WASHINGTON, July 11, 2009
(AP) President Barack Obama on Saturday dismissed the idea the nation might need a second stimulus to jolt the economy out of recession and urged Americans to be patient with his economic recovery plan.
Obama Dismisses Idea of Second Stimulus
In Weekly Address Urges Americans for Patience with His Economic Recovery Plan
Faced with rising unemployment numbers and criticism from Republicans who have already labeled the $787 billion stimulus a failure, Mr. Obama used his weekly radio and Internet address to remind voters that reversing job losses takes time.
He criticized Republicans for opposing the stimulus but offering few alternatives to the worst recession since the Great Depression. And he rejected talk of a second stimulus, an idea that has been discussed by Democrats and even famed investor Warren Buffett.
"We must let it work the way it's supposed to, with the understanding that in any recession, unemployment tends to recover more slowly than other measures of economic activity," Mr. Obama, who is visiting Ghana on Saturday, said in his recorded message.
The stimulus included $288 billion in tax cuts, dramatic increases in Medicaid spending, about $48 billion in highway and bridge construction and billions more to boost energy efficiency, shore up state budgets and improve schools.
The plan "was not designed to work in four months," Mr. Obama said. "It was designed to work over two years."
Since Mr. Obama signed the stimulus into law, the economy has lost more than 2 million jobs and the unemployment rate has climbed higher than the White House predicted it would have ever reached without the stimulus.
Some companies say stimulus money helped avoid layoffs. Independent government auditors found that stimulus aid to states helped keep teachers off unemployment lines. But overall job numbers continue to suffer.
Republicans have seized on this opportunity to criticize the president, but they have struggled to find their collective voice. At a news conference Friday, Republican lawmakers criticized the White House for spending so much, while simultaneously saying the administration wasn't spending it fast enough.
With the Obama administration now pushing for a costly overhaul of the nation's health care system, Republicans are casting Democrats as liberals on a shopping spree. In the GOP's weekly address Saturday, Virginia Rep. Eric Cantor, the House Republican whip, accused the Democratic-controlled Congress of reckless spending and careless borrowing.
Though the Republican stimulus proposal this January had its own deficit-pushing price tag of $478 billion, Cantor and Republicans are trying to make their case against President Obama as one of fiscal restraint.
"For the stimulus alone, Washington borrowed nearly $10,000 from every American household," Cantor said. "Let me ask you: Do you feel $10,000 richer today?"
In his speech, Mr. Obama twice referred to "cleaning up the wreckage" of a recession that began on President George W. Bush's watch. But with Mr. Obama's poll numbers slipping on economic issues, Republicans want to lay the economy at the president's feet.
"This is now President Obama's economy," Cantor said.
By Associated Press Writer Matt Apuzzo
© MMIX The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Michelle Obama tells how her role as the First Lady has changed her perspective.
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See all 52 CommentsThus the alleged $1.0 Trillion Deficit blamed on Obama represents about ~$4,000 for every man woman, child in America.
Sometime before Rumsfeld was Sec-of-Defense, the DoD had already "lost" $2.3 Trillion, and was in-progress of losing addend losses.
By now the accumulated DoD "losses" are 2 X $2.3Trillion or = $4.6trillion.
All we need to do is have oversight over the DoD.
The Lost DoD lost $Trillions likely are stimulus to offshore economies of a foreign countries because the DoD is so globally dispersed.
We have paid trillions upon trillions over 4 decades for a strong defense, yet it couldn't prevent 9/11--however did overcharge us!
Revamp DoD!!!!!!
Now we invest in America with a much smaller stimulus which is a small percent of the Deficit, and we are accused Socialists? How absurd.
Stimulus is an investment in the American economy.
DoD waste stimulates foreign economies.
Invest in America...let's have a second Stimulus.
Let Americans have a chance.
Don't any one point he facts to hungry but Ny and CA are bankrupt becasue the dems control them look at all the bankrupt states the majority of them are Blue.
That should tell people somehting if teh Dem idiolog won't work on the state level what makes them think it will work on the federal.
Gee, do you think it has ANYTHING to do with the fact that we ship money to Washington at a 2-to-1 ratio to what we receive, and Alaska, Mississippi, and Alabama get it FROM Washington at a 2-to-1 ratio compared to what they send?
We're BROKE, because we have to support OUR states AND YOURS!!!
It is certain that political naysayers are a key factor in holding back industry because they reinforce fear in those who would otherwise be making plans for a prosperous future. Once again Republicans show they fail to understand the economy they claim they support.
Free enterprise is not instant enterprise.
Ah well, the north is too stupid to feed themselves as they sit there with their heads back screeching feed me, feeeeeeeeeeeed me....from the ghettos...where all the parents are fat and the kids are skinny urchins living in streets with filthy gutters...and they're all wondering why they can't get out...don't they own maps?
