good to know somebody does.