That's a typical 'Rowdyism', if I've ever heard one.
The north sends their money to Washington DC, Washington sends it to the south (and Alaska) in the form of 'state welfare', and then you proclaim that WE need someone to feed us?!?!?!
I got a great idea: how about the money sent back to the states, goes back in an equal proportion to how it was sent to Washington.
And us northerners don't want to hear any crying when your unemployment rates hit 20%.
Mr. Potter was basically whistle-blowing on the powerful Insurance Lobby, and that they will stop at nothing to preserve the status quo! Money is no object, and truth is nowhere to be found....the insurance companies have mounted their fight to the death, and to hell with WE THE PEOPLE! Unless WE THE PEOPLE stand up to this assalt, we will all be the biggest suckers of them all! While members of the insurance industry, and our politicians go laughing all the way to the bank!
The enemy is us.
The Republicon base of southerners really eats up the propaganda emanating from their party of fellow and bitter southerners. It is no surprise that the coach potato south leads the nation in obesity.
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Another Rowdyculous Rant.
I don't agree with you often slownewsday_05, but BRAVO !
And just because I hold Bush accountable for a lot, it doesn't mean I excuse Obama for anything. Again, I take it issue by issue, with a focus on conservative spending of my tax dollars.
We have a LOT more in common that I thought slownewsday.
We have to start thing in terms of what is the right thing to do, and forget WHO is in power. If we continue this blind following of people simply because they are in one party or the other, we only fool ourselves.
On this site it is too easy to forget that though when people start waving their "red" or "blue" flag. I'm trying real hard to be thoughful on why people are posting the way they are, on both sides of the issue.
And, on occassion it's a little humbling to realize when we've been wrong. Some people won't ever admit it when they are. But I maintain it is better to know the truth and accept it for what it is than stay ignorant on purpose.
Thanks for you kind comments.
Mega deficit under a democrat-GUUUUUUUUUD.
Just keep saying that and all will be well.
This guy has lied from day one and anyone who believes him is just plan fooling themselves.
what a wonderful time to be visiting overseas and offering handouts to foriegn governments.
It sure does come across as not being well thought out. I'd weight the spending more heavily towards the front end to get PRODUCTIVE jobs, that would start SUSTAINING themselves over the long run, using areas of newer technology.
Umm, Joe, again, respectfully - it's not nearly as bad as the $5 trillion Bush blew with no results.
Oh, wait, he did manage to plunge us into a major world-wide recession, and unnecessary war, and further nationalize the banking system. I guess that was worth it...
I don't support Obama's rampant spending, but you appear to be at least partially blind to the Bush years.
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I'm not blind to the previous administration, but typically I tend to work towards the future, not continue to look for blame from the past, for every shortcoming of the current administration.
Forget what Bush did, that still does not entitle this President and Dictatorship from raping the American taxpayer with massive spending and debt....a conservative such as yourself should know that this spending is unsustainable and un-payable.
It is very clear that we cannot afford to pile up the debt at our current pace. The stimulus Obama has championed is not acting fast enough and the rising unempoyment numbers clearly support this.
However, sitting back and watching the conervatives throw rocks at Obama as he tries to correct the domstic ignorance of 8 years is not fair. For your information, my political alignment is independent.
Basically, I would like to have seen a stimulus that worked faster but at the same time creats jobs.
As I stated before, listening to a bunch of GOP hacks take shots at Obama is comical, expecially when you consider the GOP record during the Bush years. Let me give you an example.
The failures of the investment banks did not just suddenly happen last October. A system collapse of that size takes time to develop and I am sure it well known inside the banks and the in the Bush administration well before it became a crisis. Based on how well the Bush administration played politics rather than addressing domestic issues, it would be fair to conclude that the Bush administration hoped the banks cold hold on until after the presidential election.
Have you ever wondered what would have happened if the Bush administration had actually acted 6 months before the collapse and provided government backing to these banks?
Considering the fact that the Bush administration refused to even recogonize that a recession existed until the very end clearly supports my position.
The failure of the Bush administration to act is why this recession is as bad as it is.
My final question is do you still have confidence with the GOP after the last 8 years? I certainly do not.
I will tell you that the democrats have an opportuniy to be heros or to fall on thier face trying to mop up Bush's mess.
For our country's well being I hope they end up being heros. How about you?
You do come across independent, blaster. That is a novelity for people that make that sort of claim on this site. You have my respect. I'm a Conservative that votes republican because it is closer to my believes than the current Democratic party. The Republicans have definitly slipped away from Conservative policy, to say the least.
There was a very interesting 2 hour report on TV a couple of months ago that told the exact story of how the banks got to where they are, via the mortgages. It is called "House of cards". It pulls no punches against the previous administration.
It may be of interest to you. Please do read this short description and watch for its occassional re-appearance on CNBC. It is worth while.
http://www.cnbc.com/id/28984151
Let's hope our country emerges from the current crisis intact, No matter WHO does it.
He says be patient with the recovery and job "creation".
Tell that to the millions of people out of work and looking for ANYTHING since the former Great Emperor Bush II and his neocon Fascist Nazi Republicans, together with STILL-GREEDDYY Corporate America, "Blessed us" with this NIGHTMARE back in 2008!!!!
Tell that to the people who have "fallen thru the cracks" and used up their unemployment benefits with STILL-GREEDDYY utility companies ready to shut off their electric, phones, natural gas!!!!
Tell that to the families whose parents are out of work and are about to have their homes and cars "REPOED" by STILL-GGRREEEEDDDYYY banks and Corporate America!!!!
Maybe Obama should stop listening to his Corporate America advisors with their "light at the end of the tunnel" messages and START LISTENING TO THE PEOPLE WHO PUT HIM IN OFFICE!!!!!!!!
HAIL OBAMA?????????????
Perhaps, if the current powers that be would spend more time thinking about what they are doing, stop trying to railroad things through while "no one is looking" and read (this includes everyone in congress) their own tripe before putting it into law (just because they can with a majority) - then things might start to work themselves out.
all he is is a snake oil salesman
"Thunder is impressive, but lightening gets the job done. - Mark Twain
My advise to the GOP is to go crawl under a rock and shut up. its obvious that you have no clue how the economy works and your only interest is to line the pockets of your rich base.
My advice to the democrats is you better com up with a way to stimulate the economy without breaking the treasury.
I believe the best way to bring the jobs back is to start using taxation to govern behavior of business so there is a huge incentive to stay here. Reagen started the whole thing when he busted the air traffic controllers union an its been anti labor since.
Consider implementation of a corpoerate income tax that is based on their domestic sales of goods and services. It needs to be fair but also enough to make the incentives given by dedutions attractive.
For example a perfect deduction would credit the company 100% of its tax bill if it employs 100 % American citizens. In effect it would allow te company to have tax free status provided its employig 100 5 American citizens.
Anoher example is if a company is building a plant or upgrading facilities that increase employment of Americans, allow those costs to b direct write off against their tax burden.
Of course this would have to be paid for by additional taxes, so put a tarrif on imported goods.
We are in a position of power since ur economy is the largest in the world. If a companty doe not want to lay by these rules then they are making a business decision to not be competitiv in our economy.
That is how you create jobs.
We have to protect the re-development of our nation by raising tarrifs and trade amongst sovereign nation-states on long-term treaty agreements for the things we need to rebuild.
That means an end to British-style 'free trade' and 'globalization'.
That also means a return to the Hamiltonian-style CREDIT SYSTEM that says: "Sovereign Nation-States can 'utter' its own currency and credit through the Congress...not Wall Street/City of London private bankers".
Kudos for that.
However, having said that, while your stimulus ideas might work in the short run, I suspect you will find that they won't work in a world wide economy. I'm not knocking you, just want to make you aware of the realities of what will happen if you give tax breaks to companies for hiring only Americans or place tarrifs on imported goods.
Other countries bring you before the World Trade Organization for subsidizing, and retaliate by putting tarrifs on your goods.
I'm sure the first is a bad idea - the second may be ok if we want to go to a protectionist economy, but that would definitly fly in the face of Obama's policies.
I strongly object to your implication that we who disagree with Obama do so out of racial predjudice. Your opinion in itself is a form of reverse racism. Most of us who disagree with Obama also disagreed with Carter and Clinton. We gave Clinton a GOP congress and together they set the country back on track. But for now, stop trying to hide Obama behind the color of his skin. His policies are more pink than any white man has ever been.
As for the GOP attack on Clinton, it wasnt because he "had sexual relations with that woman". It was because he 1. defiled the Oval office with his antics, and 2. lied under oath to cover them up. Neither of which has been done by any other president, except maybe when Nixon lied about his role in watergate. John Edwards had the decency to come clean about it and the GOP hasnt said much about him. In fact, we are harder on Sanford than we were on Edwards.
Back to Obama, he is innexperienced and it shows. He is stubborn about his policies even in light of their failures. We criticized Bush for that same stubborness (remember, he had only a 20% aproval rate when he left office). So take your racial prdejudices home where they belong. Let the real americans work together to teach this kid we have for president how to run a country.
It's nice to see that he's willing to reject another Keynesian-style 'stimulas' which do nothing but put our nation more into debt to private-central banksters.
Now if we can get him to fire Larry Summers for misleading the President and hire Lyndon Larouche to guide him on returning the economy to a Hamiltonian-style 'CREDIT SYSTEM' for re-industrializing American and a new Renaissance for the world,
I say we have hope.
Let's keep our fingers crossed folks.
I think President Obama is starting to listen to us.
Do you dream this stuff up at night as you plan for the end of days?
Obama's not listening to some Dems, and some Reps, as THEY discuss a second stimulus. He NEVER proposesd one.
But it makes for a great story.
hehehe
Wow.
Do you dream this stuff up at night as you plan for the end of days?
Obama's not listening to some Dems, and some Reps, as THEY discuss a second stimulus. He NEVER proposesd one.
_____________________________________________
WoW yourself Gravy....
Obama offered his first stimulus in response to Hillary's campaign rhetoric proposing a $75 Billion dollar stimulus program. Obama doubled it by proposing $150 Billion. Bush signed such a stimulus package and it was distributed in May, 2008. It had no effect what-so-ever other than a small blip in Wal-Mart sales for the month. Obama then touted a SECOND stimulus late in 2008 that budgeted only $86 Billion in 'stimulus' funds the first year - just over 1/2 of the ineffective FIRST stimulus. That is why it has no effect. Jobs will continue to be lost - far and above what Obama PROMISED his stimulus would create. 'Give it time' is an excuse for failure - as is his whining that he inherited a train wreck... partially created by his very own depressing statements about America 'never' recovering and that the economy may become 'catastrophic'. The economy is not a 'thing' but the cummulative mindset of some 300 million people. Obama has depressed that mindset with his massive debt, burdening taxes and constant whinning; you're seeing the result.
And, when the time is up, and it hasn't, he'll just turn around and demand two MORE years! And, this, after setting himself up for failure
by continuing AND expanding Bush's ill-conceived 'giveaway' to the Federal Reserve (private banking system) and Wall Street!
So, we---the public---can choose between Obama's bad plan and the Republican's no plan! I think we need to come up with our own plan!
And start by continuing to replace incumbents. I don't think Mr. Obama
need worry about a second term!
Bwaaaa haaaa haaaa haaaa haaaa!!!
How could ANYONE ever vote for these idiots again?!?!?
by hungry1968-16 July 11, 2009 6:41 AM PDT
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What the Republicans are saying makes perfect sense.... Here's why.
A 2 acre city park in Palm Springs, CA will be Riverside County's first 'stimulus' funded project. It was chosen because it was 'shovel ready' but unfunded. It is costing over $1 million per acre, will create only a few, very temporary jobs and due to Federal red tape, construction will not begin until December.
Meanwhile, CA is facing bankruptcy and is closing 215 State Parks and laying off thousands, and Obama refuses to help, saying it would set a 'precedent'. Heaven forbid the Federal Government help Americans... Perhaps CA should declare itself an Islamic State, Barack might then deliver the funds personally.
I'm assuming that you have a link to prove it?
And no "hannityliedagain.com" doesn't count as an actual link.
http://www.kesq.com/Global/story.asp?s=10497825
Perhaps you should actually 'search' before crying.
On one hand, you criticize the stimulus, on the other...you want more stimulus for California?
Isn't the money controled by the State, once it's recieved?
Search Google for "Californis closing state parks"...
You'll get 26,500,000 results. Does that help?
First you have to know how to do a search hungry.
First you have to know how to do a search hungry.
And, Gravy - some people can actually put two facts together from different sources when formulating an opinion. That's why you couldn't find the 215 parks in the quoted article.
Try living with facts guys, we KNOW it is tough to do this when you are a Barry supporter. But try. It'll make life more challenging for the Conservatives on this post, and the world a better place for it.
First you have to know how to do a search hungry.
And, Gravy - some people can actually put two facts together from different sources when formulating an opinion. That's why you couldn't find the 215 parks in the quoted article.
Try living with facts guys, we KNOW it is tough to do this when you are a Barry supporter. But try. It'll make life more challenging for the Conservatives on this post, and the world a better place for it.
"Hungry....is your google broke? - IThoughtItWasFunnyNaw
OUCH! HAAA HAAAA ! Don't go there, Naw. : )
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America dismisses idea of a second term.
WE can't afford another "stimulus". Inflation is already knocking at the door.
As for his stimulus plan taking two years to work, that's amazing ! It directly coincides with the amount of time it would have taken had he voted Present.
Inflation is going to happen as money loses its value because we spend more than we have to spend becomes noticed by the other world economies.
Barry keeps on telling us he's saving all this money, so he can now spend it, when in fact he's not saving 5% of what he is spending.
Deflation happens when folks hold off buying in order to reap better prices.
Now given our $3000 spending for man woman and child in the US in Barry's stimulus packages, Health care and the like - which would you believe is going to win out ? Inflation or deflation.
HA HA HA HA HA HA HA HA HA HA HA HA
You are an idiot.
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